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It cost 7k to get my rental property rentable....

By burritos   Follow   Sat, 16 Jul 2011, 6:38pm   1,269 views   14 comments
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This was a former marijuana grow home which was raided by the police. 2400 sq ft home. 4 bed 2.5 bath. After it was ready it took 2 weeks, but we have a 12 mo lease signed for $1600 per month.

Included in the repairs were:
1. Front door replacement(police trashed it).
2. Back door replaced(original builder built the doors with the hinge/pins on the outside so anyone could enter by dismantling the the pins).
3. 4 12x12 vent holes were punched through the garage wall to vent their marijuana air into the crawl space. That portion of the wall had to be cut out and replaced.
4. Crawl space had to be reinsulated as the growers had dug around to get their vent pipes to vent outdoors.
5. The downstairs carpet had to be replaced. The indoors had to be repainted.
6. 1/2 the blinds had to be installed.
7. Attic had a nest that had to be removed and cleaned out.
8. Garage door fixed as it was sealed shut to create a air tight marijuana grow enclosure.
9. Water heater repaired.
10. Microwave replaced.
11. CO monitor installed.
12. House cleaned, upstairs carpet steam cleaned.

Never had to fix any of my rentals before. Seems like my PM did a good job coordinating the fix. I walked through it 2 weeks ago and it's looks nicer than my place.

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1. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 169 threads 4,156 comments Premium

   1   8:08pm Sat 16 Jul 2011   Share   Quote   Permalink   Like   Dislike   Protected   If you put back all the grow utilities and had the tenant manage you could rake in all kinds of loot from the marijuana business.

2. burritos Follow Befriend 52 threads 269 comments Newbury Park, CA

   2   8:11pm Sat 16 Jul 2011   Share   Quote   Permalink   Like   Dislike   ptiemann says How does this relate to bashing homeownership? Please stay on topic. Seriously. Though I don't want group think to totally Monopolize the forum. While I agree that RE in general Is in the crapper. I think there is lemonade to be made out there.

3. burritos Follow Befriend 52 threads 269 comments Newbury Park, CA

   3   8:13pm Sat 16 Jul 2011   Share   Quote   Permalink   Like   Dislike   APOCALYPSEFUCK is Tony Manero says If you put back all the grow utilities and had the tenant manage you could rake in all kinds of loot from the marijuana business. No thanks though I am a big fan of Breaking Bad.

4. clambo Follow Befriend (5) 1,070 comments Santa Cruz, CA

   4   8:24pm Sat 16 Jul 2011   Share   Quote   Permalink   Like   Dislike   This is the topic, he is describing the joys of being a landlord.

5. FortWayne Follow Befriend (13) 102 threads 3,759 comments

   5   8:36pm Sat 16 Jul 2011   Share   Quote   Permalink   Like   Dislike   it cost u 7k and i'm really bill gates.

6. burritos Follow Befriend 52 threads 269 comments Newbury Park, CA

   6   8:56pm Sat 16 Jul 2011   Share   Quote   Permalink   Like   Dislike   EMan says it cost u 7k and i'm really bill gates. Sorry. The property cost 200k. It cost me 7k to fix it.

7. Katy Perry Follow Befriend 8 threads 530 comments Murrieta, CA

   7   4:15am Sun 17 Jul 2011   Share   Quote   Permalink   Like   Dislike   why did the cops raid the place? bet it was not because of the grow.

8. bill1102inf Follow Befriend 18 comments

   8   7:00am Sun 17 Jul 2011   Share   Quote   Permalink   Like   Dislike   Well, #1, you totally got taken by spending $7K to fix the house. Probably 500-1000 in material there.

9. Nomograph Follow Befriend (1) 104 threads 2,851 comments

   9   8:00am Sun 17 Jul 2011   Share   Quote   Permalink   Like   Dislike   bill1102inf says Well, #1, you totally got taken by spending $7K to fix the house. Probably 500-1000 in material there. A decent quality front door and handleset costs over $500 alone, not including installation. Interesting how you can state that the OP got "totally taken" without ever seeing the repairs. Lots of sour grapes and negativity here.

10. corntrollio Follow Befriend (5) 27 threads 2,073 comments

    10   10:59am Mon 18 Jul 2011   Share   Quote   Permalink   Like   Dislike   bill1102inf says Probably 500-1000 in material there. Hard to say that, actually. The water heater alone could eat up $500-1000 depending on the water heater. Carpet could eat up that amount alone, depending on the amount. Painting interior could eat up that much alone, depending on the paint and painter. Of course, it also depends on what the return is as well. Sounds like it'd be good on this place, but not sure.

11. Payoff2011 Follow Befriend 5 threads 122 comments

    11   3:16pm Mon 18 Jul 2011   Share   Quote   Permalink   Like   Dislike   bill1102inf says Well, #1, you totally got taken by spending $7K to fix the house. Probably 500-1000 in material there. Says the renter. I'm shocked he could make a growhouse liveable for $7K. Keep renting bill1102inf. You have no business buying until you understand the costs better.

12. corntrollio Follow Befriend (5) 27 threads 2,073 comments

    12   4:09pm Mon 18 Jul 2011   Share   Quote   Permalink   Like   Dislike   Payoff2011 says I'm shocked he could make a growhouse liveable for $7K. I agree. I thought this was a very reasonable price to get a growhouse into shape that he could rent it for a reasonably high rent. How much of a deal do you think you purchased this house at, burritos? Also, if I may ask, where?

13. mdovell Follow Befriend (4) 28 threads 776 comments

    13   5:19pm Mon 18 Jul 2011   Share   Quote   Permalink   Like   Dislike   Better call Saul! Seriously though I have a friend who's family had something similar. I'd highly recommend checking everything out. With his at one point we were moving things around and lifted the heat register only to find out it was really a hole to the basement covered by a register..no heat whatsoever. There were no inside stairs to the basement and steps needed to be fixed etc. If it was known as a drug house it will be harder to get tenants that lived near by. Don't try to cover it up as they can probably google the property. Make sure you make it clear that no one is to make any drug in it. If it happened and you do kick them out then eventually reputations start. Junkies can get a good idea where "stuff" is by reading police logs. It sounds pretty big...do you have plans to raise the rents after the lease is out because considering what you paid and any potential maintenance to be a tad low.

14. burritos Follow Befriend 52 threads 269 comments Newbury Park, CA

    14   6:49pm Mon 18 Jul 2011   Share   Quote   Permalink   Like   Dislike   ptiemann says I just have to add some negativity, sorry Mr Trump. Lemme see.. how much has your zestimate declined while you spent the $7k on that money pit? Zestimate when I bought was 220k. It's now 203k. I've lost money already.corntrollio says I agree. I thought this was a very reasonable price to get a growhouse into shape that he could rent it for a reasonably high rent. How much of a deal do you think you purchased this house at, burritos? Also, if I may ask, where? Fife, wa. Property was bought new in 2007 for 357k. mdovell says Better call Saul! Funny. I just started watch Breaking Bad last week too.