All Forum Posts by: Rachel Schlabach

Thanks everyone for your answers. Sounds like they are in fact extra slow. And @Bruce Woodruff, the bid is going up and up. It's so frustrating. I've learned a lot on this first project and hope to do better on the second one.

Complete renovation started in early February 2022 of an approximately 2000 sq. ft. duplex. Similar layout, but 2-3 walls moved in each unit. Walls that remain in place redone as a poor plaster job from previous owner could not be fixed without taking it down to the studs. New kitchen and bathrooms, extra exterior door removed and changed to a window.

The contractor started out strong, but I think they're prioritizing other projects and not showing up to mine several days/week. They're also short staffed. For a couple months, only trim and bathrooms were left to finish. The trim is now done, bathrooms not started. As a new investor and first time renovation, I feel they're taking advantage of me. But I don't know what a typical timeline is.

How long should it take for a project like this?
An estimate is fine- it's hard in this time of forum to say exactly what was done, but the work completed is wonderful,           which I appreciate because it is for a mid-term rental, I hope to charge a premium for traveling professionals.

How do I enforce a timeline?

I have paid as we go for the work completed and supplies.Michi

I should note, part of the reason for offering this "all inclusive rental" is to attract medical residents, who from what I've seen would make an ideal tenant. To make it to residency, the doctor has to have a certain level of responsibility to make it through medical school, will have stable employment for the length of training, and works ~80 hrs/week (less time to trash the place). But as noted above, there are high risks.

Choosing to pay utilities seems antithetical to most advice I've heard, but hear me out.

My husband and I just bought our first investment property. I am a nurse, he is a surgical resident. As the one with more free time, I will manage the duplex. We have connections with the incoming class of residents and several have shown interest in renting from us. The residency programs at the hospital range from 3-5 years. 

I had the idea to pay all the utilities and charge the renters appropriately. I've seen first hand how time consuming residency is, and thought this might be appreciated by the residents that they have one housing related bill/month- completely worry free! 

Part of what prompted this is to separate electric, I'll have to pay quite a bit more than the required electrical work of upgrading the service. Gas is already separate.

I look forward to any advice, as I'm new to the world of investing :)