Last Thursday night, exactly four weeks after closing, the place is ready to rent. Finished up some minor items inside, and wrapped up the landscaping.
After several comments about the yard I figured I really needed to do something. My wife's something of a gardener, so I twisted her arm into helping out. She picked up some plants at Lowes, and got those in last Wednesday night. I worked on the sprinklers, and mostly, but not completely, go those working. I realized I had missed getting one set of parts, so couldn't get them going. I also managed to blow the fuse in the sprinkler timer in the process of replacing the bad valve.
On Thursday I picked up the missing pieces, a couple more butterfly bushes and fuses, and finished up the sprinklers and landscaping. Unfortunately, it was rainy yet again. Normally, we would have very little rain by this time of year. But this has been an unusually wet year. By the time I got to the house on Thursday, it was pouring. After setting in the truck for a bit waiting for it to ease up, I made a dash inside. I worked on inside stuff for a while, mostly cleaning up. When the rain stopped, I started working outside. Unfortunately, the cloudburst had flooded the valve box. That made for an entertaining time of fixing the valves, but I managed to get them working. I had somehow messed up the wiring and even though the replacement was working, another wasn't. Alls well now. Got the remaining plants in, and got all the sprinklers working. Put down some grass seed and was raking it in when the clouds burst yet again. So, I took the time to run to HD for a few more pieces. The rain had eased up by the time I got back, but showed no signs of stopping this time. So, finished up hooking up the remaining heads (these little mini sprinkler things in the beds) in the rain. Of course, it stopped just about the time I finished.
Nevertheless, its all done. Crammed as much stuff from the garage as I could into the truck and headed home.
We had a long weekend in Glenwood Springs. This is out on the western side of Colorado. They have a big hot spring there and a gigantic pool that's too hot to set in for more than a few minutes on one end but cools down a bunch by the time it gets to the other end. We usually go up there in winter. Always an experience to set in a outdoor pool while the snow falls and the lifeguards wear parkas. We drove down to Aspen Saturday afternoon to check out the farmers market. Picked up a few things including some very cool but way too expensive handblown glasses. Had lunch at a place where all the waitresses looked like models. Didn't even bother looking in most of the stores.
After getting back I had a showing on the place. Yet again a very interested prospect who wants to move in at the end of July. I've had a lot of this lately, both on this place and another recent vacancy. Seems odd people are looking so far in advance of when they need to move. So, I now have a couple of folks who seem like good prospects but don't want to move in for several weeks. I'll keep trying for the next couple of weeks, and if nobody moves in, I'll give them a call back.
After several comments about the yard I figured I really needed to do something. My wife's something of a gardener, so I twisted her arm into helping out. She picked up some plants at Lowes, and got those in last Wednesday night. I worked on the sprinklers, and mostly, but not completely, go those working. I realized I had missed getting one set of parts, so couldn't get them going. I also managed to blow the fuse in the sprinkler timer in the process of replacing the bad valve.
On Thursday I picked up the missing pieces, a couple more butterfly bushes and fuses, and finished up the sprinklers and landscaping. Unfortunately, it was rainy yet again. Normally, we would have very little rain by this time of year. But this has been an unusually wet year. By the time I got to the house on Thursday, it was pouring. After setting in the truck for a bit waiting for it to ease up, I made a dash inside. I worked on inside stuff for a while, mostly cleaning up. When the rain stopped, I started working outside. Unfortunately, the cloudburst had flooded the valve box. That made for an entertaining time of fixing the valves, but I managed to get them working. I had somehow messed up the wiring and even though the replacement was working, another wasn't. Alls well now. Got the remaining plants in, and got all the sprinklers working. Put down some grass seed and was raking it in when the clouds burst yet again. So, I took the time to run to HD for a few more pieces. The rain had eased up by the time I got back, but showed no signs of stopping this time. So, finished up hooking up the remaining heads (these little mini sprinkler things in the beds) in the rain. Of course, it stopped just about the time I finished.
Nevertheless, its all done. Crammed as much stuff from the garage as I could into the truck and headed home.
