Could be my first rehab.....Update!

Hey all,

Here is what has been going on since I first posted that I purchased my first rehab on the 18th of Dec. We tore down the existing garage via sawzalls, chainsaws, straps, chains, and a 4x4 truck. It was something else. A bunch of friends came out to help a couple weekends back. I’m glad we all made it.

We took down all the plaster, lathe, and old insulation. It was horrible but we got it done. That was some nasty @#!$ We took out all the plumbing, except one toilet :slight_smile: and also the kitchen cabinets. We put in insulation along the exterior walls, framed out a new closet in the north bedroom, and also framed out a partition between the dining and living room.

The roofers are there this week installing new roof, gutters, soffit and facia and also shutters that I purchased. Drywallers are coming in next week and will be finishing the rock, taping, mudding, texturing, and applying a coat of primer. They are also doing drywall returns around the front door and also all windows to save on trim costs.

So far I say were doing good. The plumbing and furnace are doing good. Whew!!! Furnace cost me 250 bucks to get fixed. No leaks at all in the plumbing. I do need a water heater (220 bucks) Some costs that I didn’t plan on were the insulation cause I thought we were going to rock over existing plaster. In the end I thought pulling the plaster down was the best thing. Also I needed another dumpster. So that was an extra 370 bucks.

Other than that though no huge suprises. Took my first draw last week and have another one planned in a week. I’m allowed 5 total so I need to make them count. I’ll keep you posted on my progress. So far I think its going well though. I’m excited to get the roof and drywall done. The place will look so much different once that’s completed.

Nate-WI

Way to go, Nate!

Now you can see why we advise to build some slack into the budget and into the schedule…if you had to replace the plumbing and the furnace…well, I think you know!

How is the wiring?

Keep at it and continued good luck!

Keith

Wiring is good. It was updated before I bought it. And yes…if I had to replace the big ticket items I would be…well you know. I’ve learned a ton and already feel a little more confident on how the process works. Especially with contractors and making decisions on carpet, tile, roofing materials, and the overall look of the “curb appeal”

Nate-WI

Sounds good Nate. Can’t wait to see the pics when it’s done. From everything you’ve said so far, it sounds like you should make out well.

Jeff

Hey Nate,

I’m a newbie also. I was curious what ur total construction budget estimate is and what work ur doing yourself. I’m excited to hear more!!1 :smiley:

I bought the property for 40K. I estimated repairs at 20K and got 21K for rehab costs. I put 1K down so I got a final mortgage of 39K plus the rehab costs into an interest only loan for 9 months. If I spend all 21K then I’m at 60K total. It appraised at 80 ARV. We will see how it all goes.

Nate-WI

sounds pretty good, are you using a RE agent or are you doing that all yourself? Did you say your title company is holding your repair money in an escrow account?

Olie

Great job Nate! Keep it up!!

My plan is to give the same realtor who brought me the deal to use his services to sell the home. He said its going to be around the 2.5% fee so we can build a realtionship and move forward with other deals.

The title company is handling my construction funds. I get 5 draws before I get charged for extra draws.