All Forum Posts by: Douglas Larson

I have had some really ugly laminate flooring in kitchens and baths as water always penetrates the seams and causes them to buckle and peel at the edges. Click-lock flooring is getting better, especially the all-vinyl products, but I always do tile in rentals and flips. Home Depot has a some great porcelain 12x24" tiles for under $2 per sq. ft. Installation and other materials will add another $4 per sq. ft but that's my choice.

Is this the commercial carpet squares or is it on the roll? Is it the really low-pile commercial-looking stuff?

In a lower-priced rental area it might be worth a try but with high-traffic areas and/or picky tenants it might not be a good fit. I have had very good experience with Lowe's and Home Depot carpet installs. Lowe's and HD have an instock  Stainmaster carpet called Park Meadow with a 45 oz. face weight (feels really thick) and it can be installed with 6 lb 7/16 pad for under $2 per square ft. It's worked out very well for me in 2 rentals and 3 flips.

@Bart Weeren 

You may not get many comments only because you Brits use decimals and commas a little different than us Yanks. Terms like "letting" instead of "leasing" can also confuse us on this side of the pond. I have spent a little time in England, mostly in and around London but I still couldn't give you an accurate price on that kitchen. I just replaced a small kitchen (by US standards) in a 1942 home here in the states and it was about 9,000 USD. I hired out the plumbing, electrical, granite counters and tile but I installed cabinets, trim and lighting. The cabinets came from Lowe's and appliances from Home Depot. Your DIY stores usually run about 25% more in my experience. In a smaller, rental property like this one you can probably install a simple IKEA kitchen for about 7-8,000 pounds but add 60-70% if you hire a handyman to do the work.

I have no idea if your rental or expense numbers are correct but local resources will be your best bet for that info.

Hope that helps!

Have Fun and Make Your own Luck!

Too much property is possible . . .

As noted by others, if your rental market goes south or your properties become un-rentable for some reason, several vacancies could get you in trouble pretty fast. Adequate reserves are very important and a thorough study of your market is essential.  That said, most successful investors I know jumped in with both feet and made adjustments as needed.

Multiple options are always the best plan. If you cant seem to rent a property can you fix the problems fast? (i.e. improve curb appeal, add a bathroom, add a bedroom, renovate a kitchen, increase your marketing efforts, drop the rent).

Other options also include lease-options, seller-financing a sale, selling with an agent.

Have fun and make your own luck!

You said "Rental?" . . . yank 'em!

Flip? . . . maybe upgrade 'em, but not in an entry level property.

 - just my 2 cents . . . 

Thanks for the thread and pic! I've never seen this before! Surprised IKEA doesn't have something like this with all of their tight space ingenuity!

@Paul Ewing 

At one point I had 12 rental properties and 18 total tenants. It was a good income but it sure felt like "painful income" rather than "passive income." I still have a few nice cash-flowing rentals but I like vacant land the best. I like to say that "dirt is clean!"

At least you've got some valuable skills! Installing power poles!?! get 'er done!

@Tom Keith 

Great to hear about your progress! Post some pics when you can!

@Rob Beland 

Yep. I have a couple garages that look just like yours. When I lived on Maui and in San Diego I just bought what i needed when I needed it. Storage was too expensive! In Utah I have 2 large garages that came with some land I bought and over the last 10 years I have managed to fill them with cabinetry, appliances, lumber, trim, fixtures and staging furniture. When I need something I go to my garages before heading to Home Depot. It's hard to pass up a great deal on essential components I know I will need...someday.  That said, I should really purge the warehouses soon because some of the "essential components" are starting to look a lot like junk. It's time for a Garage Sale!

If it's a long-term buy and hold property I can see spending some real coin on surface prep, primer and Benji Moore paint. As a flipper I've never spent more than 7K on a total exterior repaint, even on large homes with lots of trim. The one below cost me about $6,500 with some local contractors and 6 years later it still looks great. The photo makes it look yellow but it's actually a lot more tan. The color was a sherwin williams paint called "toasted bagel." 

Please keep us posted on what you do. Post some pics too!