House Hack - Albany, NY

[Peter Rowell]

So after months of looking at homes, getting outbid, and failed inspections, my wife and I finally closed on our first home a couple weeks ago and are trying to get some renovations done before we move into our unit at the end of the month. Big thanks to bigger pockets for keeping me motivated to keep going after losing out to countless cash offers (would be nice to have $200k liquid, maybe someday).

Some quick details:

Purchase $209,200

Two Family 3br 1 bath each unit - Tenants Currently Downstairs pay $1100 a month

PITI - $925

Taxes - $750

It's not a slam dunk right away, but we are doing some work (redoing the bathroom and a bit of painting) and hope to push the rents a bit higher in the next few years (market for 3 BRs in the area tends to run $1300-$1500 depending on the location and quality of rental. 

For the bathroom, I am entertaining the idea of doing a tile shower inspired by a Mr. Money Mustache post here: http://www.mrmoneymustache.com/?s=how+to+make+a+sw.... I'm thinking it will hold up better long term and command higher rents down the line. I'm reasonably handy, but this will be a big challenge, maybe too big. Thoughts?

I

[Peter Rowell]

Finished up the rehab a month or so ago so I figured I would post the pictures. Took longer than I thought, but I guess that's the norm. Thanks for the tips @Mindy Jensen , they were very helpful! Still a little Redguard to touch up on the side, but it's functional.