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Old 06-16-2009, 01:52 PM   #21
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It looks great. I need to replace a kitchen floor in my tenants unit and was looking for an affordable alternative to ceramic and linoleum. came across this from home depot..it's called a floating floor and it's strips that connect over your existing floor. No ripping up the old floor, or glue/adhesive etc. It's priced at $199 square foot at my home depot. Anyone use this before?

Trafficmaster Allure Tile, Corfu Resilient Vinyl Plank Flooring (24 Sq. Ft. Per Case) - 21191 at The Home Depot
Looked at that the other day but went with a very high quality closeout thick sticky tile @ $.69/foot instead. In another place i corrected a tenant's installation of a plastic mock-wood laminate floating floor - at about $20. /25 feet of coverage that is quick and cheap and looks pretty good when properly edged. May start using that in downstairs units vs carpet, though i do wonder how badly tenants can scratch it up.... reminds me of formica.
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Old 06-16-2009, 02:20 PM   #22
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yes that should be $1.99 per sq. foot
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Old 06-16-2009, 07:05 PM   #23
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Wow! Way to go. I think you'll come out way ahead in a few years.
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Old 06-17-2009, 08:33 AM   #24
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sorry. double post
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Old 06-17-2009, 08:58 AM   #25
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If I stuck with the original plan, we'd have been right on the money. But as mentioned, we signed a lease option with a guy willing to split any additional repairs 50/50.
So if this guy buys the place, we're still ahead of the game by saving realtor commssions and getting full market value. If he does not buy it, we a) are keeping his 2k down payment (which will effectively reduce our additional input above the original 6k to zero) b) have a better house than we would have originally gotten for our 5k of improvements (and 1k of incidentals).
Your total out of pocket cost for the renovation was $8000, correct? Then the tenant kicked in another $2000 cash for additional improvements, which brought the total rehab amount to $10,000. So this guy gave you a minimum of $4000 in cash up front ($2K improvements, $2K deposit) to rent/lease the house?

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So we replaced 4 extra doors, added a new vanity top in both baths, upgraded to better faucets and fixtures, added extra shutoffs for plumbing, nicer closet shelving, nicer light fixtures and fans, better carpet, nicer tile, better door handles etc etc.

The house could have easily been done for 5k....less actually.....dont forget that i did all the work myself.
I certainly agree that you could have done a rehab for less than $5K. But my point is that a renovation must bring the house up to a certain level/condition to ensure that it is...
- acceptable & appealing to renters/buyers
- allows the property to command prevailing market rental rates
- puts its appraised value in line with other comparable homes that have been updated.

While you can certainly get by with a bare-bones renovation, will anyone be willing to pay you current market rent to live there? It appears you had to perform a substantial amount of additional improvements (which doubled your original budget) to make the property acceptable for this tenant. Fortunately, he was willing to share the cost of making these changes.

Many of the "additional" rehab items listed above seem to be the bare minimum that should be in a newly renovated house to begin with. Your initial plan was to just caulk/paint the bathrooms, which were horribly outdated, well-worn, and appeared non-functional. Unless this place is in the ghetto, there are probably VERY FEW prospective tenants that would have found this acceptable (as you ended up nearly fully rehabbing them).
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Old 06-17-2009, 09:34 AM   #26
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Originally Posted by Livefree View Post
It looks great. I need to replace a kitchen floor in my tenants unit and was looking for an affordable alternative to ceramic and linoleum. came across this from home depot..it's called a floating floor and it's strips that connect over your existing floor. No ripping up the old floor, or glue/adhesive etc. It's priced at $199 square foot at my home depot. Anyone use this before?

Trafficmaster Allure Tile, Corfu Resilient Vinyl Plank Flooring (24 Sq. Ft. Per Case) - 21191 at The Home Depot
Livefree,
We used this Allure product (the one that looks like stone tiles) in our back hall, pantry and laundry room. I like it very, very much! Once it's down, the seams are all but invisible and once the glue on the edges seals, the floor is waterproof -- important in the laundry room. It was very easy to put down over the existing floor, simple to cut and the process goes very quickly. I recommend it.

TheFed,
Beautiful job on the remodel. You should be very proud of all your efforts.
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Old 06-17-2009, 02:17 PM   #27
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Great job! What a transformation. I've rehabbed a few rentals, and know what hard work this is. You did an excellent job with a tight budget, and your choice in finishes look great. If the tenant/buyer scenario doesn't work out you have a good-quality neutral palette that should show well.
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Old 06-17-2009, 04:10 PM   #28
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Thanks for the input. I just wish there was more to choose from as far as the ceramic look ones, looks like there's only 3 or 4..

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Livefree,
We used this Allure product (the one that looks like stone tiles) in our back hall, pantry and laundry room. I like it very, very much! Once it's down, the seams are all but invisible and once the glue on the edges seals, the floor is waterproof -- important in the laundry room. It was very easy to put down over the existing floor, simple to cut and the process goes very quickly. I recommend it.

TheFed,
Beautiful job on the remodel. You should be very proud of all your efforts.
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