The Money Mustache Community

Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Evie on November 21, 2016, 05:05:47 PM

Title: Tell Me About Your Diamond in the Rough
Post by: Evie on November 21, 2016, 05:05:47 PM
Did some landscaping this weekend putting in cuttings that a friend gave me from her garden.  I was just looking back at photos from when we bought our house and I completely forgot how absolutely terrible it looked!  I'm sure the Mustachians have all sorts of tales about their diamonds in the rough.

Our 1750 sq ft duplex (which we bought for less than the cost of a 500 sq ft house in our overpriced area) was infested with cockroaches, had rats living in the walls, was home to an extended family of hoarders, and what would become our master bedroom had a huge graffiti mural on it (6x4).  It wasn't even listed on the MLS properly (showed up as being in a way less desirable city 45 mins away).  Needless to say the only offers (and maybe even showings) were us and two separate investors.

We got it below market, and are owner occupying the front unit while renting out the back unit.   Most of the improvements were cosmetic (paint, installing a washer dryer and dishwasher, refinishing hardwood floors hidden under carpet, and deep deep cleaning).  When we were getting ready to move in I was so disgusted scraping the cockroach gel the renters had applied to all the kitchen cabinets I told my husband I wouldn't even be able to use the kitchen.  Needless to say I got over that.

I can't believe how much progress we have made in less than two years.  It was really shocking to see the old photos.

What is the most disgusting opportunity you have found and conquered?  How badly have you held your nose to score a deal (that then had to be promptly cleaned up)?  How did it work out for you?



Title: Re: Tell Me About Your Diamond in the Rough
Post by: Drifterrider on November 22, 2016, 06:09:22 AM
How badly did I hold my nose?  Literally.

Open front door and walk into the smell of dog piss.  Had to rip out the new carpets and seal the floor.  It is still a work in progress but it is mine and I like it :)

New kitchen, Brazilian Cherry floors downstairs.  Two bathrooms renovated and one to go.  Getting a new roof in a few weeks (I'm buying that, not installing myself.  Bad knees and a two story house).

Title: Re: Tell Me About Your Diamond in the Rough
Post by: kendallf on November 22, 2016, 11:03:33 AM
Our current house was a short sale that had been vacant for 4 years.  We ripped out the bathroom, kitchen, all plumbing, put a roof on it.. and when I say "we" that is mostly "me".   :-)  We've been in it about 3 years now, and I'm very happy with it.  Old thread with pictures here, more pics if you follow the Flickr link:

http://forum.mrmoneymustache.com/real-estate-and-landlording/first-limited-renovation/msg62030/#msg62030

https://www.flickr.com/photos/26276815@N07/sets/72157632504633648/


Title: Re: Tell Me About Your Diamond in the Rough
Post by: former player on November 22, 2016, 11:14:33 AM
House bought this summer as a rental, kitchen before and after  -
Title: Re: Tell Me About Your Diamond in the Rough
Post by: J Boogie on November 22, 2016, 01:56:30 PM
Wow, you had to scribe the shit out of that counter on the left.  Nice work though, looks like it'd be a fun minimal place to rent.  I imagine you are able to attract some quality renters.
Title: Re: Tell Me About Your Diamond in the Rough
Post by: Kriegsspiel on November 22, 2016, 03:25:25 PM
I
Title: Re: Tell Me About Your Diamond in the Rough
Post by: pbkmaine on November 22, 2016, 03:36:30 PM
What's the flooring, Kriegsspiel?
Title: Re: Tell Me About Your Diamond in the Rough
Post by: Kriegsspiel on November 22, 2016, 03:38:46 PM
What's the flooring, Kriegsspiel?

That's Allure Khaki Oak I think.
Title: Re: Tell Me About Your Diamond in the Rough
Post by: pbkmaine on November 22, 2016, 03:53:59 PM
Vinyl plank. Looks good! How was it to install?
Title: Re: Tell Me About Your Diamond in the Rough
Post by: Kriegsspiel on November 22, 2016, 04:04:22 PM
Vinyl plank. Looks good! How was it to install?

VERY EASY. No special tools required. The only mental activities are measuring how much to cut off around walls, and making sure you don't put identical pieces near each other.
Title: Re: Tell Me About Your Diamond in the Rough
Post by: Evie on November 22, 2016, 05:16:01 PM
Love all the pictures!  These are some great DIY remodels without a bowl sink in sight!  Ahhh :)
Title: Re: Tell Me About Your Diamond in the Rough
Post by: kendallf on November 22, 2016, 08:14:29 PM
Kriegsspiel, I'm very impressed!  I'd also like to hear what your renovation costs were, and what the purchase/sale prices were.  That was a ton of work, siding, roof, changing windows, doors, etc..
Title: Re: Tell Me About Your Diamond in the Rough
Post by: sammybiker on November 23, 2016, 07:33:26 AM
Great photos all.
Title: Re: Tell Me About Your Diamond in the Rough
Post by: Metric Mouse on November 23, 2016, 07:55:46 AM
Love the photos. That's a huge amount of work Kriegsspiel.  Looks amazing though.
Title: Re: Tell Me About Your Diamond in the Rough
Post by: TightFistedScot on November 24, 2016, 06:29:14 AM
I used the condition of the bathroom in my duplex to negotiate 10K off the list price before closing.

There was mould throughout, a hole in the floor, and everything was outdated. I've been slowly making upgrades in both units over the past 2 years.

 
Title: Re: Tell Me About Your Diamond in the Rough
Post by: Malum Prohibitum on November 24, 2016, 06:34:07 AM

Kriegspiel,

What did you do to the driveway?  It looks like you broke up the concrete, removed it, and poured new.  Is that what you did?
Title: Re: Tell Me About Your Diamond in the Rough
Post by: TightFistedScot on November 24, 2016, 06:37:18 AM
I used the condition of the bathroom in my duplex to negotiate 10K off the list price before closing.

There was mould throughout, a hole in the floor, and everything was outdated. I've been slowly making upgrades in both units over the past 2 years.

This is the basement apartment kitchen and bathroom that I also upgraded before moving into this unit.

Prior to this house, I could barely hang a shelf. But I learned how to tile, grout, caulk, paint, and basic drywall-ing.
Title: Re: Tell Me About Your Diamond in the Rough
Post by: Metric Mouse on November 24, 2016, 06:45:02 AM
Love the colors and the fixtures Skinnin - you've got good taste, in my opinion.
Title: Re: Tell Me About Your Diamond in the Rough
Post by: NoNonsenseLandlord on November 25, 2016, 07:50:36 AM
Great job!!!
Title: Re: Tell Me About Your Diamond in the Rough
Post by: former player on November 25, 2016, 09:00:38 AM
Wow, you had to scribe the shit out of that counter on the left.  Nice work though, looks like it'd be a fun minimal place to rent.  I imagine you are able to attract some quality renters.
Thanks.  Confession though: my builder did the scribing, I was strictly grunt work - stripping out, scraping off, cleaning, painting, grouting, etc - and hired in for internal insulation/boarding, plastering, electrics and plumbing.

It rented very easily and the tenants are excellent and seem to be settling in for the long haul, which suits me nicely.
Title: Re: Tell Me About Your Diamond in the Rough
Post by: TightFistedScot on November 26, 2016, 05:17:48 PM
Love the colors and the fixtures Skinnin - you've got good taste, in my opinion.

Thanks! I am really into an eclectic mix of industrial/cottage/fleamarket. I would love to reno the entire house but don't have the cash. So  I will slowly pick away at small jobs.