It’s been a busy few weeks for me (Sean) and our company, though for different reasons, and we’re now behind on an update for the rehab that we’re following. A couple weeks ago, I returned from a family event to find this:
You see, we’d recently remodeled our master bathroom and one of the faucets blew apart while we were gone and sprayed water for about 2 hours from the 2nd floor of the house through the kitchen and into the basement. We’ll have a follow-up post later on dealing with insurance claims like this – while it’s different for a rehab project, we still have some tips to share in case you ever find yourself in this position.
The company has been busy because we’ve been able to keep inventory while we’re regularly hearing from investors and agents that inventory is “tight.” As a result, when we bring in a new house and publish it, we’re swamped with showings – we recently had a house in Springdale with 9 showings in the first hour!
So… A few updates on the rehab that we’re following… There’s one main contractor handling the bulk of the rehab. If you saw this house, you’ll remember that it was in pretty good shape and needed just a new kitchen, painting, some electric and various miscellaneous items including some attention paid to the private lane that the house is on. The investors really struggled finding new paint colors for the exterior because they wanted to stay true to the Tudor style but weren’t fans of dark brown. They chose to go with a gray/white body and dark gray trim. We think it turned out great:
At this point, all of the work has come in below our rehab budget except for concrete work. Both contractors that have visited the site have quoted over $5,500 for driveway work, so we’re helping them find a solution to repairing the necessary areas without going overboard on a totally new driveway. Kitchen cabinets are on order, carpet is scheduled and we expect this rehab to be wrapped up by the end of April.
Here’s a few more gratuitous photos: