Before and after of a $30ish K rental property

34 Replies

Excellent work @Sharad M. . You are a tribute to flippers everywhere. Improving houses, neighborhoods and keeping people employed. I wish you success and more sub 30k finds.

Great rental. Looks like a decent neighborhood and the house now has sufficient curb appeal to bring in a renter. Nice look inside as well.

Was the old garage already converted?

I might box in the front column dress up the front a bit.

I buy similar era houses. Did you debate changing the tub color?

What were some of the things you didn't do that were on the bubble? I think we can all learn from each other on these types of decisions. Of course, location and price point heavily influences the decision.

Rick

Tubs are tough - we have a mauve one right now in rehab/rental/flip we are doing. Repaint with epoxy is a quick solution but it never holds up for a rental. We went back with a contrasting tile and probably a terracotta color for the ways with white trim. I'll post some pics of the finished product.

@Sharad M. - you must have some starving contractors up there. I'm not sure how you are turning that 3/2 for $20k in work...pics alone would lead me to believe it's double that...not doubting you just saying what it would take in our market. Are you holding these or flipping these out? Good stuff though!

For a rental that had a blue tub (and some older blue tile floor) I found a really nice blue/gray tile that matched the tub and put that in. The tile would of course go with a white tub too in case that ever got replaced but at this point it all looks like it goes together.

@Sharad M. very nice work!

@Sharad M. What's the name of the flooring product from Menards? How much per sq ft? How does it compare to Allure?

@Jose Perez Taxes for both properties will be around $2,000 for the year. They are not in Chicago. They are both in Indiana.

@Tim Davids I was in Valpo earlier this week to meet my insurance agent, but I am in Lake County pretty much every day looking at houses. Just shoot me a message and we can meet up for lunch.

@Aaron Montague Thank you so much for your kind words. I have been very fortunate with the opportunities that I have had in real estate.

@Rick Baggenstoss Thank you! We already have a renter for the house moving in on Tuesday, April 1 for $1,095/month. Yes, the garage was already converted. I agree with your comment about the front column. My wife pointed the same thing, but we have had so much rain and snow the last few days that I have pushed it to better weather.

I didn't debate changing the tub color too much. I thought it looked nice. I don't have much design sense :) Tenant didn't say anything about the tub either

As for items on the bubble, I did everything that needed to be done. At one point I considered flipping the property and was thinking a different scope of work, but then decided to keep it as a rental.

For me, location and price were the two important items that I considered.

@Andy Luck Labor price differs from market to market, but I think I got a good price because of the volume I give to my guys. I am holding most of these properties, some I sell to other investors as turnkey.

@Rob K. This is the flooring from Menards:

Menards Flooring

The retail price is $35.99 per box, but I got it at $24.99 per box, so I saved $11 per box and I bought 45 boxes for this house, so total savings of $495 on this flooring alone :)

Between this and Home Depot, I am going with Home Depot for future flooring because it is easier to install and more forgiving on uneven floor. Home Depot has agreed to give me good discount on Traffic Master Allure flooring, so price won't be big difference.

@Sharad M. Just wanted to tip my hat to you on your recent projects. Are you planning on holding onto these properties you've been getting as rentals for the long-term or do you intend to eventually unload them to other buy & hold investors?

@Michael Jobe Thank you for the kind words. Much appreciated.

I am planning to hold these properties for long-term, but I do sell some other properties to other buy and hold investors.

Sharad - good stuff buddy. I'm looking to do the same myself, keep up the good work.

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