All Forum Posts by: Emily L. Wiersema

Hi all,

I'm looking for recommendations for companies that will do a treatment on a window to make it tempered.  I have one window in the tub area that I have already completedly remodeled and now an inspector is requiring the window be tempered.  While it make sense, it was a late call out and the window was not ever replaced by me.  I'd rather do  treatment then completely replace the window as I've already listed the house for sale and need a quicker fix.  Thanks in advance!

The estimate I received, inclusive of the new service panel, was $36k. Obviously I will be getting some additional quotes. From what I understand if a homeowner is unaware and they get insurance they are fine.  It's more if it is not disclosed and they are aware.  Same for selling the property...if you are aware you must disclose it. Otherwise the buyer can sue the seller.  It is not visible on the property at all...honestly if it was I probably would not have bought it!

I know people often update a few light fixtures on that type of system and that's really all I was looking to do. This is not a buy and hold, this is a flip so I want to sell a safe product to the future homeowner and as long as I disclose I think I'm okay.  I know in this market there HAS to be a lot of this wiring...I just can't wrap my head around is everyone paying to re-wire the houses, completely oblivious to having this wiring, or just lying about it?!

I hoping some fellow renovators can help me with any experience with knob and tube wiring.  My market is Milwaukee and there a lot of older homes with this wiring.  I wasn't anticpating updating my entire eletrical in the house and I know this is not standard for renovations in the market. I'm not interested in cutting corners or having an upsafe property, but do want to match the market. What are others doing when looking to update the fixtures but have this type of wiring?

Nice! Where in Milwaukee was this... very low purchase price?

How did you waive the appraisal when working with a lender..normally they require it?

I recommend J Scott's booking on estimating rehab costs, it was really helpful when I got started. and much like running deal anyalsis I'd recommend running scope's of work.  Yes it is time consuming, but practice makes perfect and if you're aren't willing to invest the time there then you likely aren't willing to invest the time managing a rehab!  I have run scope of work on projects I submit offers on and had them not get accepted and yes it was a lot of time but it helps be get comfortable with numbers. My first deal I got three quotes for all the big items GC, roof/siding, and basement work. 

Walking properties helps you understand little things like how many lights and doors will it need etc. so when you can walk a property definitely do it!

Hi Anthony,

Are you willing to share more on your numbers?  I've found Riverwest to not command the highest rents even for 2-3 bedroom units.  If you are all in at $230k and then monthly exepsenses etc. what are you cash flowing?

TIA!

Emily 

Yeah depends on your basement contractor...I've worked with mine a few times and given him some big jobs so he was happy to do the little bit of extra work for the bathroom drilling without charging me...he was also doing the drain tiles anyways so it was a very easy add on. My basement is unfinished so it wasn't much more to add the moving walls around since I was doing some anyway for a rec room.

I think March makes some good points about area and home buyer.  Wauwatosa is interesting I feel like price and desired features can change within 1 block!

I'd love to chat more..this is only my second flip so take all my experience with a grain of salt! 

@James Konvalinka I'm currently working on a flip where I'm adding a bed and bath in the basement, egress etc.  Because the house was  2-1 previously I believe adding the bed and bath even while in the basement will add value.  This also in Wauwatosa which is a derisable area which was part of the consideration.  Overall the cost of the bathroom is about 10k for plumbing and finishes etc. however, there was a stack we could access.  I was able to save some money with digging up the concrete because I had other basement work being done like the egress window and adding drain tiles so my basement contractor was already there with the necessary tools and helped me out. That could add some cost for you. The egresss was about $3500. Obviously framing, drywall and flooring etc will be more but those were some of the basic costs.

It defiintely comes down to preference and risk tolerance, but I would use 1% regardless of interest rates. The property you're referencing is pretty big at 3/1.5 and that location is absolutely amazing so higher rents make a bit more sense. I agree with the particular updates you mentioned and #'s that would be a great deal...it is more than just the #'s like you said. It honestly sounds a little like a unicorn haha! Personally I wouldn't touch the C and D neighborhoods in Milwaukee...the numbers don't mean much there because of all the other factors you mentioned. The biggest consideration is making sure all things #'s, location, etc all make sense AFTER you move out...that can be the trap with house hacking.