Justifying the tools I buy. Bank-owned condo rehab

[alpinewhite]

The wife and I bought this bank-owned condo in 2010. I spent 7 months fixing it up only on weekends as I have a full-time job. I did it all myself except for some help painting. Son helped with demo. Here are some pictures:

Old downstairs bathroom sink
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash3/t1/165375_482589472308_5214466_n.jpg

New granite countertop, backsplash, and sidesplash. New faucet
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/163129_482914297308_5346577_n.jpg?lvh=1

old downstairs bathroom
https://scontent-b-sjc.**.fbcdn.net/hphotos-prn1/t1/164843_482875052308_3749725_n.jpg

Downstairs bathroom: Old countertop and toilet bowl removed
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/168858_483193642308_517917_n.jpg

New tiles being laid in entryway and downstairs bathroom
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/163159_483193627308_1930542_n.jpg?lvh=1

New downstairs toilet bowl, tiles, baseboards, counter, sink.

Front door, old tile, and old paint

New tiles, door casing, paint, baseboards.
https://scontent-b-sjc.**.fbcdn.net/hphotos-prn2/t1/167351_482879832308_7337602_n.jpg

Old dishwasher
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/163645_482874097308_7085559_n.jpg?lvh=1

Kitchenaid Superba stainless steel dishwasher
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/162831_482877787308_4269709_n.jpg?lvh=1

old ice maker tap
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/166202_482875682308_3966125_n.jpg

Tore up a bit of drywall to remove the old water valve

Installed new ball valve for icemaker hook-up
https://scontent-a-sjc.**.fbcdn.net/hphotos-prn2/t1/168129_482892087308_6103725_n.jpg

Old hood vent and range

New convection microwave oven and range
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/165354_482649277308_4872054_n.jpg?lvh=1

My son having a blast with the sledge hammer
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/316919_10150315802422309_528615953_n.jpg

After two days of demolition
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/316163_10150315802992309_450177255_n.jpg

A shot with the new tiles

https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/296816_10150315804222309_953449391_n.jpg

I began installing the corner cabinet
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/304189_10150315804487309_588338801_n.jpg

Next come the cabinets adjacent to the corner cabinet

Upper cabinets almost done. I also installed a vent for the microwave oven
https://scontent-b-sjc.**.fbcdn.net/hphotos-prn1/t1/317179_10150315807267309_742591941_n.jpg

On the right part, you'll see some water piping I had to relocate to accommodate the slight shift in kitchen sink placement

A shot of the old kitchen. These cabinets became fuel for 2 large beach bonfires

The new kitchen. New cabinets, granite countertop, appliances, recessed lighting
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/166408_482589057308_6115498_n.jpg

https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/165097_482879002308_5723243_n.jpg?lvh=1

https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/162768_483205412308_5630550_n.jpg?lvh=1

Old spot for fridge
https://scontent-b-sjc.**.fbcdn.net/hphotos-prn2/t1/167741_483199172308_293959_n.jpg

Spot for the fridge

old dirty curtains in living room

Curtains replaced with blinds. Windows treated with window casing. If we didn't get tenants right away, I would've replaced the bricks on the fireplace with some white tiles

This is how dirty the living and dining room were

after clean-up
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/162717_482888782308_7348047_n.jpg?lvh=1

Old tile from downstairs bathroom to front door
https://scontent-b-sjc.**.fbcdn.net/hphotos-ash3/t1/167523_482875722308_189871_n.jpg

Entryway tiles being laid

New tile from downstairs bathroom to front door. New baseboards too
https://scontent-b-sjc.**.fbcdn.net/hphotos-ash3/t1/167566_482878482308_5049032_n.jpg

old sink
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/165222_482875642308_7566243_n.jpg?lvh=1

new stainless steel sink, stainless steel faucet with soap dispenser
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/165378_482877602308_5199492_n.jpg?lvh=1

dirty popcorn ceiling
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/165715_482889872308_5965147_n.jpg?lvh=1

I tried scraping the old popcorn ceiling to make sure that it would come off easily
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/307596_10150315807567309_1586511950_n.jpg

Popcorn ceiling scraped off

old upstairs bathroom
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/164134_482895397308_4020639_n.jpg?lvh=1

Upstairs bathroom: Took out old fluorescent lights. Relocated electrical box to accommodate new light fixture
https://scontent-b-sjc.**.fbcdn.net/hphotos-prn2/t1/167540_483193557308_2419117_n.jpg

Upstairs bathroom: After removal of cabinet. New shut-off valves were put in
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/36270_483193582308_4246412_n.jpg?lvh=1

