All Forum Posts by: Jeff Lee

@Lee Smith @Nuhan Demirkan 

I might as well squeeze in a few more questions.

#1. In your expert opinions, how much would it cost to gut the kitchen cabinets?

#2. If I decided not to, what are my options? New cabinet doors? Refinish/Retouch? Cost (of each?)

@Lee Smith Regarding cabinet doors. Would you ever consider replacing door and leave the original cabinet?

@Lee Smith 

I filtered sell results to the following on Zillow:
Sold in last 12 months, +/- 100 sq ft. to my purchase, same 3bd/1.5bath

Results: 5
Sold Price: $130,000, 130, 130, 122, 66.

The one that sold for $66k seems to be in the same condition as mine. Heck, it's a clone if I say so myself.

What kind of window blind would you use for a rental?

Do you do anything with kitchen cabinet doors that are outdated?

And if the bathtub is outdated?

@Nuhan Demirkan @Lee Smith 

Thanks for the feedback and information. I'd like to get your opinions on ARVs.

In my opinion, the houses ready to go in the same neighborhood aren't worth what they're worth ($130-145k). If I were in their shoes, I would list a renovated house at $125k max. MAYBE $130k.

How do you eliminate personal bias from the ARV, if any? I'd like to think I'm being 95% objective.

"you multiply it by 70%"

Where does the 70% come from? Is it a general guideline to determine the max (less purchase cost) amount allocated for rehab costs?

Purchase Cost: Paid $66,250 (all cash), home inspection ($350), title (?). I'll just go with $67,000 to make it nice and even.

Details: 3 bed/1.5 bath, 1312 square foot

Objective: Simultaneously list for rent or purchase

Links:
https://imageshack.com/a/T5Iz/1 - Interior Pictures
http://goo.gl/HaRS36 - Zillow

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My cousin, the handyman, has looked it over and suggested the following:

Exterior: Patch the roof, fix/replace eaves, fix carport ceiling, paint, and removing that big tree on the right-hand side. (He estimated $2k off-the-bat and an additional $1,500 to remove the tree. I'm splitting the cost with the neighbor.)

Interior: Tile the hallway/kitchen/bathrooms, put in basic stove/fridge (nothing more), install new drywall in the kitchen/dining room, and apply fresh paint.

I want to do a bit more such as replacing the cabinet doors (I'd go with flat-panels), replacing light fixtures in the dining room, and putting in faux wood blinds. But he suggests we do what is absolutely necessary and see what the cost is before going on to the upgrades.

My thought process at this time is to list the house for rent ($1050-1100) and sell ~2 weeks before it is completed. I don't know how much I'd sell it for though. I'm thinking ~$115,000. A majority of houses in the neighborhood are aiming for $130-145K (http://goo.gl/ycjs42).

My mentality is, "I want to give potential buyers some flexibility. They may be content paying a lower price and not having granite, a new roof, new A/C, etc. If a buyer wants a new roof or cabinets, we can work out it in the contract and what not." A buyer may work out the numbers and figure out they'll spend a total of $120-125K to get the house they want it versus paying $130-145K.

Of course, if I find a qualified renter, then I go with the renter. (Personally, I'd go with a buyer.)

All thoughts and opinions are welcome!

"The place I get cards guarantees them for 45 days."

What do you mean? (In stock for 45 days? Expires 45 days after purchase?)

Even though members ranked some of the card re-sellers low, BBB gives Cardpool, Cardcash, and a couple of other resellers an A- to A+ rating.

I'm thinking that buying these cards at 90% of face value combined with another 10-12% off at Home Depot would be killer.

Gotta pinch those pennies.

Does anyone have any experience purchasing gift cards from either Cashpool, Cardcash, or anyone card reseller?

Resellerratings.com gives Cardpool a 1.5/10 and Cardcash 4.67/10.

Buying Home Depot cards with -12% off the face value (at Cardpool) is very tempting, but their 1.5 rating scares me away. (Cardcash has -7.4%.)

Hello, all.

Right now I'm dead set on using Faux Wood Blinds for my rent house (3 bed). Assuming the average cost of a blind is $45 (tax-included) with the house having 10 windows, the cost will be $450.

My uncle, who has experience doing all of this, suggests aluminum blinds. (My dad is also in this boat. His reasoning is it's (Faux Wood Blinds) too good for tenants.)

Should I go with the lowest parts possible, Faux Wood Blinds, or something in-between? At much as I love pinching pennies, I *hate* those aluminum blinds with a passion.