All Forum Posts by: Darin M.

 Yes Sir, out here in Wimberley by the creeks. It was a VERY Neglected 1950's river cottage that we have had to replace all the systems of the house, but the Lady is about to have her unveiling here shortly!  And as to the Mountains we are going to disappear in the San Juans in Southern Colorado for an early Christmas!

Jon, I am pushing on Finishing my first to the studs renovation, getting the property sold and finding the next project.  And if at all possible escaping to the Mountains to take a quick breather with the family.

Cheers,

Darin

@Raj and everyone who thought I had dropped off the edge of the planet.....  Still here and chewing on this elephant.  One bite at a time, but we are getting closer.

Okay, for starters. this has been a comedy of errors, trials and a few "oh what have a gotten my self into's"

Errors:

• Thinking I could work faster than my skill set - nope did not happen
• Thinking I could demo a house in a week... by myself
• Thinking that only two spots of termites in the inspection report would not be that bad.
• understanding how to get me, myself and I to work as a team

Trials

• The realization that this was actually a to the studs remodel.
• Getting the professionals on schedule (mine that is) from the dumpster being delivered 7 days after purchase date, the roof being off schedule by 3 weeks (time vs Price). to my plumber and electrician becoming very ill and dropping out for three weeks and not having the $10,000 plus dollars in the extra budget to hire this work done it was going to take (I would rather just pay an extra note payment).  
• Having to remove an entire master bath addition that had rotted to the point it was no longer safe to be inside of the structure.
• Learning how to frame the new addition from a Deranged Framer who believed the aliens were coming for us and that he wanted a bonus when I sold the house since "that was customary"
• Firing said framer for no calling /  no showing for the second time on a Friday and even his mother could not find him....  May be the Aliens did get him......  Naah, it was more than likely the drugs he ingested the night before at the party that he went to that several people spoke about.  But the real reason was he called me before 8 am on Saturday morning before my first cup of coffee and gave me 6 excuses why he missed work.  I am just not nice to anyone before my first cup of coffee.
• Watching 7 different leaks in the ceilings as we got a 2" downpour in a single hour and did not have the new roof on yet.
• Not having a fully draw out plan for the renovation so we are not changing plans mid stream.
• Praying that one of the non grounded duct tape joined wiring circuits would catch fire and burn it to the ground.
• Managing family life filled with four children

"What have I gotten Myself into"

• Oh I do not think this budget is large enough..... 
  • Finding termite chewed walls - 
  • 50' plus feet of rotted base plates which all had to be replaced
  • window guys who wanted $500 in labor per window - I ended up at $40 a window installed
  • Roofers who want an additional $1000 dollars for work that I did not authorize
  • completely blowing the labor budget
  • Completely blowing the Demolition budget by 3 times the cost
  • Off of the Drywall budget by $2300

Basically, this has been a crazy lunatic filled adventure into renovation that has me learning as if I was drinking from a fire hose.  But.... there is good here.

People have been stopping by asking questions.

Realtors are leaving their cards for me to call them when it is close to ready.  They have clients wanting a 3/2 modern farmhouse styled home with a little bit of land where they can just move in and enjoy.

I was off on the comps per foot for this area.....  I was low.  which will make all of this a success in the end.

I will try to be better in posting these final weeks but I can not promise anything.  I have some critical things to attend to.  My four year baby girl just asked me to dance.

Cheers,

Darin

@Jon Klaus Who does your photography work?  They have a good eye.

Cheers,

Darin

Okay it has been several days of ownership for this property

Here is the good:

demo 85% done

New Garage door installed

lawn mowed and I did not lose a mower blade 

Electrical is not bad as was expected

The UGLY

need to replace approx 35 feet of SIL plate due to water penetration

Termites - Yup found their handy work.  Damnit

Insulation - In the original section of the house - What insulation in the walls and why can I see Day light?

Red wasp nest behind the wall board.  I am not going to type what I think of this.

