Rehab #12, Salem & Rehab #8, Wenham – Updates

Rehab #12, Salem - New RoofWe closed on Rehab #12 last Thursday and my contractor has already finished the clean-out and stripped and reshingled the roof.  As I mentioned in a recent post, the house was previously occupied by hoarders so there was a ton of “stuff” that had to be hauled out.When I stopped by the property on Sunday and stepped out of my truck, I instantly noticed the odor of the house.  Most of the smell was coming from the dumpster outside but there was definitely a stench still emanating from the residue of spoiled food and the water soaked clothes and trash in the basement.  Hopefully once the dumpster is taken out of the yard and my contractor finishes bleaching the basement, the smell will be gone.  However, as an added precaution, I’ll be using an ozone generator to kill any remaining odor that can’t be treated with bleach.  I’ve had great success with this combination in treating similar houses in the past.I attempted to record a video of my walkthrough but had some audio issues with my new camera.  I’m planning on going back to this property and to the Wenham project next weekend so the issue should be corrected by then.  Also, the demo and framing should be completed at both properties by then.

 

I’m looking forward to walking through Wenham because we finally solidified our floor plan which includes the addition of some exciting new features.  The first floor is going to be an open concept with the living room, dining room and kitchen sweeping across the front of the house.  We’ve also been able to incorporate tray and cathedral ceilings, and hardscaping into our plans.

Now to address the big question on everyone’s mind about Rehab #8: How much are all the extra’s going to cost??…well, my contractors, my partner, and I went over the new plans and we are projecting to be about $30,000 over budget for this project.  That’s above and beyond our $12,000 contingency factor.  That’s a pretty hard number to swallow but the only thing I can do is to suck it up and keep moving.

I will say that considering all of the extra work involved I think we are doing a great job by redesigning and adding features that will maximize the home’s value.  I’m going to have a couple local agents come to the house next weekend to get their opinion on exit value.

Stay tuned…

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