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<Steve>

Renovation Done!

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This is a 2 month renovation I just completed D.I.Y. It is a little condo I own and it is going out as a Rent-To-Own w/ bank or owner financing. Turned out sweet with a lot of work.

 

Oh, also just to mention. The main sewer line in the front yard backed up and over flowed into the house. :( Needless to say, the front yard was dug up. Pipe fixed. I ripped out everything to the slab floor and sanding/priming the walls to start.

 

Here are a couple before & afters:

 

Before, 2007 pic:

post-85-0-59656000-1348966133_thumb.jpg

 

After:

post-85-0-78310800-1348967244_thumb.jpg

 

 

Before, can you say Nasty:

post-85-0-06946400-1348965788_thumb.jpg

 

After:

post-85-0-83191900-1348965825_thumb.jpg

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how much did it cost you to change up the kitchen and bath?

 

To be honest other than the nasty bathroom floor, the "before" picture didn't look that bad.

Hey DanielSun-

 

You didn’t see the terds floating in the tub? :P The before kitchen pic was from about six years ago after I just painted them to get more mileage out of the cabinets as they were originally installed in 1989. Also, this was not the first time for the sewage over flow and that water gets under the cabinets and under the flooring and into the wall base. Starting to generate mold. It was time and I could get the Association to pay for the outside work.

 

Everything for the most part came from Lowe's Home Improvement. The cabinets in the kitchen were 20% off so instead of paying the same for the cheaper white or unfinished cabinets I was to able to get some that were better for the same price. All the cabinets in kitchen were $1,800. plus counter tops. The bath vanity $230. w/top. Dish washer & microwave came from Craig’s List paid $175. The refrig. & stove were sitting in the garage from a SLO property. Flooring, paint, light fixtures, diposer, plumbing, electrical etc. . .etc. . . I would say total to the kitchen and bath around $3K.

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Very nice work, Steve. Looks great. Should have no problems finding a few interested tenant/buyer prospects, especially with the terms you are offering. Just a matter of getting the word out.

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Geez Steve, did they GIVE you the house? Really what were the numbers on the whole deal? Inspired minds want to know :lol:

Hi Dee, I own this property. I purchased it back in the late 1990s as a rental. I currently have a tenant/buyer and should close the deal tomorrow.

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:angry: Deal fell through :angry: Seems my help in having the potential tenant/buyer contact my lender back fired. For some reason my lender suggested that the tenant/buyer do an appraisal to confirm appraised value before going into the agreements. We were right there going over the agreements and starting to sign. For goodness sake, this is only a $60K property and I told the t/b I can flex on the price if it didn't appraise.

 

Well instead of tying up the property waiting for this t/b to do his due diliegence, it's back to the showings.

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:angry: Deal fell through :angry: Seems my help in having the potential tenant/buyer contact my lender back fired. For some reason my lender suggested that the tenant/buyer do an appraisal to confirm appraised value before going into the agreements. We were right there going over the agreements and starting to sign. For goodness sake, this is only a $60K property and I told the t/b I can flex on the price if it didn't appraise.

 

Well instead of tying up the property waiting for this t/b to do his due diliegence, it's back to the showings.

 

Time for a new lender!

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:angry: Deal fell through :angry: Seems my help in having the potential tenant/buyer contact my lender back fired. For some reason my lender suggested that the tenant/buyer do an appraisal to confirm appraised value before going into the agreements. We were right there going over the agreements and starting to sign. For goodness sake, this is only a $60K property and I told the t/b I can flex on the price if it didn't appraise.

 

Well instead of tying up the property waiting for this t/b to do his due diliegence, it's back to the showings.

 

Time for a new lender!

LOL could be, but I'll give him the benefit of the doubt. He probably didn't realize that he would loose the deal too. I know that is always the first thing lenders say: "Will it appraise at that price?" <_<

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I've only spoke to 2 mortgage brokers, but the first thing I disclose to them was the current value of property and the value I am selling for, and I am not making crazy prices. I stress DO NOT give any advice other than their personal credit and financial situation.

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That sucks, Steve. But at that price and with the renovations turning out so well, I have to think you'll find some tenant/buyers soon.

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Thanks MC and Daniel-

 

This tenant/buyer had plans to purchase in a few months. To be honest I am not super motivated to sell, but I will. This is a great little rental and placing a tenant/buyer is so much better than a straight renter and more profitable.

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