Rental Renovation

Renovation Report; I have not busted my hump like that in a long while. I had about 3 & 1/2 weeks to do an almost gut remodel.

When my tenant left unexpectedly in July I assumed I would be in for a long leisurely rehab. Luckily, it was not a money issue to hurry up and get a new tenant in, my numbers are good enough that I was not losing money.

I was on vacation a good chunk of July so August when I was really planning on taking a look and devising a renovation strategy. Then I got suckered in by the ‘poor me‘ plight of a family that knows my old tenant. They needed a place by Sept 1.

My handy cousin and I were walking around the place and decided on a whim to destroy a wall to see how involved our fledgling demo plan was. The wall came off, I looked over at him and asked ‘do you want a job?’

So started our month long slog. I paid him everyday he showed up, I went their after work and sometimes even before work, and the wife and boyos came down on weekends.

I did contract out for Drywall hanging and finishing, some trim painting of windows and the floor covering guys, but we did the rest.

Here are some side by side renovation photos.

We made two chopped up rooms into one long living room. It now has 12 foot ceilings, a fan, a new closet, and new paint and carpet.

Kitchen has new appliances, new sink, cabinets, and counter top. Changed out the paint and floor.

More wall removal to help the flow.

Again raised the ceiling to 12 feet, put in a fan, coat of paint and new carpet. I really wanted to do vinyl plank in this room, but the concrete floors were too uneven.

Lastly, a new bedroom where there was a laundry room. We got a stack-able and tucked it into a large closet. Raised the ceiling 6 inches, new fan, new paint, new floors.

Vola! a 2 bedroom, 1 & 1/2 bath with a big living room, pantry, dining room and new kitchen.

A rental I can be proud of and a fresh new start for a family in need.

Cost breakdown as follows;

  • Appliances                          7/29/20         $ 831.00
  • Delivery of Apps             7/29/20         $ 75.00
  • Hood                                     7/29/20          $ 45.00
  • Fans and parts                 8/3/20             $ 250.00
  • Kitchen                                 8/9/20            $ 1,231
  • Supplies/Blinds               8/17/20          $ 184.00
  • Bought by cousin           8/18/20          $ 150.00
  • Vinyl Sheets                      8/19/20          $ 321.00
  • Carpet                                  8/19/20          $ 942.00
  • Counter tops                    8/19/20          $ 164.00
  • Dry walling                        8/24/20          $ 2,500
  • Floor Install                       9/3/20             $ 928.00
  • Supplies                               8/24/20          $ 150.00
  • Hired painting                  9/2/20             $ 120.00
  • Lowes                                    9/2/20             $ 255.00
  • Lowes again                       9/3/20             $ 246.00
  • Ben Bonus                          9/4/20              $ 4,550.00

TOTAL SPENT ON LOWER UNIT RENOVATION; $ 12,942.00

I am confident with my sweat equity and family discount from my cousin, this was really more like a $ 18,000 – $ 20,000 face lift.

I know that I could have used more money to hire people to do all this work for me, but I was feeling like my soft lawyer hands needs to man up and put in some hard work to really make the new building mine. That being said, huge props to anyone that works in the construction trades, I needed a bath and a hug every night when I came home.

More from the Rental Property series;

Running The Numbers on a Rental

Zoning Laws and Red Tape

Problems with Appraisal

The Home Inspection

The New Building is Acquired!

My Permanent Tenant/sister-n-law

Pacing Acquisitions

FrankenApartment

Demolition Complete

 

Let's get things nice and sparkling clear