Sunday, November 2, 2014

Rental Property number 2

We finally finished the renovations on the property we bought in September. I didn't document this one like the first because of many things going on over the last 2 months.

We bought this one in the same "complex"as the first. I use quotes because there are actually three different HOAs in this condo complex. Our first place is actually across the street at an angle but different HOA. Unfortunately we paid more for this one, however I did have a maximum amount that we could pay and still make money. Happily we stayed under that line and will make some money, just not a lot. But more than we could with it sitting in a bank account.

We were happy that this place did not need nearly as much work as the first condo, or so we thought. In the end we spent 3/4 in renovations on this one as the other. We didn't have to replace most of the floor, kitchen appliances, kitchen cabinets/counter top. However we did have to replace carpeting in the bedrooms, washer and dryer, closet doors, remove the popcorn ceiling, bathroom counter tops, and spend a fortune in trades (plumbing/electrical/painting).

We installed the closet doors (yep they didn't have any), paint and reface the bathroom cabinets, install the bathroom lights.  We had to get creative with the master closet doors because the opening was GIGANTIC. We installed two 96x96 mirrored doors and then use a 4x6 on either side as "trim" to fill in the gap. It looks really nice.

None of the electrical boxes were centered, so I had to MacGyver the bathroom lights. Speaking of MacGyver'ing something, when the plumber pulled off the guest bathroom shower handle the previous owner used a 14mm socket to fit into the cartridge stem. Pretty ingenuous, except I had to have it fixed.

"A" was the designer and most of what we did were her ideas. At times I thought we were over spending and doing unnecessary work but in the end it did pay off and she was correct, as usual. We put it on the marked and in less than a day we had it rented out. There are two other places that have been listed for over a month. One is $80 more and the other is $155 more but they both have garages while ours does not have a garage. In the end it was "A"s design and willingness to put in good quality work that made the difference.

Kitchen

Guest Bath

Master Bath

Refacing all the doors in shaker style.

MacGyver the lights

4x6 "trim"
4x6 "trim"


4x6 "trim"

4x6 "trim"
This was how the shower handle was "fixed" by the previous owner.