I spent $33,836 renovating this apartment unit.

Indianapolis, Indiana
Multi-Family and Apartment Investing
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I spent $33,836 renovating this apartment unit.

Justin Goodin
Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes

I spent $33,836 renovating this unit.

Here's the breakdown:

-Quartz Countertops: $3,500
-Heat Pump System: $5,500
-SS Appliances: $1,773
-LVP 20 MIL Flooring: $4,406
-White Shaker Cabinets: $4,000
-Washer & Dyer: $400
-Bathroom accessories, ceiling fans, black matte fixtures, toilets, light fixtures, faucets, etc. : $2,347
-Paint, all new doors, plumbing fixtures, drywall work, garbage disposal, carpet, bathtub: $3,934
-Labor: $7,976

The previous owner did not do any updates to this unit for the last 25 years!

My goal here was to replace all major components and renovate to a premium level finish in order to charge market rent.

By installing high quality finishes, I am setting this property up to be a low maintenance long term hold šŸ“ˆ

What kind of renovation costs are you currently spending on your properties?

8Reply
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Most Popular Reply

Steve K.
Realtor Ā· Boulder, CO Ā· Member since 2016 Ā· 3k+ posts Ā· 5k+ votes
2y
Quote from @Sebastian Bennett:

@Shango Collier Why in the world do you want a referral on a contractor who clearly overcharged for the materials based on what was written in this post? Setting aside what you say is drama there should be a number of red flats regardless. Not one person has stepped in to confirm the pricing seems to be in line with industry expectations.


 Pricing is on the high side for sure. The counter tops cost more than I just spent on counter tops for my own home. This looks like a 700 or 800 square foot apartment to me, not a million dollar home. $34k is a lot of $ to spend on a rental unit rehab.Whoever owns this property, (it's unclear if it's actually OP's or not from the comments...?) is going to lose a lot of money unless they can get rehab costs way down. Even if you can raise rents by $1,000/mo after this, it'll take 3 years just to break even on this "renovation". But there's no guarantee that the next set of tenants won't beat this place up all over again, sending the owner back to square one, which is why you don't spend $34k to turn an apartment. I probably would have spent $10-15k max on this unit turn. An 800ft2 unit rents for $2,500-5k/mo. in my market, so I could make the numbers work up to $15k. A good rule of thumb is a unit turn shouldn't cost more than 2-3 months rent, or you'll end up losing money over time for sure. The only way I'd be able to justify spending $34k for a unit turn would be if it was in a super high-end luxury market, renting for at least $10k/month. Perhaps the most classic beginner mistake we see in the biz is first-timers over-improving a rental property like crazy, putting in finishes that they'd like for their own home, ā€œrenovating" instead of rehabbing. Homeowner's fixing up a historical property for themselves to live in "renovate". Landlords and investors REHAB. 

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  • Sofia Ljus
    Member since 2024 Ā· 3 posts Ā· 2 votes
    2y

    This was helpful! Looks good! I'm new to this. I have a 900 sqft condo in Naples FL that needs all new bathroom, new kitchen cabinets, new tile flooring throughout, and paint. I've been quoted everything from $140,000 (!) to $35,000...

    1Reply
  • Melanie P.Pro Member
    Rental Property Investor Ā· Member since 2023 Ā· 1k+ posts Ā· 922 votes
    2y

    What was the rent before the renovations and what was the rent after?

    Better be on the top of your screening game with studios/motel type units. The types of tenants they attract will not take good care of high end finishes.

    6Reply
  • Adam BartomeoBusiness Member
    Real Estate Broker Ā· Cape Coral, FL Ā· Member since 2015 Ā· 2k+ posts Ā· 1k+ votes
    2y

    For a 2/2, full rehab, about $20k.

