Thank you! It was a lot of work - mainly because I have never done a rehab or any home improvement before. I was also trying to stabilize my first park, learn management, do evictions of awful people etc. etc. 2nd time around will be much easier because I know what to select and can simply check all the boxes, have it all shipped and stacked into our shop building and go from there.
Your questions are spot on - how much “premium” did I get over doing a rehab for much less. Also I should ask - did I leave money on the table? I didn’t advertise for this couple, nor negotiate the price or length of payments. If I’d said 60 or 72 months for pay-off, not 48 - would they have gone for it? Dunno. If I’d said $1,000 a month would they have still signed on the dotted line? Have no idea.
I did a bunch of “change orders” on my install guys - which of course racked up the cost because they were by-the-hour. The project was not planned at all - it was no further than “Ivan make a decision on XYZ.” “Goddamnit Lou! Fine - I’ll get to you in an hour.” Since then I’ve learned a ton - purchased remodeling management software and will optimize labor - I now have cheap labor to do demolition, sub-floor repair, flooring installs, sheetrock prep for pre-paint. I will save my $25 per hour master carpenter for cabinet and lighting installs and trim. Trim, LED recessed lights, modern griege paint, light gray washed oak vinyl plank flooring and 6 panel doors made a huge difference all by themselves. Probably I will not go “stunner” level on the master bath again - I’ll do travertine floor again but not a crazy lipless shower. Everything takes 2-3 times longer than planned obviously.
The cost didn’t come really from the finishes. And this project would NOT make sense to do on a functional mobile home that doesn’t have 35 y/o particle board cabinets falling apart. If the home is in good mechanical shape then my project doesn’t pencil.
But if the home needs a gut re-do anyway, if you got it “free” with the park purchase and the market is strong, then the additional cost of the high finishes I think made sense.
Cheap kitchen sink and faucet: $150
Pot washer sink you see there: $299
Cheap vanity for master bedroom: $250-$300
Vanity in my remodel master bath: $599
Cheap guest bathroom 27" vanity: $99
Vanity in my remodel guest bath - 70% off sale - originally $800 - paid $240 - solid wood, solid marble top:
Cheap toilet: $99
My slimline toilet that helps make the master bath feel spacious: $300
Total extra cost vs buying crap fixtures: $800 - less than one month rent - but gives the “wow” factor and the feel of quality to the renter/buyer.
LED recessed can lights are now only $99 for a 10 pack
on Amazon. Labor is the significant cost but my tech does a great job and the ceiling was open anyway to rebuild rotten trusses.
Kitchen counters look remarkably like black slate stone - but are actually a pre-formed laminate counter sold at the big box store for - get this SIX DOLLARS PER LINEAR FOOT: