Abandoned Warehouse Renovation 💰💰 Full Cost Breakdown
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- Опубликовано: 1 июл 2024
- In this video, we breakdown the actual costs for an abandoned building to dream home renovation. Get yourself a Mr. Cool mini split today: mrcooldiy.com/
In additional to the full detailed expense and cost breakdown for the renovation, we’re going to figure out how much I saved by DIYing the renovation - a full DIY savings breakdown.
Lastly, we’ll have a respected Chicago realtor come in to estimate a listing price for the abandoned building post-renovation, and we’ll find out if I made or lost money on the renovation.
// Ali Green - @properties
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// ROCKLER WOODWORKING PRODUCTS
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• Sprayer (aka hopper gun): bit.ly/2SqdhmO
00:00 Introduction
00:46 Purchase Price for Abandoned Building
01:10 Overhead Costs
02:28 Demolition Cost
03:18 Framing Cost
03:58 Electrical Costs
04:29 Mechanical Costs
05:03 Plumbing Costs
06:09 Insulation Costs
06:54 Drywall / Durock Cost
07:43 Window Cost
08:22 Penthouse Room Cost
08:52 Roof & Skylight Costs
10:09 Hardwood Flooring Cost
11:06 Painting Costs
11:38 Guest Bath Finishes
12:39 Mr. Cool ad read
14:57 Kitchen Renovation Costs
17:12 Master Bedroom Renovation Cost
18:19 Master Bathroom Finishes
20:53 Stair Renovation Costsa
21:39 Entryway / Hallway Renovation Costs
22:26 Roof Deck Costs
23:53 RUclips Studio Buildout Costs
24:33 Total Cost & DIY Savings Reveal
25:08 Did I Lose Money on the Renovation?
27:05 Listing Price Reveal
28:42 Comparable Used for Valuation
#renovation
#abandonedbuilding
#diy 
Хобби
How much did you make on RUclips so we can understand the full profit? 😅
RUclips is my job...I make videos for a living and each one takes 40-60 hours on top of the time spent doing the renovation...It is not a cost or a savings in the renovation. You're basically asking to see my tax returns... Don't get me wrong, I'm very grateful for everyone that watches, and the life that RUclips allows me to have, but there is a line to how much of my personal life I'm willing to share.
@@modustrial Instead of giving actual numbers can you just say that with You tube revenue plus your commercial sponsors was it worth it to you to do all this work yourself over 4 years. In other words do you feel better off selling your old place and renovating the new place and in a better place fiscally?
Thats not really how it should be looked at... I quit my job as an attorney to make RUclips videos full time, and the first part of my life as a RUclipsr was spent documenting this renovation. Would I have made more as an attorney? Yes. But am I happier doing things I'm passionate about instead? 💯 Yes.
Ha, fair enough. Thank you!! And please do feel free to comment. I didn't mean to come off as angry... Your comment was not over the line whether joking or not. There were many others saying the same thing in a less tactful way. I chose this one to respond to and pin since I felt it was stated in a nice way 😃
@@20Millzie07 I don't think you understand the hypocrisy in telling someone not to get defensive, whilst getting defensive and saying "Won't be commenting again" because you got a factual reply instead of a high five for a "joke" that has been made hundreds of times before...
This is actually sooo insane, i literally been watching since u started this like ep 5 or 6 and literally watched every single eposide, i cant beleive its even been 4 years. holy
Thanks!!!
Totally agree, four years has really passed by fast 💨😅! Thanks for all the videos!
Same here , good job
I know. I remember watching during the height of COVID. Time flies.
Same here, I bought my place during Covid and I been watching this channel since then. 😅
The fact that the cost of the whole renovation 687,340 + the DIY savings 263,800 is literally equal to 951,140 pretty much being the exact price the realtors came up with is pretty surprising.
Yeah so he broke even, right.?
@@robbertmadden1386no. He saved $260k+ - if everything was hired out he would have broke even
@@robbertmadden1386 If he didn´t do the DIY yeah.
Not really, by doing all the work in savings he kept that money and not being upside down he pays taxes on a space that could have been 30% higher without the labor/cost savings. It is worth 1.5 million in most places I think. Let's see how the tax accessor values it???@@robbertmadden1386
@@robbertmadden1386 It's still in Chicago.
4:12 Having done electrical work for over 20 years, I can tell you, that starting over was the way to go. Trying to retrofit stuff rarely works out.
