All Forum Posts by: Mike B.

agree with @Marian Smith - use a rigid (e.g. 12mm thick) vinyl flooring product.  I recently considered using a 12mm water resistant laminate (was on sale at $2/sqft) that had a real wood look and is click lock (floating) laid down.  You can use a variety of underlayments.  If the subfloor is really loose/giving in some areas I would reinforce that particular area before laying new flooring to be safe

Hi all, 

Well, after wrapping up this beauty (https://www.biggerpockets.com/forums/522/topics/56...), I bought the house next door.. literally.  I was going to take a break, but after the family contacted me a month after my other place was rented and they needed to sell, I got the place off market, under retail value, and the rest is history. 

Exact same layout, etc as my other place (3 beds, this has 1.5 baths), needs full cosmetic updates including roof and some additional exterior work, but she'll turn out great.  Thankfully most of the windows are new and boiler, washer/dryer and some other mechanics are in good shape.  Basement is good height and partially finished, so I'm going to spend a little more money to finish that up and make it a nice, usable space.  Here's some teaser pix:

Front of house:  Yes, I'm saving the front original metal bay window! Power wash, bondo/metal work, and paint.. will be good as new

Kitchen: Old vs. current state --> gutted, with all new cabinetry. Blue shaker bottom, white shaker uppers, SS appliance package.. will look great

LR/DR: Out with the old.. in with the soon to be refinished original hardwood floors! Yup.. hardwoods throughout the home!

I'll try to post updates bi weekly; In the past week, the following has been done: 

--New roof installed just before closing

--Light demo completed to reveal hardwood flooring throughout the home, gut kitchen, remove bathroom fixtures, remove trash throughout home and backyard.

In the next two weeks we have new framing in kitchen to be done, start some electrical updates, get the half bath and basement back together (those are the easiest) then do drywall patch and painting and refinish floors. 

Goal is to have this done by December. I know realistically it's a deadzone for rental season then so I budgeted extra time/money that I may not rent this realistically until early 2019.  Still got the home at a great deal, it's worth the wait! 

I would say higher.. $150K for everything including sprinklers, fire alarm monitoring system panel, etc.  Also you mentioned the basement dig down.. if doing underpinning need an architect and structural engineer, etc.. can jack the price up real quick. 

Well as an update to my above post, I just happened to be looking around on craigslist when I found a guy selling a 99 ranger 4 door, 4x4, for $2500! Only 81K original miles.  It was too good to pass up, so I bought it.  Needs about $1K worth of work and it'll be a solid truck for a long time.  So I guess I now have my 'beater' work truck.

I rehab about 1-2 homes/year.  I currently drive a 2011 scion XB with a roof rack.  I have been contemplating lately, to get a used Ranger 4-door 4x4 beater (e.g. 100K miles and spend <8K if possible) but haven't pulled the trigger.  My XB is great since it's boxy; lots of room to carry tools and materials.  Anything large (4x8 plywood or drywall sheets) or appliances I usually have delivered anyway.  If I had a truck, would likely only use it to the full advantage a handful of times a year, hence why I haven't purchased one. 

IF you feel you need a truck, I would recommend saving money and getting a used ranger.  I've done a lot of research on this and for the value, accessories, etc.. used Ranger is the way to go (e.g. 2000-2010, with approx 70-150K miles, 4 door option, 4x4).  Since the 4-door model has the rear doors open suicide, you can modify the extended cab part to easily hold tools etc (make your own organizer out of wood sheeting). Then you could add a ladder rack, etc on top to carry long stuff. 

@Jason Woods - I would consider the following: 1031 exchange to a vacation home or possible home you may want to retire in the future (eg Lake Tahoe, AsPen, montana, FloridA etc) Have it rented out and managed by property manager for now. OR do the 1031 but buy rentals in other states This year (2018) is almost over but if in 2019 you could make less money (think sabbatical or quitting your job) you could sell one property and your tax basis would be less since you have less W2 income Consult a CPA for the following possIble tax deductIons/advantages: Selling property And... donating money to charity, gifting money to family members, making improvements on your own home, setting up self directed IRA or a Roth IRA

@John Voychick I assume your $5 price includes material + labor?  If so I don't think it's that bad. 

I have a guy who will install LVP/Laminate for $1.5/sq ft.  So if I purchase LVP at $2.5/foot then it costs me $4/sqft installed total (material + labor). 

My suggestions to you include:

• Find someone who will install it cheaper (OR if your installer is great, and its a great price keep him and go to the next option
• Purchase material cheaper.  Would check out floor & decor for deals.  Lumber liquidators -- > you can setup a "pro account" for free and they give you a discounted price to buy material.  Also search craigslist for deals (see below)

To answer your question of WHICH material to use: I would say the cheapest.  Which may be the $1/sq ft laminate and then use LVP only in kitchen/bath (wet) areas. 

Another idea, and one I personally did on a previous BRRRR: I installed carpet in the bedrooms, albeit a lower grade, but felt/looked nice.. cost was $3/sq ft (labor & material installed) so I did that upstairs. Then, on the main floor (LR/DR area) I installed hardwood floors and installed myself (purchased materials for $2/ft). I only needed about 300 sq ft and I found some leftovers from a project on craigslist so I went that route and it turned out great. Kitchen was tiled, but you could easily install LVP there as well.

Hope this helps.

@Andresa Guidelli - a WiFi enabled camera is the best because you can always check on who's coming and going, and playback right on your phone App.  However if that's not important to you, a regular DVR system would work.  Q-See is fine and some others out there (read reviews online first).  From past experience, I recommend (if going DVR route that is), get high def cameras (that are IP connected.. NOT RCA cables) and spend the money on quality cameras, with a 1tb or larger storage DVR system.  The high def cameras (true HD that is) usually can zoom in 2-5megapix or more and are VERY helpful if you're playing back and need a clear face/license plate. 

@Vincent Ngo - if a licensed GC/contractor pulls the permits... assuming simple plans/alternations (not structural), including electric.. shouldn't take more then a week.  I've had plans/permits submitted, and approved within 3 business days so I could start work

Try "cash for keys" and otherwise would consult an attorney.  Are you involved with DIG?  If not, that group would also be very helpful.  @stevebabiak may be helpful as well