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UPDATE: TheFed's most recent rehab....finally done, with PICS. 40k into an 85k home
11-27-2009, 09:49 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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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.
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11-28-2009, 04:47 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: No. California
Posts: 1,858
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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?
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11-28-2009, 05:48 AM
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#3
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
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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!
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11-28-2009, 05:59 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,072
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Amazing you can do all that for $21k.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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11-28-2009, 06:11 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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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!
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11-28-2009, 06:45 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,304
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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: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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11-28-2009, 06:48 AM
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#7
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Administrator
Join Date: Jan 2007
Location: Dallas, Tx
Posts: 1,220
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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
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11-28-2009, 07:57 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Posts: 2,288
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Were the hardwood floors in bad shape? I see you covered them all with carpet.
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11-28-2009, 09:26 AM
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#9
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Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
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What a great transformation !
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11-28-2009, 09:27 AM
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#10
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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Looks very rewarding. How long did it take, and how much of the work did you do yourself?
__________________
Al
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11-28-2009, 11:42 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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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!
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11-28-2009, 04:02 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Mar 2005
Posts: 2,603
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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
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11-28-2009, 07:52 PM
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#13
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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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." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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11-29-2009, 05:58 AM
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#14
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Full time employment: Posting here.
Join Date: Aug 2004
Location: Hagersville
Posts: 794
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You have done really well! Congratulations.
__________________
I wish I was half as good as my dog thinks I am!
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