We had a long weekend in Glenwood Springs. This is out on the western side of Colorado. They have a big hot spring there and a gigantic pool that's too hot to set in for more than a few minutes on one end but cools down a bunch by the time it gets to the other end. We usually go up there in winter. Always an experience to set in a outdoor pool while the snow falls and the lifeguards wear parkas. We drove down to Aspen Saturday afternoon to check out the farmers market. Picked up a few things including some very cool but way too expensive handblown glasses. Had lunch at a place where all the waitresses looked like models. Didn't even bother looking in most of the stores.
After getting back I had a showing on the place. Yet again a very interested prospect who wants to move in at the end of July. I've had a lot of this lately, both on this place and another recent vacancy. Seems odd people are looking so far in advance of when they need to move. So, I now have a couple of folks who seem like good prospects but don't want to move in for several weeks. I'll keep trying for the next couple of weeks, and if nobody moves in, I'll give them a call back.
Finished up grouting the tile, got the receptacles back up, and got the smoke detectors replaced. Need to touch up the paint in places and that about it for the house.
The hard money lender (servicer, really) came by and had a look and said it looks great. Says the rest of the rehab escrow is in the mail. Hopefully it comes very soon, cause I'm just about tapped out.
He did mention the yard could use a little work. I messed with the sprinklers some in the last few days, but still have a sticky valve and some leaks. So, tonight I'll head over and try to finish that up. I've talked my wife into working a bit more on the beds, so she's supposed to get some plants today and we'll get those in.
Started the refi process. Four to six weeks to close is the current estimate. We'll see how that goes. First time I've done this since the HVCC guidelines went into place. Rates are looking pretty good 6.125% with one discount point for a 30 year fixed.
I entered the property into Denver Section 8, and I've called them several times to find out what the process is. I have at least one prospective tenant that's approved for Section 8, likes the place, and would move in quickly. Not sure what's holding them up or why I can't get anyone on the phone.
Also updated the accounting on the rehab. Total spent is $12,532. Rehab budget was $9,000. So, why the $3,532 overrun. Several reasons:
1) Paid for labor to have tile installed. I had planned to do this myself. $1400
2) Tile was more than initially budgeted. I overlooked two items - the backsplash and the edge pieces around the tub and shower. The backsplash was about $95 and the edges were $170 for a total of $265. Those edge pieces are really expensive compared to the plain pieces. Overall, I was over budget $240 on the tile, so except for these two overlooked items I was very close.
3) Countertops. I found relatively cheap slab granite, so that ended up being "only" $1500 installed. OTOH, I'd only budgetted about $500 for this item. Nevertheless, it was a timesaver over granite tile, and looks really good. Which should help the appraisal. This was the one splurge vs other houses in the neighborhood. Granite tile is the norm, with only a few granite slabs.
4) Paint and paint accessories. Ended up needing an additional five gallon bucket of paint vs what I had estimated. I also didn't account for the plastic, paper, and tape for masking, and for the caulk. This was actually a bit of a disconnect between the painter and I. He has said at one point he would supply this. But then I later pushed him to remove the popcorn ceiling, so I didn't feel like pushing back on these items. Nevertheless, it was over $100 for all this stuff, plus $100 for the additional paint.
5) Miscellaneous. By this I mean screws, bolts, nails, caulk for the tub and showers, faucet and toilet hookup lines, trash bags, trash disposal, aerators, ant spray (which STILL hasn't killed the ants), saw blades, screwdriver bits, cleaning products, misc bits of drain to get the sinks and lavs hooked up, trim, etc., etc., etc. I consistently omit all this minor stuff, and it really adds up. Without a line by line accounting for every receipt, its tough to get an exact figure. Almost every trip to Home Depot for some big item resulted in a handful of little items, too. All together it looks like this was $600-800 for this little stuff.
The hard money lender (servicer, really) came by and had a look and said it looks great. Says the rest of the rehab escrow is in the mail. Hopefully it comes very soon, cause I'm just about tapped out.
He did mention the yard could use a little work. I messed with the sprinklers some in the last few days, but still have a sticky valve and some leaks. So, tonight I'll head over and try to finish that up. I've talked my wife into working a bit more on the beds, so she's supposed to get some plants today and we'll get those in.