    [email protected]239-339-3969
    Bartomeo Property Management4.7150 Reviews
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    2Reply
  • Shango Collier
    Investor Ā· Indianapolis, IN Ā· Member since 2020 Ā· 81 posts Ā· 13 votes
    2y

    Hi Justin, did you do the work yourself or contract out? It looks great btw :) 

    2Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Shango Collier:

    Hi Justin, did you do the work yourself or contract out? It looks great btw :) 


     Everything is done with contractors. This wouldnā€™t be my expertise!šŸ˜¬

    1Reply
  • Alecia LovelessPro Member
    Member since 2019 Ā· 3k+ posts Ā· 2k+ votes
    2y

    @Sofia Ljus if someone canā€™t do a 900 sq ft condo for $35,000 thatā€™s ridiculous.

    2Reply
  • Kyle Poirier
    Rental Property Investor Ā· Boston, MA Ā· Member since 2017 Ā· 25 posts Ā· 17 votes
    2y

    Love the look of the dark vinyl plank. What brand were the washer/dryer? $400 is a geat number, were they new?

    Brand is the heat pump? Love the heat pump systems - though in our experience, they can be very pricey to repair. This is usually tied to the quality of the install.

    0Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Kyle Poirier:

    Love the look of the dark vinyl plank. What brand were the washer/dryer? $400 is a geat number, were they new?

    Brand is the heat pump? Love the heat pump systems - though in our experience, they can be very pricey to repair. This is usually tied to the quality of the install.


     Used washer and dryer. The heat pump system was installed by a small local contractor. 

    0Reply
  • Melanie P.Pro Member
    Rental Property Investor Ā· Member since 2023 Ā· 1k+ posts Ā· 922 votes
    2y

    What does Kent Ritter have to do with this project? Is it fair to say that Next Level Equity has no interest in this project either? 

    You say, "I spent..." but in other threads claim to have raised $500k from private investors for this project. What entity raised this money? How were the funds used?

    1Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Melanie P.:

    What does Kent Ritter have to do with this project? Is it fair to say that Next Level Equity has no interest in this project either? 

    You say, "I spent..." but in other threads claim to have raised $500k from private investors for this project. What entity raised this money? How were the funds used?


     I think itā€™s so funny I have an online stalker šŸ˜‚šŸ˜‚

    2Reply
  • Shango Collier
    Investor Ā· Indianapolis, IN Ā· Member since 2020 Ā· 81 posts Ā· 13 votes
    2y
    Quote from @Justin Goodin:
    Quote from @Shango Collier:

    Hi Justin, did you do the work yourself or contract out? It looks great btw :) 


     Everything is done with contractors. This wouldnā€™t be my expertise!šŸ˜¬


     Thatā€™s neat! Would you mind recommending your contractors to me? 

    0Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Shango Collier:
    Quote from @Justin Goodin:
    Quote from @Shango Collier:

    Hi Justin, did you do the work yourself or contract out? It looks great btw :) 


     Everything is done with contractors. This wouldnā€™t be my expertise!šŸ˜¬


     Thatā€™s neat! Would you mind recommending your contractors to me? 


     What project do you have going on right now?

    0Reply
  • Stuart UdisPro Member
    Attorney Ā· Philadelphia Ā· Member since 2018 Ā· 2k+ posts Ā· 3k+ votes
    2y

    Does anyone else find these cost figures to be off? A quick eye ball measurement tells me the total counter SF including the backsplash is no more than 24 ft of material. Even if the undermount sink and cut out are included, $3,500 is way too much. This is not $120/ft material, which is how this is priced based on the $3,500 that was purportedly spent. Next, $4,000 for these shaker cabinets? This is no more than $1,800 at any number of supply houses. Next, $4,406 for the LVP flooring? Unless there is at least 1,000 SF of flooring installed, $4,406 is too much for materials (accounting for 15% waste and underlayment which are both factored into my analysis). I would comment on the washer/dryer but it appears they were not new units based on an earlier clarification post. Also, keep in mind the labor is separated out as an indiviudal cost figure. @Justin Goodin I think you need to find some new suppliers, because you are getting fleeced.

