Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
UPDATED: Pictures of the 28k home people said I couldnt rehab for 5 or 6k
Old 06-11-2009, 12:25 PM   #1
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
UPDATED: Pictures of the 28k home people said I couldnt rehab for 5 or 6k

1202 Noble pictures by thefed17 - Photobucket


We did go over that budget by about 2k, but they were all cosmetic updates done to accommodate our tenant...he paid for 1/2 of the updates so it was in our best interest. if he gets financing, it is under contract for full market value...if not, the place looks better than it would've otherwise



scroll thru all the pics (full size) and see the transformation!

jason
__________________

__________________
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 06-11-2009, 12:36 PM   #2
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
I am impressed. New floors in the upper level? What is it made of? Laminate?
__________________

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 06-11-2009, 01:07 PM   #3
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Nice job! Looks like paint and new HW on the cabinets. Beats replacing them in some cases.

Think about carrying a second position for 20% to avoid PMI. This will help him get financing.
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 06-11-2009, 02:23 PM   #4
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: 10,032
Very nice job !
__________________
Moemg is offline   Reply With Quote
Old 06-11-2009, 02:42 PM   #5
Thinks s/he gets paid by the post
 
Join Date: May 2008
Posts: 2,259
Quite a transformation!
__________________
tmm99 is online now   Reply With Quote
Old 06-11-2009, 03:15 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,526
This does look nice. Ever consider doing remodel work on the side? It is crazy how much some people are willing to pay for remodeling work. Not having a GC license may be a hurdle though (unless you have one).
__________________
FUEGO is offline   Reply With Quote
Old 06-11-2009, 04:47 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Dec 2007
Posts: 4,764
Looks good. Id live there.
__________________
Notmuchlonger is offline   Reply With Quote
Old 06-11-2009, 05:30 PM   #8
Full time employment: Posting here.
Ronnieboy's Avatar
 
Join Date: Feb 2008
Posts: 646
Can you do my house?
__________________
I don't want to spend my entire life at work. I deserve more. - Want2retire aka W2R
Ronnieboy is offline   Reply With Quote
Old 06-11-2009, 07:35 PM   #9
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
thanks for all the positive comments! It feels almost as good as cashing a $40k check when things are said and done a year or 3 down the line....

I have done remodel work on the side in the winter when things are slow...but not any more. I do love to do it, but I have too much going on right now. While the $ is available to keep buying, I would rather rehab a house like this and make $20k+ a few years down the line

The floors are laminate...on sale....for.....drumrollllllll....... $.69/sf! I got underlayment for only $.10/sf. Cheaper than any carpet you can buy...and it really sets it off

tryan: yes...paint and hardware does it every time. even did that in the upper bathroom. we will definately hold a 2nd if need be...but would rather walk away with no strings if possible
__________________
thefed is offline   Reply With Quote
Old 06-11-2009, 07:40 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,526
Quote:
Originally Posted by thefed View Post
tryan: yes...paint and hardware does it every time. even did that in the upper bathroom. we will definately hold a 2nd if need be...but would rather walk away with no strings if possible
If you take a second (or first for that matter), make sure it has a balloon payment in year 3 or year 5 if you just want to get your money out quickly. The buyer can either pay it off quickly or refi it or get a HELOC 3-5 yrs down the road.
__________________
FUEGO is offline   Reply With Quote
Old 06-11-2009, 07:41 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Jan 2005
Posts: 2,555
Very nice job indeed.
__________________
Dreamer is offline   Reply With Quote
Old 06-11-2009, 08:33 PM   #12
Full time employment: Posting here.
UncleHoney's Avatar
 
Join Date: Aug 2006
Location: Columbus
Posts: 769
Looking good. Nice workmanship.

I did a drive by just to check out the place. The picture looks to be pre-thefed.

Google Maps

That one you did on Delos looks good too. Took me a while to find it.

Google Maps
__________________
100% retired and working hard at it.
UncleHoney is offline   Reply With Quote
Old 06-12-2009, 08:08 AM   #13
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Quote:
we will definately hold a 2nd if need be...but would rather walk away with no strings if possible
As I said on another thread ... PMI is where financed deals are dieing (these insurance companies have been burned pretty badly the last few years).
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Old 06-13-2009, 11:50 AM   #14
Dryer sheet aficionado
 
Join Date: Jan 2009
Posts: 44
Congratulations. Look like you swung a very good deal. Enjoy your new abode. It look very nice.
__________________
atlas888 is offline   Reply With Quote
Old 06-14-2009, 06:52 PM   #15
Full time employment: Posting here.
Urchina's Avatar
 
Join Date: Feb 2008
Location: Central Coast, California
Posts: 891
Are those granite countertops in the kitchen, or something else?

