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We have this really nice building in a supreme location of the city. I have been working on remodeling units to upgrade the clientele and get higher rents. New laminate floors, granite tile countertops, etc... So far, our rents are on target but lackluster for what I was hoping to get with this property.
A couple of weeks ago, we had a water heater bust on the second floor. The water completely flooded the downstairs unit. Unfortunately, we had to move the resident out because there was so much damage.
We immediately began removing drywall and floors to allow everything to dry out. What I found was a surprise. I had enough utilities, space, and ability to add a stackable washer/dryer to the units at a minimal cost.
My electrician said that he could pull the additional circuit through the existing conduit. My plumber quoted a low price to run pipes 12 feet through the walls. All I had to do was shift the water heater over a bit to make the space.
I went into another unit that was configured differently to see if I could do the same. It turns out that I could add the washer/dryer there also. While I was at it, I figured out that by slightly moving one wall that I could fit a bathroom counter that would have enough space for dual sinks.
This all coincided with the fact that I found a granite guy that would install slab granite countertops in the kitchen and bath for $350 labor! I pay for the prefab, he picks them up and cuts them to fit...
It looks to me like the additional upgrades will support a significantly higher rent.
All because of what seemed like a disaster.....
A couple of weeks ago, we had a water heater bust on the second floor. The water completely flooded the downstairs unit. Unfortunately, we had to move the resident out because there was so much damage.
We immediately began removing drywall and floors to allow everything to dry out. What I found was a surprise. I had enough utilities, space, and ability to add a stackable washer/dryer to the units at a minimal cost.
My electrician said that he could pull the additional circuit through the existing conduit. My plumber quoted a low price to run pipes 12 feet through the walls. All I had to do was shift the water heater over a bit to make the space.
I went into another unit that was configured differently to see if I could do the same. It turns out that I could add the washer/dryer there also. While I was at it, I figured out that by slightly moving one wall that I could fit a bathroom counter that would have enough space for dual sinks.
This all coincided with the fact that I found a granite guy that would install slab granite countertops in the kitchen and bath for $350 labor! I pay for the prefab, he picks them up and cuts them to fit...
It looks to me like the additional upgrades will support a significantly higher rent.
All because of what seemed like a disaster.....
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