You are the only major renovation that I've seen that has spoken realistically about costs.Every other renovation treats costs are a magical mystery.
Yeah of course, because you let people know what your financial situation looks like. Except this guy who was a lawyer, where the building doesn't reflect his entire net worth, so he doesn't care.
This guy is a great influencer. This isn't a stupid idea at all.
Thank you!!
Declan, your real cost was close to the professional valuation but your finishes are streets ahead of trade finishes and there’s no doubt that you have an exceptional property. How could you not love it ! Congratulations on your completion.
thank you!
Love the transparancy about all the RUclipsr cost savings
Same. I'd also be interested to see how much was recuperated via RUclips monetization as well
I think you seriously under estimated the cost savings for finish trim installation. Nice place. Good job. This video clearly illustrates that renovating an old building into your home is neither cheap or easy.
Total Cost - $687,340
DIY savings- $263,800
Estate agents valuation $959,000
That’s really not so much profit as it might sound, when one spreads it over 4 years.
@@jpp7783 Money from youtube vids too buddy, overall its pretty good.
RUclips Profits: millions!
@@jpp7783 Plus he counted his own time as profit against hired help, but didn't value the opportunity cost of his own time working as a lawyer.
For anyone who's calculating profit, you don't get to count your DIY savings as profit if you're calculating this as an investment. The reason being he could have been doing the exact same work over a period of time which would have generated the same income. So in this case you have to take that savings and amortize that over 4 years. Which means he was only paid $5.5k/mo (or $35/hr) to do the build. For example he even said charged $16k for similar doors; Odds are if he JUST did doors over 4 years, he'd have made double that per month after you amoritize the net.
It obviously get's a little grey since these videos are his real job. So he's actually taking double salary: 1) Construction Labor ($35/hr) 2) Video Production (what ever he earns against the videos). And the two jobs depend on each other. We wouldn't watch these videos if he had hired contractors for all the finishings, and he wouldn't be doing the labor if he wasn't making these videos. This is easier to understand if you think of him making, say, video-production centric videos on youtube - which garnered similar views/earnings (a la Potato Jet). And if that was his primary job, but he decided to renovate this building on the side as spec-job/investment. He wouldn't have done the labor himself, and it would be a pure investment.
So in terms of investment, he spent $951,000 and this property has an estimated value of $950,000. That's a $1000 loss.
If he had invested the exact same amount of money in the S&P 500 in 2020, his net profit would be $958,789
If he had invested the exact same amount of money in the S&P 500 in 2023, his net profit would be $237,750
If he had invested just the initial principal (building acquisition) into the S&P 500 ($350,000), his net profit would be $354,975
So in pure investment terms, He's earned a substantial loss when you include conservative opportunity costs. There's other factors you can easily apply here as well. For instance he loves doing this kind of stuff. He's building a brand in tandum which is the actual investment. His video production earnings well out-earned that $958,000 profit.
My only real question is why hasn't the property appreciated in-it-of-itself over 4 years? If he had simply bought a single-family-home and never even touched it, it would have appreciated over that time. Almost all property have moved up something like 5-6% YOY.
I live in Chicago and can’t build a single thing, but I started watching because my friend in Australia asked me one day if I’d heard of you after he saw your videos. 2 years later and I’m showing my real estate agent girlfriend every video because you make it all so fun and easy to follow along to!
huge fan from taiwan. after watching your videos I tried to DIY my own house here after moving back to taiwan...its not easy at all~~~. so happy to see you making such a great recovery from the illness.
Thank you!! 🙏
Been here since the first video, amazing journey, probs my favorite series to follow this past few years.
thank you!
I've installed 6 of those Mr. Cool units in my business. Saved me THOUSANDS. Love those things. Highly recommend em for sure
They're great!
Yea I saw them recently, and really looking to get the 2 zone system for my garage and a hot room. Looks super simple and pricing is great!
@@BarbershopReviews you wouldn't regret it. Will say it's a two person job to get em installed generally, but they work just as perfectly as all of my professionally installed units
you 've put blood and tears in this build, the custom pieces of furniture and lights and the fact that are made from someone with valuable provenance, your aesthetic interventions that makes this building having value as a whole are immeasurable and I think will provide you and your family with a property of much greater value than the sum of its parts. I hope you enjoy it, can't wait for the next video with the channel updates!
