All Forum Posts by: Rick Santos

Hi @Login George

I'm finishing up a rehab in New Britain that had some knob tube. The knob and tube was pretty much limited to the basement and there were breakers. The wires were cut to the panels, and to get everything up and running, cost about $3100. This included removing the knob tube, and changing out to gfci in kitchens and bathrooms. That was my experience, but I would definitely get some quotes, there can be a lot of variables. Hope this helps.

@Lawrence L. I'll have to ask the flooring guy for the name of it. I know its made by Mannington, sheet vinyl. I was pleased with the way it came out, plan on using it in all rentals moving forward. 

Thanks @Lawrence L.,I spent a lot of time working on the budget and thankfully came out okay. We were actually going to come in under budget, but had some hiccups with plumbing and electrical last minute. Added 2k to the bottom line.

Here are some after

Here are some before pics

Just a quick update on the first rehab. FINALLY getting wrapped up with the rehab and should be done next week. Looking forward to get it advertised and start the cash out refi process. At this point, since the 6 month mark is coming up in July, I am going to pass on the commercial financing and just stick with conventional cash out. The rehab budget came in right on par @ 35k. Depending on the ARV, i should be able to pull most of my investment back out and start cash flowing. Going to list the units for 825 each and see what kind of interest is generated. At 825 rents i should be able to cash-flow @ 500/m on a 30 year fixed.

Lot of lessons learned:

-Make sure to have everything in writing with contractors and have some deadlines or ways to hold them accountable. I was quoted 3-4 weeks originally and we are going to end up at around 12 altogether. I new there would be things that came up with an old house, but there was definitely a couple of weeks while i was on vacation where nothing was done. The contractor I used was related to me, but I took some things for granted and should have kept things more professional. Next time, I think I will oversee the project management side of things myself to see if i can speed things up.

-Understand that no one is going to care more than you about your project and rehab

Welcome @John J. Roderick to BP. I'm in Rocky Hill myself, feel free to reach out if you have any questions or if you would like to meet up sometime. I'm a new to real estate investing myself, but have a deal under my belt and shopping for the next one. There is a real estate meetup at the Wood N Tap on the Silas Deane every so often. 

Welcome @David Senna!

@Travis Lloyd, thanks for the insight. The details you mentioned are exactly what i was looking for. Did you have your lease drafted by an attorney? Or did you take the standard GHAR and just modify it?

Thanks @Rick Santasiere, @Jonathan Makovsky, @Corrado Galiziafor your insight. I'll spend some time this weekend reviewing the CT site for landlord tenant responsibilities. I'll probably just go with the standard lease and doctor it up as needed.

Pets! Forgot about that one. I think i'm leaning towards no pets, but wont advertise it. If a really qualified tenant comes along, willing to make an exception with a larger security deposit. 

As far as the tenant screening goes, i know there are various online resources, any recommendations? Was thinking of going with the smartmove transunion that is advertised in the perks section of BP.