Turns out that I'm quite the handy man, I have done full rehabs so I know I can do all of the work necessary. Not just floors and paint, but dry wall, texturing, plumbing, and whatever needs to be fixed. However, I need to assess how much work I want to do with this project.
This is a weakness, because I know I can save tons of money doing it myself. And the work will be good. I don't have to worry about contractors not showing up or messing up the project. However, sweat equity is VERY time consuming or relatively slow. I already know that I cannot do everything.
For painting, I think its a no brainer to hire someone to come in and spray (Not brush) both units. They can do this in a matter of hours. However, should I hire them to mask off everything, or should I spend my time to do it and lower my costs? It will depend on schedule and budget! I think I can get a good deal with a guy I hired last year.
The units are dirty, so I will be hiring out help to clean them up. I have some good contacts with very good rates.
The floors are going to be a tough call. Do I do them myself or hire?? I just got done completing saltillo tiles in my bathrooms. It was the first time doing it, I and did everything myself. My wife thought they came out fabulous! These tiles are very time consuming because there's many extra steps from ceramic.
These units are going to be a long, long term investment, do you think I should tile every room or everything except the bedrooms??
I have to decide if I want to do this myself. This will take some time because I'll have to tile about 2000 sqft. Holy cow!
I plan on writing out my plan in detail in hopes of more experienced investors that do rehabs like Trisha or whoever can make suggestions. After my inspections this week, I'll know where I'm at.
Holding costs are steep on this one, so I need to work fast. Although, if I have a solid plan going forward, I can get these units up and running and get this non-performing asset performing.