Just picked up a nice 110k home for 28k!

[Martha]

Given the wood floors in many of the rooms, odds are they are everywhere but the kitchen. If he refinishes himself, will be very inexpensive. Install new railing. New vinyl floor in kitchen and bathroom, again, not too expensive if he installs himself. The kitchen cabinets look good. Maybe he needs a new countertop. The bathrooms need serious cleaning and new caulking. Generally, the upper level looks good but seriously filthy. Sometimes it is hard to see under filth.

The lower level is only "half" basement, so only the lower parts of the walls need to be replaced and the flooring redone.

If he is tight with his budget, I bet he can do it on $5000.

[thefed]

I'm coming in around 6k and dont have my spreadsheet on this PC, but here's the rundown off the cuff


1000 waterproof basement
1700 - Flooring (laminate wood floors in most areas but bedrooms, berber there)
150- Fix broken window panes-most are new vinyl
500- paint
100- joint compound
200- furring strips, drywall, hardware to replace lower level of drywall in basement
150- kitchen counter top (cabinets are in perfect shape, might paint them)
200- railing
150- pilot repair on furnace
300- budgeted for h20 replacement
500- budgeted for misc repairs
150- light fixtures in kitchen, baths, etc
20- caulk for bathrooms...all else is perfect...needs cleaned and vanities painted
300- 3 new prehung interior doors+2 bifolds+ door knobs
175- 6 tons gravel for driveway
100- 5 yards mulch


I might be missing a few things, but I think that covers most of it....that above is about 5500 or so?

[thefed]

if you think this it crazy, check out my other album titled delos for a real dump i rehabbed for 7k, then put 3k into this year in siding for looks

[mattgg1]

Quote:

Originally Posted by thefed I'm coming in around 6k and dont have my spreadsheet on this PC, but here's the rundown off the cuff

Thanks for the description of your rehab costs. When you calculate your expenses for these rehabs, do you give yourself a range, so that you can use the high-end for a worst-case scenario?

The reason I ask is because your costs have already gone up by 20% from your original $5,000 estimate. You're already added an extra $1000 before starting any work, so it is likely that the cost will continue to move higher by the time you finish the renovation.

Quote:

20- caulk for bathrooms...all else is perfect...needs cleaned and vanities painted

Your prospective tenants must have very low standards if you think this bathroom is "perfect." I'm shocked that all you plan to do this bathroom is paint, caulk and clean before you rent it out.

At the very least, it seems like the medicine cabinet, toilet seat and towel bars should be replaced. It's also hard to beleive that all of the fixtures/faucets are in perfect working order and will need no repair or replacement.

[thefed]

Quote:

Originally Posted by mattgg1 Thanks for the description of your rehab costs. When you calculate your expenses for these rehabs, do you give yourself a range, so that you can use the high-end for a worst-case scenario? The reason I ask is because your costs have already gone up by 20% from your original $5,000 estimate. You're already added an extra $1000 before starting any work, so it is likely that the cost will continue to move higher by the time you finish the renovation. Your prospective tenants must have very low standards if you think this bathroom is "perfect." I'm shocked that all you plan to do this bathroom is paint, caulk and clean before you rent it out. At the very least, it seems like the medicine cabinet, toilet seat and towel bars should be replaced. It's also hard to beleive that all of the fixtures/faucets are in perfect working order and will need no repair or replacement.

I dont give myself any kind of range. I just do the work the best I can to bring it to acceptable levels. It is what it is. Sure, my intial guess of 5k is up about 20%, but $1k is a drop in the bucket in the overall scheme of things. If you buy these things right, and have the funding, it really doesnt matter. Sometimes its worth a few extra bucks to add perceived value. For example, I put $3k in siding on a home I had purchased/rehabbed for only 19k. So the siding accounted for over 30% of rehab costs....but in the scheme of things, it was worth it.

I run the numbers in a general manner before we buy....and yes, when i run figure things out BEFORE we buy, i calculate estimated rehab costs and add about 20% error. But, after doing a few, the only errors are usually things you couldnt know were wrong before hand. SO, for those things, we assume we MIGHT be replacing plumbing due to freezing (reserve $500). We MIGHT be replacing h20...reserve 300. We might be doing some roof repaid (reserve 1000). etc etc. If your deal works with all the 'maybe's', it will work when some of that stuff is okay

Re: the bathroom. I'm not renting out a posh highrise apartment here. You'd be shocked what a cleaning an paint can do...IF it's done right. The vanity is perfectly soilid. Clean/degrease it, prime, spray semi gloss white. Will look like new. 2 new hinges and handles and i'm out $15 total. The medicine cabinet will probably be scrapped for a small mirror or $20 medicine cabinet/mirror....trivial. MAYBE I'll need a new toilet if it's cracked or there's no lid...$50 - again no biggie. Maybe I'll throw some ceramic tile in there and really set it off...might cost me $60 total. Maybe i will throw a new counter top on...cultured marble for that size is only $20.

The faucets will be replaced in both baths and kitchen...shiny new chrome always looks nice....and they're cheap....not sure about shower fixtures...havent looked to closely. I knew i didnt mention some things...but got most on the list so you have an idea.

That's why I usually figure $500 or so for little stuff here and there...bathroom faucet only costs $20 so it's not like I really budget for that stuff. the $20 caulk line was not really in my budget...more of a way to explain to previous poster about the bathrooms.