Upstairs bathroom: New tiles are being laid on top of the hardibacker boards
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/164330_483193592308_37091_n.jpg?lvh=1

New ustairs bathroom. New water shut-off valves, light fixture, medicine cabinet, mirror, pedestal sink

Plastic baseboards were used in bathrooms to prevent swelling in case they get wet
https://scontent-b-sjc.**.fbcdn.net/hphotos-prn1/t1/163210_482878687308_2382217_n.jpg

Inside upstairs bathroom. All new door casing. Air condition vents were all cleaned and repainted

Entire house was painted
https://scontent-b-sjc.**.fbcdn.net/hphotos-prn2/t1/168023_482878132308_955208_n.jpg

New baseboards everywhere
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash3/t1/167306_482878322308_8321972_n.jpg

New tile on entryway
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/163100_482878412308_1466528_n.jpg?lvh=1

All light switches and outlets replaced with white ones

Living room as seen from dining room

Took out old fluorescent lights
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/319139_10150315807407309_571095137_n.jpg

Removed old fluorescent lights and replaced with four 5-inch recessed lights. Also added casing around the cavity to give it some bling
https://scontent-a-sjc.**.fbcdn.net/hphotos-prn1/t1/162951_482892017308_4305518_n.jpg

New kitchen tiles

Bought a used microwave from Craigslist
https://scontent-a-sjc.**.fbcdn.net/hphotos-frc1/t1/318478_10150315807682309_83299634_n.jpg

GE Advantium convection microwave oven. All stainless steel inside the microwave as well

Kenmore stainless steel range

Mirror in dining room after clean-up
https://scontent-a-sjc.**.fbcdn.net/hphotos-ash2/t1/168526_482879257308_2626153_n.jpg

2-car attached garage
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/168565_483207982308_4508500_n.jpg

 

[JoeSnapOn]

Wow. Nice job. Hope to do something similarly as cool one day

 

[Sam'sAutoParts]

Very nice, what a difference.
-Sam

 

[Buckgnarly]

Wow. You renting it out to pay for it, or flipping it?

 

[bry@n]

Very nice job. Good luck with your renters.

 

[kts]

Great renovation job!

 

[Phog Allen]

Nice work. The interior now compliments the exterior in a much better way. We are in the process of removing the popcorn ceiling in our home and the difference is incredible.

I had a friend who did what you are speaking of. When he built his home he would look over what it took to do a certain aspect of the job. He knows what he is about so no Bob Vila wannabe messes came up. Anyway, if it was something he could do he would go out and buy the nicest or most convenient tool to do the job. When the project was over he had saved enough money so that he could keep the most useful tools and sold the stuff you really only use once or twice while building the structure. He made some of his money back and saved thousands on construction costs. This is not always feasible for every situation but as you demonstrate, it really does justify the outlay. You've probably added 25-30% more value to the home. Maybe more. Easily justifies whatever you spent on tools to do it.

 

[metalhead212121]

Wow. You renting it out to pay for it, or flipping it?

X2 on that! Wish I had that kinda talent!

 

[cburnscrx]

Congrats! That's a lot of work you put into that condo. I know because I am doing something similar to a two story house with a basement. (oh, and I'm living in it!)

I like the upgrades it looks nice. Just a couple of questions or things you might want to think about with it being a possible rental.

Did you put a light directly above the sink? I know here code requires it.

The stair railing might be a problem, the distance between the spindles has to be less than 4".

Looks good, nice work, and enjoy your new tools (oh, and enjoy your next flip...they're addicting)

 

[rockwithjason]

i just finished a rehab on a 1700 sqft house that my brother bought as a rental a few weeks ago. man that is a lot of work. looks good

 

[edcantu9]

Nice job!

 

[Steinmetz]

Many of the "popcorn" ceilings contained asbestos (crysotile). You should not have removed it.

 

[Steinmetz]

Without testing the content first.

 

[pipsters]

Looks like a ton of work! Only thing I would do different would've been to have an under mount sink vs. the top mount since you replaced the countertop. Under mounts are better IMO, and don't scream "cheap".

Can you talk about purchase price, money invested, sales price and profit after commissions/fees/ etc? I am always interested in that part.

 

[cburnscrx]

Looks like a ton of work! Only thing I would do different would've been to have an under mount sink vs. the top mount since you replaced the countertop. Under mounts are better IMO, and don't scream "cheap".

Can you talk about purchase price, money invested, sales price and profit after commissions/fees/ etc? I am always interested in that part.

Yep, me too. I am VERY interested in this...if you're selling, renting, moving in, ect.

