All Forum Posts by: Thomas B.

I want to get at least the 2/1 unit listed for rent by Thanksgiving. 

Removed drywall from exterior walls to gain access for plumbing & electrical and insulate since there was none previously. Drywall was all cracked up anyway from foundation issues. 

Plumbing should be finished by the end of the week. 

I've had a couple electricians come out to "give estimates" ; however, I have only heard back from one after hounding him for a response after radio-silence for a month. He said they were not able (or willing) to do the rewire due to current work load and staffing shortage! I asked him for a rough, ball-park figure and he said $30K!!! 

I understand prices are going up but for a single-story house under 2000 sf, with drywall already opened up, that seems astronomical. If electricians were getting that kind of money, I'd think everyone and their mother would be trying to get in on it. I know people who don't earn $30K in a year. 

One of my co-workers does rewires on the side. He is an aircraft electrician by trade. He does it after work and over the week end with a helper. He quoted me $12K but said he doesn't fool around with permitting or inspections. I think this is a cultural norm for the area... 

Does $12K sound reasonable for a rewire? Should I let him do the bulk of the work and handle dealing with the Inspector myself?

Can anyone recommend an electrician in the Corpus Christi, TX area?
 

For a Section-8 property undergoing rehab, HUD-defined "amenities" have any of you found to be worthwhile after accounting for additional maintenance, etc.?

... anyone?

Looking to game the system regarding Rent Reasonableness. 

I recently purchased my 1st investment property, intending to rent it out through Section-8 as a long term hold. It requires a full renovation. I met with the local Public Housing Authority this past Friday to get registered as a Landlord for the program. 

One of the things they told me was that in addition to the minimum essentials list, the Inspector would take note of the Amenities the units offered: On-Site Laundry, Central or Window Unit AC, Dishwasher, Disposal, etc. They told me that depending on the amenities, they could potentially pay up to 120% of the local Fair Market Rent (FMR)!

Ideally, I would like a nice unit that I could take pride in; one that I would like to live in myself; however, time and money are limited. What Amenities have been shown to be worth it to get the extra 20% bump in FMR? Certain things, like garbage disposal, would require constant maintenance. I don't have room for a dishwasher either.

Carpet it on the list of amenities. It is a lot cheaper that the Vinyl Plank Flooring I was planning to install, however, it will need replaced after each tenant moves out. It gets dirty, musty, and moldy, and stained... nasty. However, carpet is an amenity! PHA said the average tenant stays in their unit 9 years or more, so I wouldn't have to change carpet that often I guess.  

What other amenities would be worth considering in light of the initial expense and maintenance requirements?

The roof is done and I had another friend from our church take care of the plumbing, repairing the water and gas service up to the house which had broken underground due to the sinking foundation. Between the roof, plumbing, and foundation, I am nearly half way through my reno budget! 

I have not been able to get an electrician out to give a quote! Seriously?!? It's like pulling teeth from a chicken! Why can't a business owner actually schedule an appointment and keep it? I'm not sure if it is the local culture or if this is common elsewhere among trades-people. 

I have also been pulling out my hair trying to figure out code/ permitting/ legal requirements for replacing windows and doors. I have 5 exterior doors to replace and want impact-rated steel since there have been multiple forced-entries in this house's past. The sales girl at the store said I'd need a TDI (Windstorm) Inspector sign off on the installation. After much wrangling with them, I learned my particular door was certified by TDI but only if it is installed in Southern-Yellow Pine framing, not Douglas Fir. Long story short, I need a structural engineer to approve the installation since my framing uses a different wood species. 

Trying to not spend more than I have to, I need to get everything measured out and spec-out the exact door and any windows I am replacing to send to the engineering firm as a package so they can have everything drawn up, only needing to charge me for a single visit. 

City Permitting and my Insurance company also need engineering approval on all the repair I will be making. It is frustrating going through all this trouble; however, I have seen so many hack-job handyman home repairs over the years it is understandable to want regulatory oversight.  

