For the past two and a half weeks, we have been working double duty, doing renovations to get our first rental property ready for a tenant. If you missed the first post in this series, check it out here.
We purchased this property on August 24, 2012 for $63,000, with 25% down. We didn’t get to take possession until the following Monday because the seller lived out of town and papers couldn’t be filed until then (lost weekend, bummer).
We plan on spending $3000-$5000 on renovations.
We hope to be done and have a renter by October 1.
We are using a property management company and are asking $750/mo for rent.
What We’ve Done So Far
The day after closing, we made a Herculean trip to Home Depot. It is an hour drive from where we live. We hoped to get almost everything at once to avoid a second trip. My husband and I both work full time, making us weekend warriors on this project. He is a teacher, and it would have been a little too easy if we’d been able to close during the summer when he had every day off. We really like challenges!
Weekend #1 Labor Day Weekend.
The extra day was helpful. Hubby tore out the nasty toilet, vanity, medicine cabinet, mint green shower panels, and took out the ancient counter tops. He scraped a million multicolored fish stickers from the bottom of the tub (what’s wrong with a plain old bath mat?) He put down tile flooring and grout in the bathroom. He also worked to open a few of the windows that are stuck shut with years of paint, grime, and something sticky. Then he picked up the junk from the backyard, turned the soil, planted grass, and we’ve been watering like crazy. Hubby’s total hours=19
I spend hours trying to disinfect and clean. I am amazed that the lady who used to live there didn’t burn the house down. Between the layers of grease on every kitchen surface, the poorly functioning gas stove and hood, the cat hair stuck in every vent, the nicotine residue on everything else, and the year’s worth of lint in the dryer vent, she was one bad match strike away from The Towering Inferno. I know the poor lady was in bad health when she moved, but this house hasn’t been cleaned in a decade. It took three hours to clean the fridge. I have scrubbed the cabinets four times and the grime is only halfway off. I’ll just keep at it until it shines. I am not handy, but I can clean. I also painted the bathroom and tore the old cat pee carpet out of the closet floors. Luckily, that was the only carpet in the house, as the former owner put down laminate in most other areas. We got lucky there because there were about 5 bottles of animal urine smell remover in the closet. I can’t image if the whole place was carpeted. Kim’s total hours=13
Since we aren’t fans of electrocution, we are going to hire out the electrical work that needs to be done. The plugs in the bathroom and kitchen need to be changed into GCFI outlets. We need new baseboard heaters, and we have to install a hood over the stove. The former owner jury rigged this odd device to a former heat vent near the ceiling. Needless to say, it’s not very safe. We also have to move the light in the bathroom to above the mirror. Right now it is to the side, which is odd. We’ll also have the electrician install the new light fixtures we purchased. My husband could do this, but it will probably take a pro 20 minutes, while it would take him hours. I called three electricians to give their estimates. One came by, but never called me back with any numbers. One was $1220, not including the cost of the heaters. The last one was $850, heaters included. Guess which one we chose? I was surprised that there could be $400 difference for the same amount of work.
We decided to hire a painter for the rest of the interior. It took almost a day to get the bathroom done. I had to do two coats of primer and two of paint because it was so dirty. I just don’t have time to do the whole house by October 1st. We went through the whole find a painter thing with our residence a couple of years ago. The painter we used for the exterior of our house was $3000 less than the others, so I see no point in going through estimates again. He is reliable and does a good job. He quoted $1000.
We are going to have to replace the gas stove. I really wanted to do this locally rather than through Home Depot, but it saved $150 going with big orange. They only charge $24 to deliver from 50 miles away, while the store 1/3 of a mile across town charges $70. I don’t get the math, and no one was willing to work with me.
Take home point of the day: By getting estimates and checking prices, we were able to save $550.
We have had two potential renters come by to look at the place, but no bites yet. It still looks like a disaster zone, and I think people have a hard time seeing past the mess. Our manager is confident she will find someone before the deadline. I hope so. I will give a full report of costs when we are done with renovations, but it looks to be closer to the $5K mark. I just try to remember how much we are saving on labor. It isn’t fun to barely be able to walk at the end of the day, but you can do anything for a month.
If you like reading about rental properties, I found a great series at Planting Our Pennies to keep you entertained until my next update. I’ll post about our rental property in a couple of weeks. We should be close to done with renovations by then.
Have you ever done a remodel? Bonus points if anyone can name the star of The Towering Inferno with googling it!