 

[RM209]

Alpine: Very nice work. It's great to see that you got your son involved; in 10-15 years he'll thank you.

RM209

 

[alpinewhite]

Wow. Nice job. Hope to do something similarly as cool one day

Thanks. Sometimes, I itch to tackle another one.

Wow. You renting it out to pay for it, or flipping it?

We got it rented out to the first person who looked at it. She totally fell in love with the kitchen.

Did you put a light directly above the sink? I know here code requires it.

The stair railing might be a problem, the distance between the spindles has to be less than 4".

Looks good, nice work, and enjoy your new tools (oh, and enjoy your next flip...they're addicting)

This unit was built in in the early 80's when the light above the sink wasn't code yet. There wasn't one before the rehab. The same is true for the railing. I believe they're no more than 4" on center, though. I will need to check.

Many of the "popcorn" ceilings contained asbestos (crysotile). You should not have removed it.

Whoa!! I didn't know that. Thanks for the info.

Looks like a ton of work! Only thing I would do different would've been to have an under mount sink vs. the top mount since you replaced the countertop. Under mounts are better IMO, and don't scream "cheap".

Can you talk about purchase price, money invested, sales price and profit after commissions/fees/ etc? I am always interested in that part.

The drop-in sink was a conscious decision since we were renting it out. I wanted it to be easily-replaceable in case the tenant dented it. In fact, I got the most-generic SS sink I could find. That will make it easier to make it look brand new when it's time to sell.

Price? This is California so don't be shocked. Cost was $230k in 2010. Probably went up $100k since then. I dumped $9k into the rehab (kitchen, 2 bathrooms, and entryway) not including my time. The only things I farmed out were the granite (Home Depot) and some painting. We rent it out for $1700. I can probably get $1800 or $1850 by now. My Return-On-Equity is around 9% using 5% as my vacancy allowance. So far, though, it's been occupied for 3 years and have had minimal repairs (snaked the toilet drain)

Alpine: Very nice work. It's great to see that you got your son involved; in 10-15 years he'll thank you.

RM209

He loved demolition. After that, I flew solo. Lol. I guess a 15-year-old is not too interested in real estate yet.

 

[cburnscrx]

This unit was built in in the early 80's when the light above the sink wasn't code yet. There wasn't one before the rehab. The same is true for the railing. I believe they're no more than 4" on center, though. I will need to check.

The light I wouldn't worry about too much, though I would have added it since you were doing electrical with the recessed lighting.

The railing in a rental would concern me. Not sure how old your renter is, but if she has kids there...Just something to think about down the road.

For my rental, I budget 10 on 2 off, as the national average rental sits 2 months between tenants. Sounds like you've got a marketable property though. I collect 52% more than my mortgage a month so I am doing well with that too.

I am looking to upgrade some things in the rental when the current tenants leave. Built in fridge, new front door, crown on the kitchen cabinets...

I have been inspired by this thread to photograph the process (or have the wife photograph while I keep working!)

Again, nice job

 

[BJ42LX]

I began installing the corner cabinet
https://scontent-b-sjc.**.fbcdn.net/hphotos-frc3/t1/304189_10150315804487309_588338801_n.jpg

Alpinewhite, great work.

Get one of these to help with installing cabinets. Mount a fool-long piece of 2x4 on the top and you can dial in top cabinets in a matter of seconds.

http://www.amazon.com/OTC-2015A-Capacity-Tripod-Underhoist/dp/B000NN5V1M/ref=sr_1_7?ie=UTF8&qid=1392493096&sr=8-7&keywords=otc+jack+stand

 

[Mooniac]

Very nice work. Your CA real estate prices give me hives. Regardless, sounds like you bought it right and are making money on the rental income + equity growth on the rebound. Hopefully the next bubble won't bite you.

Here in KS, you can buy a helluva house for $230k! But we don't have the massive equity growth/bubble like other markets, which of course prevents us from getting upside down easily too. I turned my first house into a rental after I lived in it 13 years (bought new). It is doing just fine almost 2 years in, and I hope it continues. I would like to get some more properties as a hedge against the stock market bubble, but have been to busy to get after it.

A coworker has ~ 4-5 DOZEN rental properties and has done very well buying distressed properties or auction properties. Honestly I don't know he still works a regular job as I imagine his rental income is more than sufficient, but perhaps he is just building a bigger nest egg and will officially retire early.

 

[cburnscrx]

Alpinewhite, great work.

Get one of these to help with installing cabinets. Mount a fool-long piece of 2x4 on the top and you can dial in top cabinets in a matter of seconds.

