We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
June 15, 2021, 08:44:07 am
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
June 15, 2021, 08:44:07 am
Home Help Search Calendar Login Register

Author Topic: My first rehab, with pics  (Read 16550 times)

Offline ElephantNest

  • Member
  • **
  • Posts: 91
My first rehab, with pics
« on: February 05, 2007, 04:55:32 pm »
Here's the house I bought down the street from us, Katrina damaged. The owners just let it sit and get worse for 16 months.
 
Bought it right before Christmas, and got it for a great price, but the rehabbing costs are a little over budget. Still should have about $44K in instant equity when it is completed. Going to make a great rental property.....I can see it from my window.
 
 




 

 
 Still needs the brick painted, landscaping, kitchen cabinets, and a few other things, should be done in one to two weeks.
 

 

 
On my first rehab, a guy hammering on the roof called me a paranoid little weirdo. In morse code.

Offline jsstinson

  • Member
  • ***
  • Posts: 154
Re: My first rehab, with pics
« Reply #1 on: February 05, 2007, 06:15:45 pm »
Nice!

Offline AmandafromIndiana

  • Member
  • *
  • Posts: 4
Re: My first rehab, with pics
« Reply #2 on: February 05, 2007, 07:24:40 pm »
Looks like fun!

Offline johnnyg

  • Member
  • **
  • Posts: 63
Re: My first rehab, with pics
« Reply #3 on: February 05, 2007, 09:57:45 pm »
Best of luck to ya. Hope u have insurance.
johnnyg

Offline John_NM

  • Member
  • ***
  • Posts: 182
Re: My first rehab, with pics
« Reply #4 on: February 05, 2007, 10:30:44 pm »
Great job  :beer      Better get good insurance or you'll have one big  :banghead
www.jc-buyshomes.com
Take action!!! Your success depends on you taking action!!!!!

Offline ElephantNest

  • Member
  • **
  • Posts: 91
Re: My first rehab, with pics
« Reply #5 on: February 06, 2007, 06:42:35 am »
Thanks!


I had a builders risk policy that expired on the 21st, then my tenant/dwelling insurance kicked in. Fully covered with 300K liability, flood, etc. ( the 300K GL was in place during the builders risk policy also, just a separate policy.)
On my first rehab, a guy hammering on the roof called me a paranoid little weirdo. In morse code.

Offline DannyTheGreat

  • Member
  • *****
  • Posts: 1005
Re: My first rehab, with pics
« Reply #6 on: February 06, 2007, 07:48:37 am »
You must of done this yourself. The seasons have changed in the pictures. How long did it take you to get to this point and how much will you make per hour of your time?
"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."- Isoroku Yamamoto, Japanese Admiral- After the attack on Pearl Harbor

Offline Rich_in_CT

  • Member
  • *****
  • Posts: 3209
Re: My first rehab, with pics
« Reply #7 on: February 06, 2007, 08:19:44 am »
What are the numbers on this deal?

Offline ElephantNest

  • Member
  • **
  • Posts: 91
Re: My first rehab, with pics
« Reply #8 on: February 06, 2007, 08:31:33 am »
Actually, I bought it right before Christmas. The first picture was taken during the summer, before I even considered buying it. It is right down the street, and is just one of the many damaged houses I have pictures of. The 2nd picture is one I took right around the purchase time.

Time so far, a little over 1.5 months. Total rebuild of roof, 100% new decking, shingles, etc. Only the rafters (some, not all ) were still good.

Contracted most of it out, I will be doing the landscaping, lawn, got the stumps grinded, took care of some drainage issues, etc.

The numbers are:

23K purchase.....26K with closing costs...

45K to contractors for 90% of the work

20K for taxes, insurance, electrical, kitchen cabinets, countertops, and a few other things that are on me.

So... 88K, house is appraised at $132 as it was....but I plan on doing some decent landscaping ( I own a landscape company ), got a monitored alarm system installed, knocked out some walls to really open the place up....and a few other things that I think will/may bring the value up to somewhere closer to 135-140K.

Thoughts.....?
« Last Edit: February 06, 2007, 09:14:42 am by ElephantNest »
On my first rehab, a guy hammering on the roof called me a paranoid little weirdo. In morse code.

Offline Rich_in_CT

  • Member
  • *****
  • Posts: 3209
Re: My first rehab, with pics
« Reply #9 on: February 06, 2007, 08:33:27 am »
The numbers look great, that's all that matters! :shocked

Offline rlack72

  • Member
  • **
  • Posts: 99
Re: My first rehab, with pics
« Reply #10 on: February 06, 2007, 10:14:52 am »
Thanks for sharing. Looks like a lot of work with big rewards! Good Job!

Offline ElephantNest

  • Member
  • **
  • Posts: 91
Re: My first rehab, with pics
« Reply #11 on: February 09, 2007, 10:06:34 pm »
The numbers look great, that's all that matters! :shocked

Should I consider selling? What about capital gains? I really wanted to keep it for cash flow and long time wealth, but the allure of fast money is looming, honestly. I hate to lose almost half to taxes.
On my first rehab, a guy hammering on the roof called me a paranoid little weirdo. In morse code.

Offline Rich_in_CT

  • Member
  • *****
  • Posts: 3209
Re: My first rehab, with pics
« Reply #12 on: February 09, 2007, 10:59:26 pm »
Keep it for a few years, wait for the market to really bounce back then sell it high.

Offline ElephantNest

  • Member
  • **
  • Posts: 91
Re: My first rehab, with pics ( Update: RENTED!)
« Reply #13 on: March 09, 2007, 07:53:47 pm »
My new tenants signed the lease two days ago. My first project, so it is a very pleasing experience to have it rented. I will have to get a more recent picture for the forums, it looks great. Thanks for all the help so far from everyone.

Steve
On my first rehab, a guy hammering on the roof called me a paranoid little weirdo. In morse code.

Offline LoriK

  • Member
  • ***
  • Posts: 413
Re: My first rehab, with pics
« Reply #14 on: March 10, 2007, 08:25:19 am »
Great job!  Grab another one just like it LOL!

 




SMF 2.0.15 | SMF © 2017, Simple Machines