The Best

Meeting Nina, the 94 year old woman next door who still drives to the store herself and is very sweetly Texas strong willed who came over to thank me for cleaning up "That mess"

Up Next week

Last of the demo

Dumpster gets filled

Framers / Framing

Electrical work

Rough plumbing 

Earthwork with a Bobcat to protect the house better next time we get a 12" dump and solve the ground water penetration issues.

Out of curiosity, where would be a good place to start learning the REI math. I am finding that while reading many posts, that I need to "go back to school" to get a better understanding.

Okay two days till close.  I have to quit drinking coffee for the next couple of days as I am so nervous, stressed and excited all at the same time.  

So lets review the numbers as to where we are at:

we arrived at the following numbers

87,000 For the property dropped the purchase price down a bit

45,000 for repairs (with the Murphy's 10% in the mix because I know he will show up)

8,205 First closing costs (overestimated originally)

9,450 holding costs ( so that is what 13% interest a month looks like @ 6 months I am going to have this property gone in 3 months but we will err on the side of caution)

9,700 Second closing costs (time to make my better half REALLY happy)

192,000 ARV based on professional appraisal value

$30,000 approx. profit (if I line everything up correctly and a meteor does not strike the house)

Bug guy is lined up

Dumpster is lined up

Sub contractors are in place

tools are ready to go

Truck and trailer are set

 If you have any last minute thoughts please feel free to put them forth.

Cheers,

Darin

Okay here is the latest updates for the crack of dawn Saturday morning.

• I finally had the conversation with the owner about the price drop after trying to reach him for several days.  He is going to think about it and see if he can drop down any more at this point.  I should know by tomorrow.
• Talked with some friends that are investors about their work crews and who they are using and got some good contacts
• Had coffee with one of my good friends and life mentors this morning who has offered up his skill set of knowledge and humor  (CG, Master plumber and master electrician amongst other things) to come and work along side of me in this at a price point that will drop labor costs dramatically (he has had to put aside his building business for the past two years due several severe injuries from multiple tours of military service over many years that finally caught up with him).  The knowledge that he has will make him an invaluable team member and as he put it, "just make sure I have something lean against and I will be fine".  His wife is going to kill me but he is already enjoying it. 
• We also (the Wife and I) just got confirmation that her folks are heading this way also for several weeks which is great since Grandma will completely spoil the kids and keep them occupied while Grandpa has been itching to do something so I am going to task him with all things electrical (besides the master panel) and PEX plumbing since he was a former Journeyman commercial HVAC and loves to do this sort of work.  

Needless to say the team is unfolding quite nicely, where I have two extra men at my sides heading into this to tackle the more complex systems and speed this up.  That and I am also getting to teach my 12 year old what work is really like.  He is joining us on this project since it is a family business.  He is going to sleep well each night.

So to sum it all up, the numbers are still below 70% of ARV (which I estimated conservative), We close next Friday, and the circus begins. Bring on the Dumpsters!

Night

Okay just a quick update to make you laugh, Had a framer come bid the windows on the house.  and he called yesterday with his bid

Windows on average @ $120 ea right on point no problem

Install per window $500.......  Gee I must look like a smuck to be taken.  Good god.  NEXT

and yes these are basic installs Vinyl replacement windows from a BIg box store, single story install and plenty of access to siding with no new framing.  So in response to this, I have an appointment with an installer from Lowe's up next otherwise I will do them! 

In other news I going to have another conversation with the owner about the price to see if we can drop this down a bit more for a wee bit of extra coverage so we will see how this goes.

Besides that the schedule of work is built, subs are lined up, and the bags are packed and ready to go.  Just sitting here like right before a BIG motorcycle trip of a couple of months and making sure all of the screws were tightened down, battling the fear of the departure date while also just wanting to get going RIGHT NOW!.

and I am driving my wife nuts hahahaha.  at least that is normal.

Till shortly,

Darin

Welcome to BP Austin, you will find a huge pool of knowledge here!

cheers,

Darin