Rental Rehab
March 24th, 2006 by Grant in: Real EstateAfter acquiring my first investment property, I had a lot of work to do, and I was up against the calendar. Every month that goes by that I don’t have a tenant, I have to pay the mortgage out of my own pocket, and I don’t like parting with my money!
The first task was to make a list of what absolutely had to be done.
- Interior Paint through the whole house
- Buy and install new appliances
- Install new carpet in the lower bedrooms
- Hang a new ceiling fan in the dining room
- Clean up the outside landscaping
- Repair three plaster walls
- Replace two broken window panes
- Replace miscellaneous hardware
This was the first list. By the time I was through, the list was much longer, which I did account for in my budget of $5,000.
I worked every day, from 9 to 5 for an entire month. I even hired my wife’s teenage brother to help come in and paint. I got my dad and brother to volunteer their hands to paint, which was a huge help.
Aside from a clogged drain pipe that allowed waste water from the sink to overflow to the basement, the rehab work went pretty smooth.
All in all, I spent about $5,000 (right at my budget) to do all the work, and the only thing I outsourced was the carpet installation. I figured that I saved about $4,000 by doing the work my self, but I did have the time to do it, so that may not be an option for everyone.
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