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FIND YOUR DREAM HOME OR APARTMENT
roof and dormers, eaves and gutters = $5,000
windows and doors = $3,000
siding (a lot of area, it's a two story house) = $15,000
foundation repair = $10,000
repair porches, some landscaping = $3,000
TOTAL OUTSIDE = $36,000
flooring = $3,000
paint = $2,000
plumbing and electrical up to code = $6,000
woodwork and trim, doors, etc. = $2,000
TOTAL INSIDE = $13,000
GRAND TOTAL WHOLE HOUSE = $49,000 repairs + $15,000 paid = $64,000
If I can lose about 7 off of the inside and the siding and foundation repair (just slap a coat of paint on the exterior), I'll shave 32 off of the estimates, that still leaves 17 in repairs + 15 paid = $32,000 invested. I will be VERY LUCKY just to BREAK EVEN.
Granted, these are just rough estimates, it could cost more. I feel like I got duped when I bought the place, I wasn't informed of just how much was wrong and in need of repair (I know, I know. That part is entirely my own fault, I don't blame anybody else for that.) My house doesn't look as bad as the duplex (the one that was lifted and the chimney's were rebuilt, slide #5).
This article is more like "How to lose money on any house in any condition!". I can definitely tell you that I will never be talked into an "investment" property again. It sounded good at the time, buy house cheap, rehab it, sell for up to $10 to $15,000 profit (who wouldn't want to buy at 15 and sell for 25-30?). The realtor was quick to point out the historical neighborhood and the houses potential and downplay the problems (Again, I know, that is what they are paid to do. Due diligence on my part and all that.) I suppose it wouldn't be that bad if I was planning on retiring there and living in the house, but doing it for resale wasn't one of my better moments.
It would be nice to add more floor space to my hotel room by adding a wooden platform on which to place my bed. Quickly, without relocating to a larger apartment, I could spread out in quite a bit more standing room, which I could use, for instance, to improve my music videos by adding a wall-hung background and/or some floor-standing studio lighting effects. Unfortunately, the room's ceiling, however, based upon my arms-reach measurements, is too low for a platform. Watch this video to see how I estimated my room's available space using only my body and no measuring instruments, which could have gotten in the way towards my determining of the room's virtual available remodeling-space dimensions, before I might have ever ended up wasting any time and/or energy from constructing useless room dividers in an otherwise cozy, functional amount of space in this little hotel room. See it at my YouTube Channel or my Blogger blog, "Resume."
