This post goes out to fdjake for helpng me remodel this kitchen.
Here are the photos of my recent rehab.
This site really is a great resource to newbies, and members like fdjake should really know how much they teach us newbies without even realizing it.
Here is a breakdown of just the kitchen… poor man’s rehab
Tile… $280 installed myself (includes materials)
Lowes counter top w/ sink
and faucet… $200 installed myself
Appliances (craigslist) $175 (includes Frig and stove)
Cabinets doors, hardware, paint $425
TOTAL…$1124 Done in 1 weeks! (after recieving ordered doors)
That is just the kitchen numbers. Thanks for all your help fdjake. Happy rehabbing.
Did you refinish those floors? Looks like minwax dark walnut?
Minwax, but no stain. I used the high gloss polyurethane. 500 Square feet of hardwoods for $290 out the door. That is all the equipment rented from home depot and 4 coats of the poly finish. Shines like the top of the Chrysler building. About 5 hrs of sanding and 20 minutes for each of the 4 finish coats.
Did you replace all cabinet doors in the kitchen or you only painted them?
The cabinet boxes were original, but I replaced the doors per fdjake’s instructions. Lakeside moulding was great. Check the link out here. He taught me everything.
Beautiful attention to detail there…VERY IMPRESSIVE!
Good job! It looks really beautiful.
Not to hijack this thread, the rehab looks great BUT… I have a question for experienced rehabbers.
Is there a certain price point that works better than others? Do lower end properties usually work better than more expensive ones?
I have found that the pricepoint of the house matters little. As long as I know the ARV and can estimate my holding, selling, and repairs you should be able to make money at any price point. I found that it was easier to start at the lower price point simply because of the margin of error. If you are off by 20% on a 5k rehab it is 1k. If you are off by 20% on a 50k rehab that is 10k.
This rehab posted in this thread was actually not for a flip, although it could have worked fine. I rehabbed this one for a rental. There are so many considerations that go into deciding that, so you really have to do some research before diving in. Most of that research can be done on boards like this. This is a very good resource for beginners. I fall into that category, having only rehabbed a half dozen properties.
One simply things to consider is the materials. With rentals you want to use the least expensive, most durable, and fastest to rehab and get a renter in. Flips require a bit higher standard. No renter will have an inspection done on yor property like a buyer prior to buying. On my flips I look to use materials that will put me one step above the comps for the area and still keep me at a lower price. This makes the home move faster when you are done. With a rental, the number differ greatly from a flip. It all about cashflow, and there are very experienced buy and holds here on this board. (see propertymanager for the 2% and 50% rule)
4 of my six have been buy and holds. I didn’t pass up the other two even though they were not up to my hold standards in the cashflow department. They made perfectly good flips and I made a nice profit to help me along. Read everything you can get. I always thought this was so hard, but after my first deal, I realized that while I still have so much to learn, one time through a deal will give you the confidence needed to press forward. The key is to just not loose your shirt on your first deal so that you will thirst for more. Make friends with others on this board and they will help you make that happen. That’s how I did it.
I would norally say that price point doesn’t matter. But in this economy, you have to know your local market well.
Locally this past year, we have had sales numbers almost as good as the bubble years, but nearly all the properties sold were in the $100k range. Houses over $350k are nearly impossible to move, no matter how nice they are or how screaming the deal. There are simply no buyers in that price range.
Locally, we have first time buyers and that seems to be it. The landlords who would normally be looking for $100k properties have stepped out of the market because there are few renters and the quality of renters is horrible.
Our better houses would normally go to someone from a wealthier area, moving here to retire. Those guys can’t sell their house in California, or Seattle, or Aspen, so they can’t buy here.