Best renovation series on RUclips hands-down, and this cost breakdown just tops it off.
Congratulations! You deserve it! You worked long and hard on this build and even almost lost your life. Now is the time to enjoy the fruits of your labor.
Totally agree, but £10 says he's sold up and bought the next renovation project within the next 18-24 months 😉
@@oliverking9951 I don't think so. He loves this place. He bought and reno'ed it for him to live in and have his business on the first floor.
I recognise a serial renovator when I see one. It's 90% the renovation process and 10% enjoying the fruits of the labour 😉
One thing I like about your videos is that you always smile, even in difficult situations. I also admire your drive and your versatility in taking on complex challenges like building and installing your own cabinets. Spectacular job - well presented in your videos. Four years is a long time.
For a future project, I think expanding your small penthouse on the roof into a larger penthouse with a bedroom with views, a bathroom and a kitchenette area would be a beautiful addition to your home. You would have to engineer it for the cold winters in Chicago, but it would be unique and beautiful.
Also, building out a commercial storefront area on the first floor would be interesting and profitable for you.
Again, great job. I am a licensed General Contractor in AZ and I learned a lot from watching your videos.
This remodel is going to be difficult to top; but you, MM, are the man to do this thing! Your comments on cost and where it is are right on; "Location, location, location" has been a mantra for Real Estate agents forever. But really, I think you did it most for yourself- your feel for how it ought to be in your world- and you didn't leave out the sprinkles. Absolutely stunning!
As an attorney... He was shocked by the cost of an architect...?!!
Well in all my days. The pot calling the kettle black...
😂
🤣
I am so ridiculously proud of how this space has turned out! I remember obsessing over this project starting in 2020, religiously watching it every time I got out of work. It is honestly such a beautiful piece of art and it still feels so cozy as well as opulent. You literally helped me picture how to describe my style by doing it right in front of me! I would easily pay over a million to live in this gorgeous space ❤
Looking back to the beginning, the realization hits that I have spent a lot of time watching this building transformation. I found the channel at the start of this journey, and haven't missed a single video. It has been a great vicarious experience, and I can't wait for more.
Wow has it really been 4 years? I remember the first video of yours that I watched being the one where you were in the process of moving out of your apartment having just purchased this warehouse. My, how time flies! I really do have to thank you though. Your channel and a handful of others kept me distracted, if only for a little while, from the grim, dark and depressing reality of the outside world during those 2 years of Covid. I really cannot thank you enough.
I have been watching from the beginning and feel that what you have created is truly unique. Priceless! Thanks for sharing.
Amazing that you've completed this monstrous task of renovating this building! I remember when you first purchased this and you thought it was going to only take a year! Regardless, you're driven and inspiring to each of us who watch your videos. Looking forward to the plans you have for the future, I'll be there to watch, like , and comment!
Cast iron plumbing is a pretty common requirement in commercial buildings, but everywhere else in the US allows rubber "no-hub" fittings instead lead joints which makes the install about as fast as PVC. Chicago has a pilot program to allow them, but it hasn't been rolled out to the whole city yet unfortunately
That would be so nice!
Des Moines Iowa has the cast iron but allows the rubber.
Crazy thing is the lead "seals" don't allow for any expansion - whereas the rubber ones do, it's actually a less efficient, more problematic system to use lead.
Cast iron is required due to sewer rats. I watch a plumber in New York that mentioned this. The rats can easily chew through PVC so the major cities only use cast iron for this reason.
@@glenziga7464 PVC is allowed underground, the problem with PVC is that it burns so it's not allowed where it could contribute to a fire in a commercial building. Being rat proof is just a bonus to being fireproof
Great job! I started watching from the first episode! Four years of work really paid off, congratulations on the completion of your project!
I very much appreciate the candid breakdown of everything that went into the build and construction of it all.
thank you!
Congrats on conceiving and seeing through such an incredible passion project. I’m not sure how long I’ve been watching your channel, but since well before you started the warehouse renovation. It’s so cool and inspiring to see someone living their dream. Thank you for sharing!
I love the transparency! Not too many people talk about this stuff.
Thanks for the follow up detailing the expeditures/savings. This has been a dream of mine, but I don't think I'll be able to bring it to a reality... so I'll have to be happy living vicariously through your experience! I'm very greatful that you decide to share your journey with us!
