I am back from visiting my family and the have returned to the headaches that is my Apache Project! While I was away I had my demo team rip out all of the old drywall and reveal what was lurking behind.
Oh yes. Those pesky little buggers have probably been eating away at this house for decades now. Literally every piece of wood, minus the roof thank god, has been touched by these critters. Getting this fixed is going to be a major hit in my renovation budget, as well as a set back time wise.
I have gotten a couple of quotes from carpenters/framers and they are saying it will be about 15% of what I had estimated my rehab costs to be.
As I said in the beginning, I am treating this house as a learning experience even more than I am trying to make a profit on it. Don’t get me wrong, I am absolutely trying to turn a profit. I have already learned a few key take aways from it.
I started getting quotes for things like floors, cabinets, bathroom and such before I really had an idea of what all needed to be done, I.E replacing all the studs in the house.
I didn’t realize at the beginning that the now living room was an addition to the house that can’t be messed with. The home is built from cinder blocks, and so the interior wall of the living area is cinder block as it was added to the outside of the original home. This is something that a more experienced investor probably would have noticed on first walk through.
Still Room to profit
Despite the set back of having to reframe the house, I believe that there is still room for me to turn a decent profit on this house. I had in my head going into it that some of the work was going to be done by myself in order to save on labor costs, and now I just may add a couple more things to that list.
I am doing my best to stay positive and realize that this is just the beginning of a long journey in real estate investing. I am 100% determined to be successful and know that all it takes it perseverance and discipline.