All Forum Posts by: Pat Mulligan

I am currently in the process of remodeling a 3/2 1500 sqft wood home built in 1979. I have almost finished the kitchen remodel as well as the master bathroom remodel. I plan to move forward repainting the entire interior. I will live in the home for 1 year and then reevaluate whether to make it a cash flowing rental or simply flip it. I signed an addendum so I must live there at least 1 year.

I plan to get the property reappraised after renovations to eliminate PMI. The master bath and kitchen absolutely needed to be redone; however, I am not sure about the guest bathroom. The guest bathroom has an ugly green tub with green fiberglass along the wall, green paint, white tiles with green accent tiles.

The rest of the remodel has been focused on bringing the home to a more modern look. I am worried that if I do not completely remodel the guest bathroom, it’s going to date the entire home and be an eye sore (mainly the abundance of green).

Options:

- Should I completely gut the bathroom, replace the tub, flooring, toilet, tile, paint, and vanity?
- Should I do a partial remodel, replace the vanity, toilet, floor, and put a tub cover? Paint the tiles and paint the fiberglass where the tub is.
- Do a minimal remodel, replace toilet and vanity.

Note: I am trying to get the best ROI. I can personally live with the bathroom, but it definitely needs a new toilet and vanity at minimum. If I do minimal repairs, I can probably replace the garage door or paint the exterior. If I do a complete remodel the garage door will likely have to wait.

Hi Troy!
Based on everything I have ever read, replacing a garage door is the #1 ROI you can make; something like 168% ROI. I don't know why, but there it is.
Can you replace the garage door and use what's left in your budget for the bath? You can get the tub reglazed for $600-800. Replacing the fiberglass surround with a white one is not that expensive either. Can the vanity be painted with new hardware to look more modern? Keep the wall tile, and the floor, if it's tile- that can be painted. If not a small room of LVT isnt that pricey. Get 99$ toilet from the Deep.
Just some suggestions I have used for some of my rehabs. I am cheap, but everything looks good and functions well- most important if you are renting it out.
Best of luck!

1 Vote

Absolutely- and it sounds like you've answered your own question. Even without the cheap money and the cash flow, I always make the rental as sound and maintenance-free as possible before occupancy. You know you are going to have to fix/ repair soon anyway. Once a tenant is in, those repairs take longer and cost you more money in stress and collateral damage. Suppose, for example, the tenant delays in reporting the leaking roof - then you've got mold, damaged ceilings, etc.

There are other reasons to take care of things upfront. If stuff breaks, even if you can fix it quickly, you still have an irritated tenant. A well- maintained home will likely cause the tenant to view it positively which will cause them to take better care of it and stay longer. You will also rent it faster and probably at a higher rent.

Making your rental as sound as you can before listing it is a win-win for everyone, especially you. Good luck.

1 Vote

As a new agent, I was told having a copy of your DL on file was always a good idea in case I came up missing.

Happy House Hunting!

2 Votes

Quote from @Juan Ayala:

Im unsure but I believe it is asbestos siding

It will sell, but it's very unpopular in the eyes of a buyer. Personally, I make my upgrades with resale in mind, even on a BRRR. You don't know if you have to sell it sooner than later.

2 Votes

Detroit, Michigan

Quote from @Juan Ayala:

How important is it to install new siding on a BRRRR strategy home?

It's hard to tell from the picture. Is that Carolina Siding, aka asbestos shingles? If so, I would replace. It is way too dated. The overall color schemem looks good. Imo

2 Votes

Detroit, Michigan

Quote from @David M.:

@Kevin G.

I suppose the issue is who is looking for what... and what risks are you looking to take.

Nothing is wrong with you doing the GC "function" of getting the trades in and out, etc. What you've listed as work is really nothing that a "regular" homeowner would do to their own home, even potentially at the same time. Also, none of it generally, unless your local municipality reuires otherwise, requires a permit. Even if it did, you could/should be able to pull the permit yourself.

"Everybody" wants "licensed professionals" because it provides an "air of legitimacy." Funny... How many posts/threads have we had on BP talking about crappy contractors/trades and how its hard to find good help???

I have no idea if your area requires a GC license/registration... That's a local legal / regulatory issue...

