UpdateIt’s been a crazy last few weeks, juggling some extensive business travel, a new project assignment with my W2 job, relocating from Mexico to NE Maine USA, while still making business trips back to Mexico.
I love the travel and being constantly on the go – proving that I can manage these rehabs while maintaining a heavy W2 work schedule, albeit not without mistakes, is a fun challenge.
I flew back to Texas for a couple days this weekend to check on the rehabs, understand an evolving (growing) scope of Property #6, pay contractors and catch up with some local investor friends.
Property #1 Rented at $1800/mo
Property #2 Rented at $1595/mo
Property #3 Still on the rental market for $1700/mo.
Property #4 Floors are in, kitchen is in, appliances are in. Finishing the bathrooms and cleaning the place up. Should be done-done in another two weeks. Working through the refi process now.
Property #5 Appraisal took place on Friday. Looking to close end of this month. Again, this house will be rented back to the owner until May and then I’ll take possession and start a light cosmetic rehab.
Property #6 The shit show continues with this one. After the roof was completed, I had to take down a couple of massive trees that were rotted out and were one windstorm away from coming down on the new roof. This cost $4.5k. Afterwards, as I obviously had a termite problem, I had remediation performed and during this, we started pulling back some drywall & siding to find multiple studs crumbling.
I haven’t completely nailed down the impact yet but I’m budgeting about $12k as we’ll be replacing at least some studs on every exterior wall that isn’t brick (the house is only ¼ brick).
Also, salvaging the old HVAC was a fail and I’ll run a completely new system for about $6.5k.
That said, we are moving forward with what we can. The rotted hardwoods have been demo’d out, house is dried out, and the mold has been removed. New flooring has been ordered and I’ve locked down the paint color. Granite quote came in well below estimates as I’m finally seeing some better pricing due to repeat business.
The action now is to finalize the scope growth numbers and get on the replacement of framing where required. Then treat for termites. Then insulation, drywall, exterior siding (where required), paint and floors.
Property #7 Seller was moving out this weekend, verified in person by myself. I took possession of the keys and my contractor will get in there Tuesday or Wednesday. Going to try hard to keep this rehab under $30k.
Property #4 Progress Photos
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Property #6 Progress Photos
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