Started the refi process. Four to six weeks to close is the current estimate. We'll see how that goes. First time I've done this since the HVCC guidelines went into place. Rates are looking pretty good 6.125% with one discount point for a 30 year fixed.
I entered the property into Denver Section 8, and I've called them several times to find out what the process is. I have at least one prospective tenant that's approved for Section 8, likes the place, and would move in quickly. Not sure what's holding them up or why I can't get anyone on the phone.
Also updated the accounting on the rehab. Total spent is $12,532. Rehab budget was $9,000. So, why the $3,532 overrun. Several reasons:
1) Paid for labor to have tile installed. I had planned to do this myself. $1400
2) Tile was more than initially budgeted. I overlooked two items - the backsplash and the edge pieces around the tub and shower. The backsplash was about $95 and the edges were $170 for a total of $265. Those edge pieces are really expensive compared to the plain pieces. Overall, I was over budget $240 on the tile, so except for these two overlooked items I was very close.
3) Countertops. I found relatively cheap slab granite, so that ended up being "only" $1500 installed. OTOH, I'd only budgetted about $500 for this item. Nevertheless, it was a timesaver over granite tile, and looks really good. Which should help the appraisal. This was the one splurge vs other houses in the neighborhood. Granite tile is the norm, with only a few granite slabs.
4) Paint and paint accessories. Ended up needing an additional five gallon bucket of paint vs what I had estimated. I also didn't account for the plastic, paper, and tape for masking, and for the caulk. This was actually a bit of a disconnect between the painter and I. He has said at one point he would supply this. But then I later pushed him to remove the popcorn ceiling, so I didn't feel like pushing back on these items. Nevertheless, it was over $100 for all this stuff, plus $100 for the additional paint.
5) Miscellaneous. By this I mean screws, bolts, nails, caulk for the tub and showers, faucet and toilet hookup lines, trash bags, trash disposal, aerators, ant spray (which STILL hasn't killed the ants), saw blades, screwdriver bits, cleaning products, misc bits of drain to get the sinks and lavs hooked up, trim, etc., etc., etc. I consistently omit all this minor stuff, and it really adds up. Without a line by line accounting for every receipt, its tough to get an exact figure. Almost every trip to Home Depot for some big item resulted in a handful of little items, too. All together it looks like this was $600-800 for this little stuff.
Its been several late nights trying to get this wrapped up. Mostly just small things to do, but it seem like there are a never ending supply of them. A couple of nights I've really felt like I'm just at the wall.
After working all day, I went to the property to work, and just felt like I could not make any progress. In a post a long time ago I wrote about focus. New investors sometimes dart from one approach to another like a butterfly. Short sales? No, apartments. No, I'll do some wholesales. No wait... I recommended finding a niche and focusing. Same applies to the rehab work. On the previous project, I spent too much time darting from one job to another. So, on these nights when I really felt like I could accomplish nothing, I tried to pick something and just get it done. It really does help.
Friday night was a classic. Normally, we have dance lessons on Fridays. Right now its salsa at 7:00 and ballroom at 8:00. Its not my favorite night for this, because on Friday I'm ready for the week to be over. But the salsa class has been together for 15 weeks now, and the ballroom class is going on a year, and classes don't often hang together this long. But last Friday my wife was feeling ill. Both of these classes tend to have more guys than women, so I really didn't want to go by myself. Either the men or the ladies rotate around, so everyone dances with everyone else. But if the class is unbalanced, someone doesn't have a partner once in a while. So, off to the property to work.
I got over there and just couldn't get into making any progress. But I picked something, and pressed on. There were some fits and starts at first. The replacement for a slightly leaky shower faucet cartridge proved much leakier. After getting the old one back in, that moves further down the list to try to replace. Where do builders get this crap anyway? A "carefree" faucet? Never heard of them.
Actually made lots of progress over the last few days. Cabinets are refinished, showers and tub scrubbed out and caulked. New carpets all vacuumed. Yard mowed. The big project was the new tile (tumbled stone, really) backsplash. Took a bit longer than I expected, but it went pretty smoothly. Really should bought more spacers, though. Somehow, it just didn't click that 200 tiles and 250 spacers was a mismatch.