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    6Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Stuart Udis:

    Does anyone else find these cost figures to be off? A quick eye ball measurement tells me the total counter SF including the backsplash is no more than 24 ft of material. Even if the undermount sink and cut out are included, $3,500 is way too much. This is not $120/ft material, which is how this is priced based on the $3,500 that was purportedly spent. Next, $4,000 for these shaker cabinets? This is no more than $1,800 at any number of supply houses. Next, $4,406 for the LVP flooring? Unless there is at least 1,000 SF of flooring installed, $4,406 is too much for materials (accounting for 15% waste and underlayment which are both factored into my analysis). I would comment on the washer/dryer but it appears they were not new units based on an earlier clarification post. Also, keep in mind the labor is separated out as an indiviudal cost figure. @Justin Goodin I think you need to find some new suppliers, because you are getting fleeced.


     I think you need to stick to being an attorney. Your lack of knowledge and experience is clear on every comment you make. 

    0Reply
  • Sebastian Bennett
    Investor Ā· Bucks County Ā· Member since 2023 Ā· 196 posts Ā· 157 votes
    2y

    @Justin Goodin You attack anyone who questions or criticizes what you write on these forums but never provide a counter argument or constructive responses. Why don't you explain to us why @Stuart Udis is wrong? Not to mention, you duck out whenever someone questions whether you own the assets you list on your profile page. Isn't that right  @Melanie P. ? You can't hide behind the fact you don't see the messages judging by how quick you are the respond to any criticism. Why do you run away when you are asked point blank if you own the buildings you claim to own? Also, pulled this article from one of @Stuart Udis BP profile page listed projects. Seems to have some experience....
    Mt. Airy development plan addresses community concerns, adds affordable housing | The Chestnut Hill Local

     

    6Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Sebastian Bennett:

    @Justin Goodin You attack anyone who questions or criticizes what you write on these forums but never provide a counter argument or constructive responses. Why don't you explain to us why @Stuart Udis is wrong? Not to mention, you duck out whenever someone questions whether you own the assets you list on your profile page. Isn't that right  @Melanie P. ? You can't hide behind the fact you don't see the messages judging by how quick you are the respond to any criticism. Why do you run away when you are asked point blank if you own the buildings you claim to own? Also, pulled this article from one of @Stuart Udis BP profile page listed projects. Seems to have some experience....
    Mt. Airy development plan addresses community concerns, adds affordable housing | The Chestnut Hill Local

     


    Attack? šŸ˜… 

    I donā€™t have to explain or prove myself to anyone on this forum. If somebody was a little more respectful or actually had something relevant to ask, I would be happy to have a conversation. 

    0Reply
  • Sebastian Bennett
    Investor Ā· Bucks County Ā· Member since 2023 Ā· 196 posts Ā· 157 votes
    2y

    @Justin Goodin Why can't you answer the simple question you've been asked numerous times. You post about these properties so it's clearly relevant. Do you own the properties you represent to be yours on your BP profile? It's a yes or no question....

    4Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Sebastian Bennett:

    @Justin Goodin Why can't you answer the simple question you've been asked numerous times. You post about these properties so it's clearly relevant. Do you own the properties you represent to be yours on your BP profile? It's a yes or no question....


    Again, I donā€™t have to prove anything to you or anyone else. But itā€™s pretty clear you are asking a silly question because you are jealous. Understandable but just know I have worked really hard to get to where Iā€™m at. I hope everything works out for you! šŸ˜¬

    0Reply
  • Sebastian Bennett
    Investor Ā· Bucks County Ā· Member since 2023 Ā· 196 posts Ā· 157 votes
    2y

    @Justin Goodin It's not a matter of proving anything. I just find it odd you can't bring yourself to say you do or do not own certain properties. @Melanie P. Kudos to you for calling this out. There's no reason to mislead anyone on this website.

    7Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Sebastian Bennett:

    @Justin Goodin It's not a matter of proving anything. I just find it odd you can't bring yourself to say you do or do not own certain properties. @Melanie P. Kudos to you for calling this out. There's no reason to mislead anyone on this website.


     Do your due diligence then and expose me. What are you waiting for? Post your findings right hereā€¦

    Thought so. Anyways, good luck on buying your first rental in 2024 šŸ˜¬

    0Reply
  • Sebastian Bennett
    Investor Ā· Bucks County Ā· Member since 2023 Ā· 196 posts Ā· 157 votes
    2y

    I don't care to spend my time researching you. Yes, I have not purchased any real estate yet. I made one LP investment. Who cares? I am here to learn and network. I still find it odd you cannot state you own or do not own the properties listed on your profile? Are you afraid of misrepresenting yourself to investors who already gave you money? Its very strange you cannot anwer such a simple question. BTW, your post about single family vs. multi-family is as amateur as it gets. 

