We just bought a problem... and couldn't be more excited!!

[Jonathan Taylor]

I just closed on a fourplex in North East LA and it is in terrible condition. Now before I dive deep into how much work this will be, this deal is the culmination of 16 ish months of hard, persistent work. We went through 9 months of preapproval, 5 months of shopping and getting our offers laughed at (literally) then 114 days of escrow. So just CLOSING on this is a huge deal.

Now, the nitty gritty

Purchase price: $725,00

estimated rehab $150,000

ARV: 925,000-950,000 ( this is a house hack so ARV isn't super important)

unit breakdown

3/2.5 1400 sqft (the money maker)

duplex 2 x 1/1 360 sqft each side (the 'make it nice becuase its small units)

studio 300 sq ft (the casita)

The studio and duplex (both sides) will be down to studs rehab. New roof/plumbing/wiring/windows/kitchens/baths. EVERYTHING

The house is just raised foundation work, new roof, flooring, new baths and painting ext/int.

Also, we need a new sewer line. 

Kinda overwhelming huh? Yeah, thats how it looks. 

My post is two part. First, anyone who has done extensive rehab have any advice on how to stay on schedule (contractor said 4 months work, we budgeted for 6), what do know and what would you advise someone like me before we dive head first into this mad crazy project?

Second, Ill be updating this as we chug along so pictures problems and updates will follow. 

Thanks for reading and lets do this!

JT