All Forum Posts by: Mike B.

Floors are done! Time to put the house back together now..

Anthony Testino I’ve gotten a great deal on 22/Jackson I’m wrapping up. We can chat on the phone and I can tell you where specifically I’m looking. Definitely deals for under $150K. Sometimes they are listed for $150-175K but owners will take less. That was my recent buy. PM me your info

West Passyunk has lots of opportunities. See my other posts about it. Point breeze and Fishtown are over rated and over priced. West Passyunk you can get 2 bed rooms that have rear decks (over the kitchen) and change that to a bedroom, add half bath on main floor and you’re good to to go. A lot of homes have tall ceilings in the basement already so easy to finish out

@Parris Crockett I originally owned a duplex (owner occupied.. total fixer upper) and after that, when I started looking for my next property, it took almost a year to acquire.  I didn't find (or join) BP until after I owned my duplex already. 

Anyway the delay in me purchasing my next rental property was two fold.  (1) the Philly market was so hot I kept getting outbid and (2) I was hesitant to 'pull the trigger' and raise my initial offers.  In hindsight that was a big mistake because properties I wouldn't spend $70K on, are now going for $150K and up.  At any rate, when I finally found a 'good deal', my wife said she was 'fed up' with hearing me lose out on so many properties and she encouraged me to purchase the property for a higher price (to win the bid I mean).  I did that, won the home (it was an online auction) and I have no regrets. In summary, the hardest part was literally 'pulling the trigger' and I've learned not to worry over a few extra thousand when buying a home because in the long run, paying a few thousand more to win a bid may net me 10s of thousands (long term) in equity/rent collection. 

@Kalyanii K. thanks!  I do this on the side while working a FT W-2 job (thankfully I currently work evenings so it's easier to do some activities in the early morning).  This is my 5th major renovation so at this point I have regular crews/subs I use for things and I keep everyone closely in the loop on timeline changes etc. They're all booked in advance, I give them a deposit and they're good about working with me as timelines change.  

With that said I will admit it's definitely difficult (not an easy thing to do by any means) and I definitely do a lot of email/texting on the go (sitting on the shuttle for work or during my meal breaks) and making early or late night calls if need be.  I've had conference calls while commuting to work in my car.  You make it work.. no other way to do it.

On the plus side, I do a lot of my renovations similarly, so after the 3rd house there's less situational questions about paint color or how I would like a problem rectified.  The contractors and I are all on the same page and most of the time they can adjust plans without needing my 'approval' for little items

Whoops looks like those didn't upload. Hopefully this works.  Also ADDED pix of floor sanding today (before/after photos.. no poly yet on it, but you get the point)

FLOORS starting to be sanded and getting ready for clear poly stain!

MBR sanded and ready for poly

UPDATE TIME! 

Progress continues. Hardwood floor refinishing starts tomorrow! 

As you enter the home.. new paint and recessed lights ready in LR. DR is getting a simple but nice chandelier. All rooms wired for cable and internet. 

One of many closets in the home

Upstairs hallway with recessed lighting 

Bathroom

MBR closet 

MBR

KITCHEN! Tall cabinets, appliances delivered today.  busy day! All GE appliances.. got a great Memorial Day sale at a scratch and dent store

Fridge cabinet (30” wide, freezer top)

West Passyunk

UPDATE: Ran into delays with drywall crew but the work is coming out amazing and well worth the wait.  I won't have updated pix for another week (it's just new drywall installed.. I'm sure we can imagine what that looks like). 

In other great news.. it's already RENTED OUT at $1600/month.  Prospective tenants needed a place by July 1 and wanted to see how it felt; I showed them the place with most of the drywall installed, along with Kitchen renderings and samples of material I have ordered and they signed a one year lease!  Thankfully they're great people relocating from out of state and lived through a previous renovation, but wanted to rent for a year while living in Philly.  Really excited I have the place rented for July 1st. 

Will post up more updates later next week (Drywall will be done, painting started, kitchen/bath being put back together). 

Thanks Amit Shenoy ! I actually sent in application with all completed materials about a month ago and they originally contacted me to install it last week but that was too soon with other work so rescheduled for next week. Yes overall lucky with timeline of everything though