Author Topic: Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE  (Read 4263 times)

robartsd

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I like the color.yourtrim isn't as wide as the inspiration picture but it looks nice.
Also, your concept photo had more trim painted (corners of building in addition to window frames). I agree that the blue is a bit darker than I would want, but I highly doubt that will have any influence on the potential renters.

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
Thanks @MayDay & @robartsd  for the feedback.  I've accepted the exterior paint as it is.  I got a little emotional as this is the highest end home I've done and I was really pleased with how well the interior came together, only to drop the ball on the exterior and have it come out not as planned.  But it's alright - it's a solid improvement over the existing condition.

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
Update

Property #2


Interior demo is complete, interior paint started.  I will be going with granite in the kitchen but only repainting the existing cabinets.

000d700b4aaa1109edbc064204d3ffe9efcada2e-1 by sam burn, on Flickr

ac2086a0741dd6d9827abc491d90fa26029d4bdb-1 by sam burn, on Flickr

987a57bc99249bc844ff65bebc4436fc8a953c93-1 by sam burn, on Flickr

Not a whole lot of other changes so far.  Estimates finalized and updated below showing the actual estimate vs the first pass along with a couple bits of scope growth.

Estimate Update

Paint interior all-in @ 4000  actual $3350 - labor came in a little lower, was able to use some leftover ceiling paint from the Property #1.

Flooring Install all-in @ 5000  actual $4400 - went with some lower priced laminate and was able to use some leftover bathroom flooring from Property #1.

Floor Baseboard all-in @ 1700  actual $1205 - labor was a little cheaper, also some materials leftover from Property #1.

Kitchen Cabinets + Countertop all-in @ 7000  actual $3200 - leaving existing cabinets in place, installing granite, new sink, new hardware.

Kitchen Sink/Faucet all-in @ 300  actual $200 - sink included above, new faucet remaining.

Bathroom Rehab x2 Cosmetic all-in @ 3200 actual $3200 - no change.

New Lighting Interior/Exterior all-in @ 3000  actual $1500 - overestimated this one.

Exterior Paint all-in @ 4000 actual $3500 - overestimated this one a bit, also using some materials leftover from Property #1.

Misc all-in @ 10000 actual $6000 - I've applied some of this to the below scope that was added.

Demo of wall/opening up the living to kitchen area, reinforcing overhead beam, all-in @ $1200

Removal of popcorn ceilings, drywall repairs throughout house all-in @ $1500

Exterior repairs, rebuild of storage area all-in $4500

New Fridge all-in $800

Dumpster rental all-in $700

Project Coordinator all-in @ 1800

TOTAL @ 40,000  actual $37,055

« Last Edit: August 02, 2018, 04:39:48 PM by sammybiker »

Another Reader

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Thanks @MayDay & @robartsd  for the feedback.  I've accepted the exterior paint as it is.  I got a little emotional as this is the highest end home I've done and I was really pleased with how well the interior came together, only to drop the ball on the exterior and have it come out not as planned.  But it's alright - it's a solid improvement over the existing condition.

Tenants care less than buyers.  When it's time to sell, you can repaint.

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
You're right, thanks @Another Reader

Update

Property #1
  Just doing the finishing touches, fireplace going in this week.  French door replacement pushed out again, going to swap to sliding doors and hope to finish by 31-Aug.  Appraisal scheduled for next Tuesday, 14-Aug.

Property #2    Interior paint complete, kitchen paint on-going.  Exterior repairs and paint to kick off next week as well as interior flooring.

Refi loan approved for property #2 today, which is awesome.  Appraisal will be scheduled a couple weeks out as the rehab completes.

BicycleB

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Sammybiker, great thread!

As a newbie, it's exciting to see real examples. Good luck in all 5 properties.

Trifele

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Love the thread @sammybiker.  Following with interest.

Can you explain more about the refi on property #2?  Apologies if I missed it somewhere. I am totally ignorant about this -- just surprised that you would refinance only a month into it?     

sammybiker

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Thanks @BicycleB

Thanks @Trifele - on the refinance, it's a process and starting it now is good timing to be cashed out in another 6 weeks or so.  Property 2 is a pretty light rehab overall and should be finished in time to have an appraisal done at the end of August.

sammybiker

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Property #1 Update

Appraisal came back yesterday at $98/sq ft.  I was really looking for $100-103 but I'm satisfied.  There were a number of uncompleted items (glass repair upstairs, x5 door replacement downstairs) that I think dragged it down a couple of bucks and I made the decision not to reschedule the appraisal in effort to get my funds back and go tackle more properties.  I should have the refi funds in my account in two weeks.

I'm all-in at $62/sq ft.  $98-$62 = $36/sq ft *2329 sq ft = $83.8k in equity and most definitely a home run.

The pro photographer is working as I type this and I hope to provide the final, final photos early next week along with an update on Property #2 and hopefully a third property under contract.
« Last Edit: August 18, 2018, 10:11:01 AM by sammybiker »


GreenEggs

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Good thread.  Really appreciate all the details.

Another Reader

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I would probably add some more kitchen lighting.  It would be hard to cook with the lighting you currently have.  Otherwise, it looks great!

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
Thanks for the feedback @GreenEggs  & @Another Reader

Another Reader

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No exhaust hood over the stove, either.  A lot of grease will settle on the nearby surfaces if that is not fixed.

Dicey

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Okay, if we're getting into the weeds, I'll second the other suggestions and add the bypass closet doors need pulls and OMG that single bathroom vanity is way too small. At the very least, install some kind of shelving in there. Overall, it looks excellent!

sammybiker

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    • Making 200k in equity in 6mo - Back down the rabbit hole, long distance RE
Good observations @Another Reader  &  @Dicey

I hear you on the exhaust hood.  Wasn't sure on that one but obviously omitted in the end to reduce scope.  I have a small make ready list for the property management crew and I'll have them price out install.

Good call on the closet pulls, I overlooked that, Dicey.

tralfamadorian

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Looks great! If we're nitpicking, I agree on some undercabinet LEDs for the kitchen as well as a backsplash and exhaust fan for the stove. Also, some photoshop brightening- some rooms look darker than I bet they do in person.