Better than a 2x4 is a piece of aluminum angle iron. Lightweight, straight with no warpage (mostly) and easy to drill through to find studs. It's a little more expensive up front, but if you're doing cabinets to get a cabinet helper, the angle iron shouldn't be too far out of the budget.

 

[Steinmetz]

I hate to break this to you, but the wall texturing material and flooring also frequently contains asbestos too.

I just had a run-in with the state regarding "abatements" in some of my apartments.

 

[alpinewhite]

I hate to break this to you, but the wall texturing material and flooring also frequently contains asbestos too.

Even for a home built in the early to mid-eighties?



Sent from my iPhone using Tapatalk

 

[littletoes]

Many of the "popcorn" ceilings contained asbestos (crysotile). You should not have removed it.

Uh.....Federal Asbestos Inspector here.....you DON'T want to know what I think....or what I could do.

I've also taught asbestos classes for several years, and am also an asbestos supervisor.

Don't ask....at this time you don't want to know.

I will say, the work looks very well done!



Steinmetz---sounds to me like you've been "exposed" to one of the Washington State Air Quality Agencies???

 

[alpinewhite]

I suppose anything in the home from earlier times will have varying amounts of asbestos. Heck, brake pads used to have them too. When a home is torn down, do workers make an effort to remove every speck of asbestos dust? I doubt it.


Sent from my iPhone using Tapatalk

 

[littletoes]

That's the big lie.

Asbestos has not been made illegal in the USA. In fact, the only thing made illegal is any NEW uses for asbestos, anything it was/is still used for can still be done.

Now, with NAFTA in effect (and all the other "free" trade agreements), we can't stop it coming back into our country, and anything and everything can have it in it.

And it DOES NOT have to be disclosed on the container...it can simple say "Contains some mineral fibers" or something as vague as that.

Sorry.

 

[alpinewhite]

Are you saying that homes being built today have asbestos?


Sent from my iPhone using Pitytalk

 

[oak_park]

You did a ton of work there, it looks great. Your son should have some eye protection swinging the sledge hammer though.

 

[littletoes]

Are you saying that homes being built today have asbestos?


Sent from my iPhone using Pitytalk

Yes, it is a definite possibility, and it will soon be an incurred cost for anyone doing a remodel or any type of demo "legally".

It is strictly enforced in this area, and on the western side of Washington State. I would imagine in every metropolitan area, there is an Pollution Control Authority of some type, yet so many have no such idea until the fines start showing up..

Big brother is watching.......I would say, that folks are going to (in fact---should already be thinking of this!), start watching what they post on the internet, or on their facebook account. Big brother doesn't have to spy at all....most folks want to show the world what they are thinking, and what they are doing, with little regard if it is breaking some law somewhere.

Just Think First, that's all I'm saying.

 

[littletoes]

It took very little searching to find this;

http://www.dtsc.ca.gov/serp.cfm?q=a...222j10..1ac.1.25.partner..1.8.409.H9LezNjda4I

 

[zakmartin]

I did the same thing to my house. Purchased a real "fixer-upper," remodeled the kitchen, bathrooms, new wood floors, paint, windows, carpeting, blinds, etc. etc. etc. Thought I'd flip it and then 2008 happened. Oh well, at least we live in a nice house now.

 

[alpinewhite]

I did the same thing to my house. Purchased a real "fixer-upper," remodeled the kitchen, bathrooms, new wood floors, paint, windows, carpeting, blinds, etc. etc. etc. Thought I'd flip it and then 2008 happened. Oh well, at least we live in a nice house now.

Got pics?


Sent from my iPhone using Tapatalk

 

[pipsters]

Yes, it is a definite possibility, and it will soon be an incurred cost for anyone doing a remodel or any type of demo "legally".

It is strictly enforced in this area, and on the western side of Washington State. I would imagine in every metropolitan area, there is an Pollution Control Authority of some type, yet so many have no such idea until the fines start showing up..

Big brother is watching.......I would say, that folks are going to (in fact---should already be thinking of this!), start watching what they post on the internet, or on their facebook account. Big brother doesn't have to spy at all....most folks want to show the world what they are thinking, and what they are doing, with little regard if it is breaking some law somewhere.

Just Think First, that's all I'm saying.

That is scary, but thank you for posting about this. I think most people want to avoid dealing with it and also most will do the right thing provided it's not outrageously expensive. Where the government starts messing up is requiring ridiculous hoops to be jumped thru, that is just ripe for people skipping out on the proper way to accomplish something.