I promise to show some pics of this place when we're done. Goto the album titled delos and look at the bathroom the way we got it...and then when finished. I think i spent 200 bucks...most of that was a shower surround. EDIT:


BEFORE


AFTER

[thefed]

oooh man....i just got back from Menard's grand opening sale and saved hundreds of dollars on various items for this house. enough of a saving to make storing the stuff for a few weeks worth it

I just might hit that $5k at this rate...I've been finding lots of good materials CHEAP

[samclem]

Quote:

Originally Posted by thefed oooh man....i just got back from Menard's grand opening sale and saved hundreds of dollars on various items for this house. enough of a saving to make storing the stuff for a few weeks worth it I just might hit that $5k at this rate...I've been finding lots of good materials CHEAP

Christmas in February! Good luck on the projects.

[Sarah in SC]

Nice job on this, Fed. I grew up with parents who bought old junkers and did sweat equity to make them nice. We lived in 8 different houses, winding up front beach by the time I left home.
Being handy and having a good vision for what cleaning and paint will do is a real asset! You are surely not afraid of hard work, judging by that bathroom before/after!

[Dennis]

that's really nice... G4U..hope it works out..
Upheare in and around N. Sub. Of Chicago, Homes didn't drop that much, but they never do, since the Land is key here, they start at $300k and they just tear down the older 50's house. Which is good for the Area... and they really frown on Rentals and have very strict rules/laws/ordanences on doing so...

When We retired about 60 mi North In SouthEast Wi., Housing was 70% Less, but there are very little Jobs in those area's and you best go into them With $ or a Profession and be ready to Commute 50+ miles one way...

All those Far out Developments ? Are dying on the Vines..I think they called it Urban /Suburban sprawl...I hear Whole Blocks In AZ and other areas are all Ghost towns....And New Schools built for them are closing up everyday..turning them into Office Buildings..

[Nords]

Quote:

Originally Posted by mattgg1 Your prospective tenants must have very low standards if you think this bathroom is "perfect." I'm shocked that all you plan to do this bathroom is paint, caulk and clean before you rent it out.

You think you're shocked now, Matt, why don't you visit a few Oahu open houses with me some Sunday afternoon. You'd be amazed what you don't get for $600K.

Lookin' good, thefed. If you keep this up you'll be renting out half the town...

[bright eyed]

Quote:

Originally Posted by Nords Lookin' good, thefed. If you keep this up you'll be renting out half the town...

Fed will be the donald trump of barbertucky!

[thefed]

Well....we're FINALLY closing on this turd next wednesday. Time for me to tighten up the bootstraps and bust a$$ for 3 weeks.

We found some structural issues during a tertiary inspection...due to the water issues theres a freeze line crack in the 2nd lowest course of visible cinder block. After talking to several pros, I can add another $700 or so to the budget as its a simple fix....but it's another $700 bucks I wasnt hoping for!

Another unexpected issue was turning on the power. I wanted to get power turned on so I could start immediately after closing. Well, since its been off for 12 months, OhioEdison requires a city inspection first! Ugg....hate having the inspectors in a dump...opens up a can of worms. So, I pay $30 for a permit and they come out to inspect....the guy turned out to be really nice and is allowing me to do the one thing he requires to be done (add supplemental ground....drive 8 ft rod into ground and use it in conjunction with existing water line ground). The power's on and it only took 4 hours of running around to figure it out!


I just got my butt into gear and took my basement bathroom project from 50% done to 90% done over the last few days...a couple more days of work at home and im off the wife's honey do list! Then i'm off to the races

[thefed]

We found some more issues! not sure if i mentioned it but we had slight foundation issues. Also discovered both sump drain and gutter drain lines were collapsed on the way to the street. As such, I trenched about 100 feet to tie everything together and into the street...luckily it only set me back $100 and a back ache.

Basement is waterproofed. Exterior sidewalks are leveled. Foundation is repaired. Upstairs drywall repair and wallpaper removal is 80% done. I've actually had some work lately so this is on the back burner, but i hope to get close to finishing within the next 20 days. I've had zero help with labor...getting a bit tired

[Notmuchlonger]

Maybe we will see you on one of those flip this house shows

[thefed]

Quote:

Originally Posted by Notmuchlonger Maybe we will see you on one of those flip this house shows

Funny you mention that. I LOVE those shows, but I only see one on each week on Saturdays...there used to be 2 or 3 every night!

[thefed]

1202 Noble pictures by thefed17 - Photobucket


Okay...here's some of the final pictures...a lot are fuzzy and I re-took them, but this gives you a good idea. scroll thru the full sized photos from beginning to end and see the transformation!

We have a guy in there now on a land contract and made a deal with him to update a few more things than we planned on....so we went over the budget...but he paid for 1/2 of the updates so it was worth it

[thefed]

Oh yea...its rented for 750! better than expected

[tryan]

Problem I've been seeing in the hud and bank owned homes is MOLD. Can have it treated by a pro for $3k/room. Or gut it your self and risk a reoccurrence since the spores were not treated properly.

Last 2 I entered had roof leaks which went untreated for years; mix in no heat ... and what do ya get: mold taking over the top floor. And spreading into the first floor in one home.

Can really kill your budget.

[Arif]

Quote:

Oh yea...its rented for 750! better than expected

Looks good. Almost like printing money huh!

[Leonidas]

I'm curious, you gave an original estimate of 80 hours of labor to get this place ready, did that number hold up or did you go over. From watching the house flipper shows it seems like they were always trying to get the job done as quickly as possible, but usually ran into some kind of time delay with unexpected problems. So, how long did it take you and how many hours of labor do you think you put in?