All Forum Posts by: John Collins

Do you have any examples of the type of multifamily you can get in that range? Just seems low to me...

I know a few of these communities near Santa Clarita and the ones coming up north of that .. but you are a bit overconfident of the vacancy rates in new developments. There is only so much money people have and only so far they are willing to live away from work. To better assess the demand, why not start with fewer properties and go from there? There's also resistance (and for good reason) from environmentalists and those who see what overdevelopment does in the face of mother nature as california keeps expanding into wildfire and earthquake territory. People struggling aren't just going to move and jump into a high rental home. Again, not a bad idea, but also not the best thing to jump into with 10 sfh's at once. 

Can you give an example of the type of multifamily you would look at in the 500k range? 

Need a new stove put in.

The existing system is downdraft but I don't see anything decent below $1400 and options are limited. I know they are less efficient than the overhead fans but this house was installed with one a couple decades ago.

For going with a range hood, the cost is $200, installation is $500... which is fine, but ductwork will have to be put in and creatively. The ceiling above just is a no go zone from 3 different contractors and I've looked around with a flashlight myself. It has to be done over the island (island range hood) as otherwise we have to tear out cabinets/sink adding more work. The quotes average around $1800. So with a new stove, it's $3k. 

Is the extra $1600 worth it , or is a downdraft good enough? 

This is too broad and too general. there are so many details that change numbers drastically.

For example, take the kitchen. What appliances were changed? Was tile put on tile or was the existing tile demolished? Were the cabinets painted over, resurfaced or changed altogether? Did plumbing and gas connections have to be rerouted? If you had to switch to a range hood was there sufficient space for duct work? Entry and exit points? 

So the short answer is do your homework , get all the prices for your first remodel, and use that as a base for further remodels. 

As a newbie? Have a friend who is a realtor that has been in the business for over a decade. They can spot the major issues based on inspection reports and even an eye test. 

I have wasted tooo much time with contractors each putting their own spin on things, only to be directly contradicted by another, yadda yadda. Have someone who can see things from the outside looking in, even if you have to pay them initially it is more valuable with money saved in long run. I only go to them when I have details of what I want exactly and at what price point is acceptable. Eventually Labor is time and time is money .

I learnt a ton after doing my first redo (did most all of the work except countertop and shower glass install). For 6 weeks (summer when I wasn't working) I watched DIY shows and went to the property and had at it. Friends helped on occasion. Saved 20k, Put 30k into it, saw it's value increase by a 100k and now has held steady at a value of 150k above purchase. 

That is interesting - I am heading to a warehouse that has leftover slabs of granite and quartz tomorrow, they are certified and have great recommendations from someone who has used a couple pieces 6 years ago (still look great). We will see how the selection is. I also found several flooring & tile companies have a selection of popular samples they charge by the sq foot instead of by the slab, but it's still a markup over getting the slab yourself and prefabbing it. 

The wooden handrail is in good condition, just needs a paint job.

There are 15 steps, 10 of them are the same size and the bottom ones get slightly larger.

The tread is 66 sq ft, the risers are 37 sq feet and will be basic white. 

Getting engineered wood at $5.5 sq/foot with install to match downstairs. 

What should the final price with install be? My guy , who normally charges a good price on floors and makes up for it elsewhere, is quoting me at $2.5k. 

Steps will look like this (but with engineered wood tops not hardwood). 

Yes it would have to be montrose or somewhere trendy in the loop vs a gated mansion in the suburbs. But I'd be interested in the sustainability (vacancy, long term tenants) aspect of it compared to two $250k homes you could rent for $2.5k each not including $15-20k in renovations (each). 

Purchased a fixer upper myself at $490k (way below surrounding market) with $50k of work going in. Hoping to see a starting $4.2 k on it. 

It's part of an entire aesthetic that is raising the rent about $4-500 from what it was previously, but the house was outdated, not functioning the best and in need of major changes. It also allows the home to compete with pool homes in the area (pool homes are very popular amongst renters in Texas, but not everyone wants a pool and lots of people with kids specifically do not want them). 

Quartzite looks great - do you mind telling me what brand you found and at what price/sq ft including install?