Very nice transformation, by the way. Congrats!
__________________
"You'd be surprised at how much it costs to look this cheap." -- Dolly Parton
Urchina is offline   Reply With Quote
Old 06-16-2009, 08:17 AM   #16
Dryer sheet wannabe
 
Join Date: Nov 2008
Posts: 12
Quote:
Originally Posted by thefed View Post
1202 Noble pictures by thefed17 - Photobucket
We did go over that budget by about 2k, but they were all cosmetic updates done to accommodate our tenant...he paid for 1/2 of the updates so it was in our best interest. if he gets financing, it is under contract for full market value...if not, the place looks better than it would've otherwise

jason
First, let me congratulate you on the renovation. The house looks great and you will undoubtedly realize a great return on your investment when you sell.

However, I am confused by the title of your post… “Pictures of the 28k home people said I couldnt rehab for 5 or 6k.” By your own admission, you couldn’t complete the renovation for that amount, so those skeptical of your $5000 budget were in fact correct.

According to your post, it appears you spent $8000 and went over your original estimate by 60%, which is a considerable deviation from the initial $5000 budget.

As I mentioned in a response to your initial post, I thought the $5000 budget was optimistic and wondered how you could get the property up to an acceptable standard for tenants. I specifically cited your $20 budget for the bathrooms, saying...
Quote:
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.
In fact, you ended up spending several thousand additional dollars on "cosmetic updates done to accommodate our tenant." Judging by the pictures, you ended up doing much more to the bathrooms than just clean/paint/caulk, and instead completed nearly all of the additional renovations I suggested.

Again, you did a great job on the renovation with a very modest budget. But you were WAY off on your initial estimate, which is the only aspect of your project I questioned.
__________________
mattgg1 is offline   Reply With Quote
Old 06-16-2009, 11:50 AM   #17
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Quote:
Originally Posted by Urchina View Post
Are those granite countertops in the kitchen, or something else?

Very nice transformation, by the way. Congrats!

laminate from menard's...total cost about 200 bucks!
__________________
thefed is offline   Reply With Quote
Old 06-16-2009, 11:57 AM   #18
Thinks s/he gets paid by the post
thefed's Avatar
 
Join Date: Oct 2005
Posts: 2,203
Quote:
Originally Posted by mattgg1 View Post
First, let me congratulate you on the renovation. The house looks great and you will undoubtedly realize a great return on your investment when you sell.

However, I am confused by the title of your post… “Pictures of the 28k home people said I couldnt rehab for 5 or 6k.” By your own admission, you couldn’t complete the renovation for that amount, so those skeptical of your $5000 budget were in fact correct.

According to your post, it appears you spent $8000 and went over your original estimate by 60%, which is a considerable deviation from the initial $5000 budget.

As I mentioned in a response to your initial post, I thought the $5000 budget was optimistic and wondered how you could get the property up to an acceptable standard for tenants. I specifically cited your $20 budget for the bathrooms, saying...
In fact, you ended up spending several thousand additional dollars on "cosmetic updates done to accommodate our tenant." Judging by the pictures, you ended up doing much more to the bathrooms than just clean/paint/caulk, and instead completed nearly all of the additional renovations I suggested.

Again, you did a great job on the renovation with a very modest budget. But you were WAY off on your initial estimate, which is the only aspect of your project I questioned.

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. Why would we not do this? 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.

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).

The house could have easily been done for 5k....less actually.....dont forget that i did all the work myself.
__________________
thefed is offline   Reply With Quote
Old 06-16-2009, 12:37 PM   #19
Recycles dryer sheets
 
Join Date: Dec 2005
Posts: 133
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 is offline   Reply With Quote
Old 06-16-2009, 01:28 PM   #20
Thinks s/he gets paid by the post
Rustward's Avatar
 
Join Date: Apr 2006
Posts: 1,572
Quote:
Originally Posted by Livefree View Post
. . . It's priced at $199 square foot at my home depot. . . .
A typo I hope.
__________________

__________________
Rustward 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
Just picked up a nice 110k home for 28k! thefed FIRE and Money 63 06-12-2009 11:03 AM
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
I just 'told off' a potential customer...I couldnt help it.... thefed FIRE and Money 11 03-19-2007 12:01 AM
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 10:55 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.