UPDATED: Pictures of the 28k home people said I couldnt rehab for 5 or 6k

[thefed]

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

[Martha]

I am impressed. New floors in the upper level? What is it made of? Laminate?

[tryan]

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.

[Moemg]

Very nice job !

[tmm99]

Quite a transformation!

[FUEGO]

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).

[Notmuchlonger]

Looks good. Id live there.

[Ronnieboy]

Can you do my house?

[thefed]

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

[FUEGO]

Quote:

Originally Posted by thefed 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.

[Dreamer]

Very nice job indeed.

[UncleHoney]

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

[tryan]

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).

[atlas888]

Congratulations. Look like you swung a very good deal. Enjoy your new abode. It look very nice.

[Urchina]

Are those granite countertops in the kitchen, or something else?

Very nice transformation, by the way. Congrats!

[mattgg1]

Quote:

Originally Posted by thefed 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.

[thefed]

Quote:

Originally Posted by Urchina 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]

Quote:

Originally Posted by mattgg1 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.

[Livefree]

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

[Rustward]

Quote:

Originally Posted by Livefree . . . It's priced at $199 square foot at my home depot. . . .

A typo I hope.