Had one prospect look on Saturday morning and two more today. The Saturday one is section 8, and a couple of other callers have asked for that, too. So, I'm trying to get onto Denver section 8. Put the property info in online last week, and left a message on their voicemail. Hopefully I can get that sorted out and the inspection done. It would sure be nice if there was just one authority for the area, instead of several different ones. Both the section 8 lady and one couple tonight weren't actually looking to move for a month. Drives me crazy. Am I supposed to give up months rent and hold the place? I don't get why people look so far in advance. OTOH, the last vacancy I had I did end up renting to someone who initially looked way in advance, so maybe one of these folks will pan out. The couple today were trying to figure out where their furniture would go. That's always a good sign.
Down to just two or three tasks to complete. Need to grout the new backsplash. Need to put in new smoke detectors. Then a thorough cleaning.
Yard and sprinklers could really use some work. A few people have said something, but most don't seem to be too concerned.
And I have a huge ant hill in the back yard that's going to need nukes or something. My previous attempts have been unsuccessful.
After working all day, I went to the property to work, and just felt like I could not make any progress. In a post a long time ago I wrote about focus. New investors sometimes dart from one approach to another like a butterfly. Short sales? No, apartments. No, I'll do some wholesales. No wait... I recommended finding a niche and focusing. Same applies to the rehab work. On the previous project, I spent too much time darting from one job to another. So, on these nights when I really felt like I could accomplish nothing, I tried to pick something and just get it done. It really does help.
Friday night was a classic. Normally, we have dance lessons on Fridays. Right now its salsa at 7:00 and ballroom at 8:00. Its not my favorite night for this, because on Friday I'm ready for the week to be over. But the salsa class has been together for 15 weeks now, and the ballroom class is going on a year, and classes don't often hang together this long. But last Friday my wife was feeling ill. Both of these classes tend to have more guys than women, so I really didn't want to go by myself. Either the men or the ladies rotate around, so everyone dances with everyone else. But if the class is unbalanced, someone doesn't have a partner once in a while. So, off to the property to work.
I got over there and just couldn't get into making any progress. But I picked something, and pressed on. There were some fits and starts at first. The replacement for a slightly leaky shower faucet cartridge proved much leakier. After getting the old one back in, that moves further down the list to try to replace. Where do builders get this crap anyway? A "carefree" faucet? Never heard of them.
Actually made lots of progress over the last few days. Cabinets are refinished, showers and tub scrubbed out and caulked. New carpets all vacuumed. Yard mowed. The big project was the new tile (tumbled stone, really) backsplash. Took a bit longer than I expected, but it went pretty smoothly. Really should bought more spacers, though. Somehow, it just didn't click that 200 tiles and 250 spacers was a mismatch.
Had one prospect look on Saturday morning and two more today. The Saturday one is section 8, and a couple of other callers have asked for that, too. So, I'm trying to get onto Denver section 8. Put the property info in online last week, and left a message on their voicemail. Hopefully I can get that sorted out and the inspection done. It would sure be nice if there was just one authority for the area, instead of several different ones. Both the section 8 lady and one couple tonight weren't actually looking to move for a month. Drives me crazy. Am I supposed to give up months rent and hold the place? I don't get why people look so far in advance. OTOH, the last vacancy I had I did end up renting to someone who initially looked way in advance, so maybe one of these folks will pan out. The couple today were trying to figure out where their furniture would go. That's always a good sign.
Down to just two or three tasks to complete. Need to grout the new backsplash. Need to put in new smoke detectors. Then a thorough cleaning.
Yard and sprinklers could really use some work. A few people have said something, but most don't seem to be too concerned.
And I have a huge ant hill in the back yard that's going to need nukes or something. My previous attempts have been unsuccessful.
Since the last entry I've made quite a bit of progress. Seems like there's always something more to do, though, and the to-do list never gets any shorter.
The hammer drill and some longer tapcon bolts made short work of that troublesome toilet flange. It will stay put now.
Finished up all the trim in the kitchen and baths. This had been ripped out to do the tile. The old kitchen floor had three layers of vinyl squares, the last couple just laid up to existing trim and cabinets. I think that's incredibly sloppy. I removed the base cabinets and the tile guy pulled off all the trip, so the tile now goes all the way to the walls in the kitchen and both baths.
