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Updated about 10 hours ago on . Most recent reply

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31
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15
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John Friendas
15
Votes |
31
Posts

Slow Rennovations, What to do in My Situation?

John Friendas
Posted

Backstory:

 Bought a 4-unit 1910 house at 3.5% down for $200k that needs a lot of work with great bones. I have been rennovating it for the past 4 months with an electrician, plumber, and carpenter, they are only $60 an hour but progress is slow. They are busy but do good work for a good price. I am eager to move onto other BRRRRs but feel stuck. I want to expedite things because I feel like I'm missing opportunities with future houses but the price and work is good.

The numbers so far:

Total spent so far: $45K

What's Been Done: 4 new water heaters, replumbed (waterlines and drains) most of 3 units, rewired electric in 2 units, framed arches, closets, shower, and laundry area in 1 unit.

The future numbers:

ARV: $415K

Estimated Rent: $5K

What Needs to be Done: replumbing 1 unit, rewiring 2 units, framing shower, closet, archways and ceiling in 1 unit. New gutters, new drywall on 2 units, 50 window replacements, central a/c (working with this electrician and plumber to do), vinyl flooring in 1 unit, refinshing wood flooring in 3 units, tilework in 4 kitchens/bathrooms, installing cabinets (already bought).

I have about 85k left to spend and also have done all of the demolition, trash removal, design work, and most material acquisition. I am learning to tile.

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