If anything, what you are doing is great in my opinion to learn. Lets face it, better to learn on "somebody else's" house about having/hiring painters, flooring guys, electrician, etc. Its really no different than if you did it on your own home, then needed to move so you sell it. I've had transactions with "homeowner" specials that you just shake your head --- and they call it pride of ownership :) lol

I'm not "anti-town" or "anti-gov" but sometimes the system is silly. its not like licenced trades don't mess up --- why else would they need insurance? Why else do we always ask for referrals? At least in NJ, permits are "kinda useless" since there was a determination a while back that the town isn't liable. So, if I did an electrical upgrade that was inspected by the town, and my house burns down for faulty wiring (that was inspected), the town carries no liability. So, other than another set of eyeballs, there is no risk transfer. Its still about "humans.."

I would say however, you might want to get some insurance if you do get going on this...

Good luck, and take care.

Maybe because I'm from Jersey, too, that I whole-heartily agree with you. The CG 's down the South Jersey Shore are expensive as heck and the finished product is mediocre at best. For the most part, they are pulling from the same pool of workers I would. The only difference is that I care about the finished product and will not argue that it's "good enough" without charging thousands extra to make it right.
I have acted as my own GC for my BRRRs with good results. I am just the homeowner making repairs. I do get my licensesd subs to pull permits for main systems replacements for the resale issue mentioned above. I have notice in Jersey, most CGs and subs will look at me at the start of the job and say very seriously, "Do you want a permit?" Oy!

HAPPY REHABBING!

0 Votes

I love setting up my Airbnbs. We do well and always get great reviews on our furnishings.

I mostly look at thrift and vintage stores, auctions, and estate sales for dressers, tables, artwork, curtains, some kitchenware- whatever I can find is newer, quirky or can be refinished. I've had bad experience with vintage side chairs in my Victorian- looked great, but not sturdy enough to take the beating. I buy new dining chairs now. You have to think about your time when acquiring these pieces, tho. In one market, used items were hard to find- just not a lot outlets outlets for them. For time's sake, you might have to buy new. If you are able, do try to get used dressers- they just don't make them like they used to! I do use Ikea or Wayfair when I have to. Some things are great, tho some pieces are junk which is really bad when you wait over a week for a shipment only to see and then regret you bought it. Read reviews when buying online.

We do buy most of our area rugs on Wayfair or Overstock. All white (Egyptian cotton) linens on Amazon- I usually get 2-3 years out of those. I buy the plain white Ikea tableware. It's almost identical to crate and barrels for fractions of the cost. Some Ikea cookware too. It just depends on the quality. TJMaxx and Home Goods are helpful for pans and kitchen accessories.

Mistakes I have made- buying cheap sofas- mostly because they are uncomfortable-- the ones I ordered online but also Ikea, where I had the opportunity to test them out. I didn't think about the fact that the Ikea sofas had been "broken in" by hundreds of people. Out of the box, mine was hard as hell and never got comfortable.

I agree with other's advice about neutrals with pops of one or two colors. Something about your exterior- door color maybe- could reflect the interior( tho I'm not saying matchy-matchy).

The black fan is right on- it ties together your black wrought iron railing.

2 Votes

Quote from @Trevor Neale:

@Tabitha Bean

One more thing, $45k rehab for a 700 sq ft sounds crazy. I think you should get another contractor to give you an estimate.

I agree- especially if he is hard to get ahold of. Maybe you could take a week or two to interview other contractors. I know it's not easy to find a good one. Wishing you the best of luck.

1 Vote

Washington, DC

All Forum Posts by: Pat Mulligan

Pat Mulligan has started 1 posts and replied 41 times.

Post: Best Tiny Home/Cabin STR Markets

Post: Best Tiny Home/Cabin STR Markets

Post: ROI on Remodeling a Guest Bathroom

Post: Replace roof and HVAC?

Post: My Realtor wants to copy my Drivers License

Post: To Keep or Replace Siding

Post: To Keep or Replace Siding

Post: New to flipping. Do I really need a General Contractor?

Post: Furnishing STR Do's and Don'ts

Post: Rental needs emergency repairs, personal DTI too high for personal loans