Spent some time scrubbing down the cabinets and then refinishing them. They were in good shape but showed a lot of wear. I'm replacing the drawer fronts, too. I received the new ones, so started finishing those, too. I got them all stained last night and hopefully they will be ready for polyurethane tonight.
With the cabinets and the trim ready, that just leaves the backsplash for major items. I finally broke down and called the counter folks to come trim back the counter a little. The back edge is fine, but the front edge is 1/4 inch longer. The fridge is 36" wide, and that's exactly how much space there is. It will go in, but it really takes some shoving. The icemaker isn't working (its a used fridge), and I'd like to try replacing the water valve and check the wiring. But I can't get it out! Grrr. This should be easy! They will be there Friday to trim the counter, then I'll do the backsplash.
Messed with the sprinklers for a while last night, getting good and wet in the process. As I though, I have one sticky valve that needs replacement. Several of the outlets (not sprays, those dripper hoses) are very leaky, so they're going to get capped off. I really just want to get the sprays going so I can start some grass.
One more night tonight, then Saturday to finish up any loose ends.
The hammer drill and some longer tapcon bolts made short work of that troublesome toilet flange. It will stay put now.
Finished up all the trim in the kitchen and baths. This had been ripped out to do the tile. The old kitchen floor had three layers of vinyl squares, the last couple just laid up to existing trim and cabinets. I think that's incredibly sloppy. I removed the base cabinets and the tile guy pulled off all the trip, so the tile now goes all the way to the walls in the kitchen and both baths.
Spent some time scrubbing down the cabinets and then refinishing them. They were in good shape but showed a lot of wear. I'm replacing the drawer fronts, too. I received the new ones, so started finishing those, too. I got them all stained last night and hopefully they will be ready for polyurethane tonight.
With the cabinets and the trim ready, that just leaves the backsplash for major items. I finally broke down and called the counter folks to come trim back the counter a little. The back edge is fine, but the front edge is 1/4 inch longer. The fridge is 36" wide, and that's exactly how much space there is. It will go in, but it really takes some shoving. The icemaker isn't working (its a used fridge), and I'd like to try replacing the water valve and check the wiring. But I can't get it out! Grrr. This should be easy! They will be there Friday to trim the counter, then I'll do the backsplash.
Messed with the sprinklers for a while last night, getting good and wet in the process. As I though, I have one sticky valve that needs replacement. Several of the outlets (not sprays, those dripper hoses) are very leaky, so they're going to get capped off. I really just want to get the sprays going so I can start some grass.
One more night tonight, then Saturday to finish up any loose ends.
With the carpet layers out of the way, I was able to finish up some stuff inside. I admit its nice to be able to walk through the garage, but hauling off trash doesn't seem like progress.
With another bag of parts from Home Depot, I was able to get the kitchen sink back to working, got both lavatories up and running, and got one toilet back in operation. The other one continues to be a pain. Its in the basement, and should bolt right into the concrete. But, of course, the closet flange was broken and loose. I attempted to use various anchors and Tapcon screws to get a good grip, but it appears this isn't the first time this beast has been loose. Tomorrow I'll drag out the big hammer drill and see if I can get it locked down.
On a better note, I did get a hose bib replaced. I'd been dreading this. Its one of those frostless ones. It did its job, but at some point, it looks like they had left a hose hooked up and full of water, and it had split outside the valve seat. It was fine when off, but turn it on and water comes pouring through the wall into the utility room. Simple enough to replace, if you can get to it. Not only was it behind the wall, but over another wall. So, it wasn't just a matter of cutting a hole in the sheetrock, replacing the faucet, then patching the hole. A bit of luck was the it was accessible by removing the bath fan. But then what? Well, shark bites to the rescue. This is the second time I've used these in a tight spot. Worked like a charm. I was able to get the old faucet cut loose, then put the new one in with a shark bite. I never cease to be amazed that these slip in so easily, but then actually hold water.
Also got most of the new mini-blinds up. And several troublesome window locks fixed.
