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Posted over 15 years ago

New Rehab

I've started my next project, which is the rehab of a 3 bedroom apartment. This apartment was in a building that I bought more than a year ago and I have never done anything with this apartment. In reality, this apartment is a little more complicated than that. When I took this building over, this upstairs had actually been illegally converted to 2 units and had two separate tenants that were sharing a single electric meter. Shortly after I took the building over, one tenant left voluntarily. The other tenant refused to pay the rent and I immediately evicted him. Both of these tenants were real scumbags and the apartment was a pigsty! There were mice and roaches all over the apartment(s) and dog feces was everywhere. The tenant that I evicted had 5 or 6 large dogs that he never took outside!!!

After kicking out the tenant, I cleaned up the mess and that was the last thing I did with this apartment, except for installing a new 200 amp electric service when we did the electric services for the other apartments. My rental property business has been expanding so fast, that I just put this apartment on hold for the time being.

Fast forward more than a year to today. The plan is to convert these two illegal apartments back into one. So, instead of having a 1-bedroom and a 2-bedroom apartment sharing an electric meter, I will have a 3 bedroom, 2 bath apartment that has its own electric meter. I started this process on Tuesday by ripping one of the kitchens out. This room will now be a bedroom. Wednesday (yesterday), I installed new glass (plexiglass) in several windows that had cracked or missing panes. My intention today is to begin patching the walls in preparation for painting. I'll take my time and plan on having this apartment ready to rent by Dec. 1st.

 

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If you'd like to read more about the book, check it out at www.1MinuteToRentalPropertyRiches.com. When you're ready to buy, you'll get the best price and fastest delivery from the bookstore right here on BiggerPockets!


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