    2Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Sebastian Bennett:

    I don't care to spend my time researching you. Yes, I have not purchased any real estate yet. I made one LP investment. Who cares? I am here to learn and network. I still find it odd you cannot state you own or do not own the properties listed on your profile? Are you afraid of misrepresenting yourself to investors who already gave you money? Its very strange you cannot anwer such a simple question. BTW, your post about single family vs. multi-family is as amateur as it gets. 


     Thanks for the feedback! Have a great day šŸ‘

    0Reply
  • Melanie P.Pro Member
    Rental Property Investor Ā· Member since 2023 Ā· 1k+ posts Ā· 922 votes
    2y
    Quote from @Justin Goodin:
    Quote from @Sebastian Bennett:

    @Justin Goodin It's not a matter of proving anything. I just find it odd you can't bring yourself to say you do or do not own certain properties. @Melanie P. Kudos to you for calling this out. There's no reason to mislead anyone on this website.


     Do your due diligence then and expose me. What are you waiting for? Post your findings right hereā€¦

    Thought so. Anyways, good luck on buying your first rental in 2024 šŸ˜¬

    Quite a snarky response from someone who has their hand out here for investor dollars, but cannot rise to comment on what deals they actually were or were not involved in, what their involvement was in the deals they claim to be involved in (including in this very thread) and what properties on their company's "portfolio" page are actually owned by that company. 

    What we do know about you is that you and your firm claim credit for projects that appear to be the work of others. The project in THIS THREAD appears to be one of Kent Ritter's projects. I have reached out to Kent twice for his feedback on your involvement or lack thereof and he has provided none. You are unable to unwilling to clarify your role. 

    I wonder if anyone has sent you money, what they received for that money, given that neither you nor your firm have any verifiable real estate investments to your credit. Perhaps a thread should be started for those "investors" to share their experiences.

    6Reply
  • Justin Goodin
    OP
    Investor Ā· Indianapolis, IN Ā· Member since 2018 Ā· 1k+ posts Ā· 756 votes
    2y
    Quote from @Melanie P.:
    Quote from @Justin Goodin:
    Quote from @Sebastian Bennett:

    @Justin Goodin It's not a matter of proving anything. I just find it odd you can't bring yourself to say you do or do not own certain properties. @Melanie P. Kudos to you for calling this out. There's no reason to mislead anyone on this website.


     Do your due diligence then and expose me. What are you waiting for? Post your findings right hereā€¦

    Thought so. Anyways, good luck on buying your first rental in 2024 šŸ˜¬

    Quite a snarky response from someone who has their hand out here for investor dollars, but cannot rise to comment on what deals they actually were or were not involved in, what their involvement was in the deals they claim to be involved in (including in this very thread) and what properties on their company's "portfolio" page are actually owned by that company. 

    What we do know about you is that you and your firm claim credit for projects that appear to be the work of others. The project in THIS THREAD appears to be one of Kent Ritter's projects. I have reached out to Kent twice for his feedback on your involvement or lack thereof and he has provided none. You are unable to unwilling to clarify your role. 

    I wonder if anyone has sent you money, what they received for that money, given that neither you nor your firm have any verifiable real estate investments to your credit. Perhaps a thread should be started for those "investors" to share their experiences.


    The lack of information and credibility you have is very comical. I wish you the best of luck and thanks for spending so much time following me! Thanks for the support!

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor Ā· VA Ā· Member since 2015 Ā· 21k+ posts Ā· 19k+ votes
    2y

    @Sebastian Bennett

    Grabbing my popcorn for this one.

    But if someone is giving a false impression of their experience by putting on their website projects that they do not own as their companies experience in an attempt for raising money then there is typically an orange jumpsuit waiting for them down the road.

    Itā€™s a very different game the moment you put that ā€œInvestā€ button on your website.

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    6Reply
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