I do plan to rehab homes in the future, so this is applicable to me. I had no idea new products coming into the US still contained it.

 

[Mohawk Dave]

I can't believe it hasn't been brought up yet...where's the tools you bought!?! lol.

 

[littletoes]

That is scary, but thank you for posting about this. I think most people want to avoid dealing with it and also most will do the right thing provided it's not outrageously expensive. Where the government starts messing up is requiring ridiculous hoops to be jumped thru, that is just ripe for people skipping out on the proper way to accomplish something.

I do plan to rehab homes in the future, so this is applicable to me. I had no idea new products coming into the US still contained it.

The biggest issue would be disclosure.

Think about it....I bought a home from you, that YOU remodeled, and YOU are not a contractor....so, I find asbestos in the home, and you (who installed it!), did not disclose it, and I want it removed. Within so many years, I can force you to remove it, AND your Realtor will be involved because he/she represented you.

Lots of money there for the lawyers.....

 

[zakmartin]

Got pics?

LOL... about a thousand of them. I'm not hijacking this thread though. One of these days, I'll post some photos, but to be honest, I'm not on Facebook, Youtube, or any social networking site and I don't really want to be on any of them either. I'll have to figure out a place where I can post photos to the net without them getting sucked into the vortex (i.e., the Wayback Machine).

To be honest, the OP's materials look better than mine. I only had about $50,000 to work with to completely remodel a 3-story, 3-bedroom, 3-bathroom house that's in the city (not in the burbs). I spent about 4 months on the remodel. It was mostly just me, with the wife painting the inside and helping with some of the remodel. To save money, I ended up building two of the bathroom vanities in place, including the doors, etc. They came out a lot better than anything I found at Home Depot though

Once we started demo, we realized that the house was in a much more serious state of disrepair than we at first assessed. The previous owners were going through a bitter divorce and were probably the filthiest people within a 20-mile radius. The house was only 20 years old when I bought it, but it had the kind of damage you'd expect out of a house built a hundred years ago. The house was on the market for close to a year and they dropped the price by $150,000 by the time we showed up. On comps alone, we paid $170,000 under what other houses in our neighborhood were selling for.

Based on all the subfloor (which mostly got torn out) staining, the former owners were either hoarders or owned about twenty animals. You could literally scoop the subfloor under the dishwasher and next to the upstairs tub out with your bare hands. Also, one of the toilets was missing a closet flange. We didn't discover that until a river of filthwater came through the ceiling and got dumped on my car when it was parked in the 1st floor garage. Of course, the inspector didn't catch any of these issues. I sent a formal complaint to the state and got my inspection fee refunded. It was like a miniature version of the house from the film, "The Money Pit."

The house is now one of the nicest in the neighborhood. In 2008, it was valued at $550,000. It's about $100,000 under that right now. I'm in no rush to get out right now, and since we paid so little, we're nowhere near being underwater (unlike two of my unfortunate neighbors, who are in way over their heads). Since Seattle's something of a boomtown right now, and I only live 12 minutes from downtown (no highways!), I figure that in another 10 years or so, I'll be able to sell for what I want and can move to the country to build the garage of my dreams.

 

[youngridge]

Want to do my house next? Lol, very very nice work.

 

[paranoid56]

i really wouldn't worry about the asbestos **** in a 80s house in cali. any older then sure. even then, when you are removing popcorn i always wet it as then it just comes down in sheets and has no dust.

 

[paranoid56]

The biggest issue would be disclosure.

Think about it....I bought a home from you, that YOU remodeled, and YOU are not a contractor....so, I find asbestos in the home, and you (who installed it!), did not disclose it, and I want it removed. Within so many years, I can force you to remove it, AND your Realtor will be involved because he/she represented you.

Lots of money there for the lawyers.....

if the homeowner didnt know it had asbestos then there would be nothing to disclose. it would be up to you to prove they knew about it.
also in new items, i think the only thing that even might have asbestos might be roofing material. and even then, i am 99% sure you dont need to disclose it, as its being used per manufacturer's requirements.

how many tinfoil hats do you have?

 

[ishiboo]

Looks great!

One thing I disagree with though is the kitchen demo. Every television show you watch, the kitchen cabinets/etc. get removed with a sledge hammer.

It's almost always practically the SAME demo time to remove them by removing the attaching screws, and there's MUCH less cleanup/removal time. Plus Restore or a similar agency will come pick them up for re-use unless they're absolute ****. (Even though they look "bad", they probably can be painted to look like new for a low-income family!) I know, explain that to a kid that wants to use a sledge hammer… but…

Keep up the great work! :thumb up: