Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
UPDATE: TheFed's most recent rehab....finally done, with PICS. 40k into an 85k home
Old 11-27-2009, 10:49 PM   #1
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
UPDATE: TheFed's most recent rehab....finally done, with PICS. 40k into an 85k home

HOME 4 U BLOG

Here's a blog I made for the most recent rehab I posted about. We got this home for 17k, put 21k into it, tax assessor says it's worth about 85k. This is before we finished the attic into a 300sf master suite with 1/2 bath. It's now rented for $725/mo.

EVERYTHING has been redone....lots of drywall, flooring, all new plumbing (supply and drain), gas line to the street, furnace, h20, a/c unit, bathrooms, fixtures, lighting, vinyl windows, porch/step railings, etc etc.


The most dramatic change seems to be the back yard. Look closely at the before pics of the garage area, and the 'green' pics with a fence in it. We didnt really even know the back yard was ours until we purchased the place...it was SO overgrown you couldnt even see the fence or open the gate. LITERALLY a thicket with tree branches hanging to the ground...we used a machete to hack our way into the back yard and assess.
__________________

__________________
thefed is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-28-2009, 05:47 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: No. California
Posts: 1,600
Looks good, thefed. I still think it's amazing that you can buy a house for $17K.

How many rental houses do you have now? And is this one that you bought with your cousin? Is that working well for you both?
__________________

__________________
KB is offline   Reply With Quote
Old 11-28-2009, 06:48 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Dang! That looks great. The neighbors should be throwing you a big party.
The whole place is transformed. A question:
- How did you prep the aluminum awnings for new paint? Did you chemically strip the old ones, sandblast, or just hit it with the wire brush on an angle grinder?
Gotta go, but I'll be back with more questions.
Congrats!
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is offline   Reply With Quote
Old 11-28-2009, 06:59 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,438
Amazing you can do all that for $21k.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 11-28-2009, 07:11 AM   #5
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Samclem: Just a wire brush and sandpaper....primer on bare metal, and good exterior paint

KB: Yes, this is the 2nd one with my cousin. We are both happier than anticipated with the way things are going. We're going to do one more under this business name and then make some adjustments to the operating agreement to get me some $$ up front while I work...tough to put so many hours in for a pot of gold at the end of a potentially loooong rainbow!
__________________
thefed is offline   Reply With Quote
Old 11-28-2009, 07:45 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,977
Congratulations, great work and a nice return for your efforts!
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 11-28-2009, 07:48 AM   #7
Administrator
Andy R's Avatar
 
Join Date: Jan 2007
Location: Dallas, Tx
Posts: 1,184
It takes some vision (and cojones) to step up and tackle that project. Risk = Reward. Great job.
__________________
Lagom är bäst - Enough is as good as a feast - There is virtue in moderation
Andy R is offline   Reply With Quote
Old 11-28-2009, 08:57 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Nov 2006
Posts: 2,268
Were the hardwood floors in bad shape? I see you covered them all with carpet.
__________________
utrecht is offline   Reply With Quote
Old 11-28-2009, 10:26 AM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,035
What a great transformation !
__________________
Moemg is offline   Reply With Quote
Old 11-28-2009, 10:27 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 11,199
Looks very rewarding. How long did it take, and how much of the work did you do yourself?
__________________
Al
TromboneAl is offline   Reply With Quote
Old 11-28-2009, 12:42 PM   #11
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
The hardwood was in decent shape, BUT it was soaked in cat urine. As such, i had to coat it all with an encapsulant to trap in the odor.

this actually took 4 months, but in those 4 months I was there about 25 days, averaged 7 hrs/day for a total of about 175 hrs. i had a lot of other work to take care of in that time.

I subbed out all plumbing, all drywall finishing, bathtub refinish, fence repair, all flooring, clearing of the jungle and vines, most painting, and paid about 2500 in general labor. that sounds like a lot, but i tackled quite a bit myself. this is the most by FAR i've ever hired out....and it was soooo worth it...esp plumbing and drywall!
__________________
thefed is offline   Reply With Quote
Old 11-28-2009, 05:02 PM   #12
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Fed,

Nice to see someone grabbing at opportunity in this market.

I am looking at the same thing in my hood (house condition) but the prices are much higher (70-80k). Can't make it work .... (rents would be 1000-1200/mo) so I sit.

Keep do'in what you're do'in!!
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 11-28-2009, 08:52 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,429
Man, you're making my back ache!

Nice job! That's an amazing transformation. Good luck moving forward, it would be nice to get a little payback going. Congrats.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 11-29-2009, 06:58 AM   #14
Full time employment: Posting here.
bruce1's Avatar
 
Join Date: Aug 2004
Location: Hagersville
Posts: 793
You have done really well! Congratulations.
__________________

__________________
I wish I was half as good as my dog thinks I am!
bruce1 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
UPDATE: Mrs. Thefed's inflatable bounce house rental business... thefed Other topics 83 01-27-2013 01:18 PM
UPDATED: Pictures of the 28k home people said I couldnt rehab for 5 or 6k thefed FIRE and Money 27 06-17-2009 04:10 PM
Father developing delirium in rehab center David1961 Other topics 12 05-22-2009 11:59 PM
Rehab and recovery Bestwifeever FIRE and Money 3 07-15-2008 12:02 PM
What I Am Learning In Rehab haha Other topics 11 12-09-2005 01:12 PM

 

 
All times are GMT -6. The time now is 04:11 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.