The downside to the carpet layers being done is that the end of the help. Just little stuff to do, but still, if I don't do it, it doesn't get done. Oh well. Only a three items of any significance left. That's getting the cabinets refinished, installing the backsplash, and putting in trim where it was removed for the tile.
I've had several calls on the place, and a few people have stopped in. So far nobody has signed up, but the funnel is filling.
With another bag of parts from Home Depot, I was able to get the kitchen sink back to working, got both lavatories up and running, and got one toilet back in operation. The other one continues to be a pain. Its in the basement, and should bolt right into the concrete. But, of course, the closet flange was broken and loose. I attempted to use various anchors and Tapcon screws to get a good grip, but it appears this isn't the first time this beast has been loose. Tomorrow I'll drag out the big hammer drill and see if I can get it locked down.
On a better note, I did get a hose bib replaced. I'd been dreading this. Its one of those frostless ones. It did its job, but at some point, it looks like they had left a hose hooked up and full of water, and it had split outside the valve seat. It was fine when off, but turn it on and water comes pouring through the wall into the utility room. Simple enough to replace, if you can get to it. Not only was it behind the wall, but over another wall. So, it wasn't just a matter of cutting a hole in the sheetrock, replacing the faucet, then patching the hole. A bit of luck was the it was accessible by removing the bath fan. But then what? Well, shark bites to the rescue. This is the second time I've used these in a tight spot. Worked like a charm. I was able to get the old faucet cut loose, then put the new one in with a shark bite. I never cease to be amazed that these slip in so easily, but then actually hold water.
Also got most of the new mini-blinds up. And several troublesome window locks fixed.
The downside to the carpet layers being done is that the end of the help. Just little stuff to do, but still, if I don't do it, it doesn't get done. Oh well. Only a three items of any significance left. That's getting the cabinets refinished, installing the backsplash, and putting in trim where it was removed for the tile.
I've had several calls on the place, and a few people have stopped in. So far nobody has signed up, but the funnel is filling.
Getting so close now. Carpets went in today. That made a big difference and gets a bunch of rooms finished. Just need to finish up in the kitchen, baths, some work outside and general cleanup.
Baths need to get the toilets and vanities back in. Worked on that a while Thursday night, but ended up not being able to complete any of it. I was missing some little something on every piece. Sheesh! Another trip to home depot for $100 of "misc". Someday I'll learn to properly account for all this lagniappe in the budget.
Since the carpet layers were there today, I did some outside stuff and stayed out of their way. One of the chores was to haul trash to the dump. We had some stuff around our house, too that needed to go, so I figured I could kill two birds. Ended up being two trips at $83 apiece. Marginally cheaper than a dumpster. I paid $205 for a nine yard roll off last time I rented one, and this was 12 yards. Also cut down the dead tree in the yard.
Started finishing up the kitchen. The counters were installed Thursday morning, and look very good. They cut the larger one about a quarter of an inch bigger than it should have been and the fridge is a very tight fit. Good news is the counter installers helped get it from the garage to the kitchen. Tried to get the sink back up and running after the carpet layers finished, but, of course, was a couple of fittings short. Hopefully, I have all the bits needed to finish up the sink and baths tomorrow.
Baths need to get the toilets and vanities back in. Worked on that a while Thursday night, but ended up not being able to complete any of it. I was missing some little something on every piece. Sheesh! Another trip to home depot for $100 of "misc". Someday I'll learn to properly account for all this lagniappe in the budget.
Since the carpet layers were there today, I did some outside stuff and stayed out of their way. One of the chores was to haul trash to the dump. We had some stuff around our house, too that needed to go, so I figured I could kill two birds. Ended up being two trips at $83 apiece. Marginally cheaper than a dumpster. I paid $205 for a nine yard roll off last time I rented one, and this was 12 yards. Also cut down the dead tree in the yard.
Started finishing up the kitchen. The counters were installed Thursday morning, and look very good. They cut the larger one about a quarter of an inch bigger than it should have been and the fridge is a very tight fit. Good news is the counter installers helped get it from the garage to the kitchen. Tried to get the sink back up and running after the carpet layers finished, but, of course, was a couple of fittings short. Hopefully, I have all the bits needed to finish up the sink and baths tomorrow.
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