Had several quotes for the foundation but USA Foundation Repair really worked for my business! He initially said he was a couple of weeks out before being able to start; however, he came back later that afternoon and told me his schedule opened up and he could start the next day! I came out yesterday after work and all 30 holes were dug and he was already driving pilings. Very impressed! Depending if weather holds out it should be done late today or early tomorrow. 

Also had tree crew come out to get a giant Ash tree a trim to get branches off roof and away from eaves a little pricey but they were certified arborists. I got shafted before, paying out the nose to have a big shade tree in my own back yard "lifted", only to have it completely butchered, requiring a complete removal a couple years later and now my back yard and back side of my house is blistered by the afternoon sun. 

With the Ash Tree trimmed, I can start roofing and once the foundation is done, plumbers and electrical can start. 

Foundation is getting underway today. 30 piers all around the perimeter to stabilize the slab and then level it as much as possible without causing too much further damage. I had a quote for $10.9K but he wasn't available for another few weeks. Another quote came in at $11.5K but he can start today! Everything is pending foundation work, so sooner is better than later. 

I have had several quotes on the roof. All right around $10K for a torch-down roof. The company that was going to quote for the Spray-Foam roofing was a no-show but I am very interested in the product.

The window company said they needed foundation work complete before giving an accurate quote, since the openings shift, changing the measurements. 28 windows... ouch!

I am also looking at the electrical, likely needing the service upgraded from a 100 amp to 200 amp service and install sub panels for the 2 garage apartments.  Depending on cost, I may do the remainder of the wiring from there. None of the outlets have grounds installed and no GFI outlets in bathrooms or kitchen. Outlets and Lighting Fixtures I can handle myself as well as pulling wire. I wire helicopters for the Army for a living. 

Looking at the 2 car garage apartment (1/1) it will need gutted down to the studs, since it has had water intrusion. Mold/ mildew on the walls, etc. Since it will be down to the studs, how much more would it be to just start from scratch and convert the entire 2 Car Garage into a 2 Bedroom unit? The existing 1/1 apartment is very small. Section 8 does pay by the room. It would be the difference of $ 1080 for a 2 bedroom vs $880 for a 1 bedroom.  Assuming I can keep the reno budget under $50K, that should cashflow just shy of $700 per month.  I figure 2/1 would be in higher demand than a 1/1 for Section 8 anyway. Mainly single moms etc. 

One of the guys in our church owns one of the biggest foundation companies in town and quoted 35 piers around the perimeter to stabilize the slab foundation for a total of $10900. 

I had a random guy that Angie's List sent my way quote $10K for a "torch-down" roof including haul off. It seems high to me but I am a noob. He did say he can start immediately though. 

I haven't had anyone else give quotes yet. All of the GC's I have contacted said they are not taking any more jobs due to booked schedules or supply chain lag. 

Assuming these quotes are on-par with the market, that leaves me 29K for electric, plumbing, windows (maybe), and interior. 

I just closed on my 1st investment property! It was listed as a 3/1 foreclosure; however when I walked the property with my agent it looks like a 2/1 with a single car garage attached by a breezeway that had previously been converted to a 1/1. in the back of the property there is a huge 2 car garage that also has a 1/1 apartment in the back of it. Three units for the price of one! 

I paid $99.9K cash (using a HELOC from my primary home) and plan to finance the renovation with a TSP (401K) Loan. It is very close to public transit and local schools and shopping but a lower income blue collar neighborhood. Plan to rent through Section 8. According to the SAFMR for the zip code, I should bring in $2840 in rent between all 3 units and $575 net after all expenses paid.

I have budgeted $50K for renovations but since this is my 1st time, I am not sure how realistic this is. I know it needs considerable foundation repair, it has wooden double hung windows with several broken panes and badly peeled paint on the trim. The exterior has a stone/ brick veneer that is in decent shape, other than the numerous cracks from the foundation sinking. The roof is in unknown condition. It is very low pitched, so it shouldn't be too expensive to replace with TPO or Spray Foam Roofing, like the commercial buildings. 

We'll know more after the Home Inspection on the 27th.  

Yes, "Direct to Owner" seems like the way to go, moving forward from here. Let's see what next month offers.