Congrats bro! Been here since before you started this project (when you were doing those fine benches and sinks). Your craftsmanship always fascinated me and this project is the crown jewel. Love it!
Excellent result! 4 years, eh? So that's how long I've been watching you climb this mountain. It's been a great journey and I can't wait to see what's next.
Can't believe it's done... that was fun to watch!!! Great Work🎉
What a great buildout! And i just really heard what you said... I've been watching your channel for over 4 years. Keep up the good work
I've been watching since before the property was purchased, and man this has been quite a journey! Congrats on the assessment and I can't wait to see what is coming next!
I have been watching you for more then 4 years! You have created a magnificent home ! Congratulations 🎉
I have followed the build since day one, it has been a hell of a journey. Amazing job ❤
We loved this series, can't believe it has been 4 years.
Looks so amazing and very inspiring.
been watching since Episode 1 of this series, its amazing what youve done from episode 1 leading up to now! well deserved amazing HOME! its crazy to think that building is your HOME! keep em coming man! Love it!
I feel so much closure. Nice Job dude!
This is by far the best pandemic content I have watched. For your blueprints to be well under 10% of the total cost, I think you got a great price. Excellent video as usual!
Thanks for documenting this incredible journey. Definitely enjoyed watching the entire series, and seeing everything come together along the way. Can't wait to see what you do next!
Thanks much!
Really good job with all of the things., Started watching you when you got the building and it has been a great journey to see over the 4 years :D exited to see what you do next.
Been here since the beginning. Very happy to see it complete
It's been a journey. Incredible effort & good to see your hard work rewarded with a great valuation. Looking forward to your next property reno ;)
This is amazing.
After 4 years of patience, the reward of completion must feel incredibly good.
Congratulations!
Congratulations!! It's been fun watching the renovation and the amazing work you did.
Its awsome you are done, been here since day one! Looks amazing
wow you defintely did the work and got great results both in the living space you'll enjoy and also the valuation of the property you put so much love into. That's awesome dude, congrats.
Your home is beautiful. I’ve been watching since the beginning and you are a very talented young man. Best of everything to you. I can’t wait to see you making things down in the workshop.
Amazing! I am so stoked to see what's next. Easily one of my favorite RUclipsrs,
Glad to see things worked out for you despite all the chaos and hiccups that came along with it. If only I had years of Chicago-area attorney income backed up to try something like this myself haha. Best wishes on the next project(s) and hope you've been able to unwind with some good scuba trips!
I remember subscribing after watching EP1 the day it was uploaded, great to see results of your journey.
It’s been a pleasure watching your journey. Great job 👏🏻
It's been a long road but so much fun! I'm looking forward to seeing you present videos while sat in different parts in your new house.
Absolutely amazing work it looks amazing from top to bottom. Can’t wait to see what you do next.
Awesome!! Thanks for the honest breakdown and happy to see a profit IF it was needed
this is worth way more -- so nice and recently upgraded. great video
Thanks for getting us all through the pandemic with an amazing video each month!
Such an incredible achievement! Wow! :D
It's been a privilege to follow you on this astounding journey and I really hope you are quite proud of yourself for doing this. Great job!
Thanks for giving us something to look forward to, especially during those early days of the lockdown!
You started this four years ago? I remember being in my parents basement when the series came out and loved it. Moved twice since then, how things change! Keep crushing it
Way to go, Mike! Really proud of you and happy for you! I've been a subscriber for many years and really enjoyed this video. Thanks! 🎉📹🛠👍
Feels like you started this series yesterday. We loved watching the entire process!
i have been watching this from the start i cant believe thats all its worth I really thought it would be near the two million mark its not a great turn around for all the time spent at it im really shocked it was a pleasure and thanks for all the great videos
Been quite the journey but this place has turned out far better than expected! It doesn't hurt that all of the design choices are ones I'd personally go for too! Got some good ideas for personal future projects too from this. All in all congrats on the finished space!
Good job Michael. You have done a fantastic job on your renovations, doing a lot of the work yourself. You are so talented. I enjoyed every episode from day one.
💕Aunt Bernie💞
been real cool to watch this from beginning to end. you killed it dude, and made an incredible home and workshop for yourself. Best wishes for the next journey!
Has it really been 4 years. Damn. You came in my feed, and Ive never stopped watching since episode 1. The only renovation series that's honest about mistakes / costs and where you and / of the money came from. Really curious about what you'll be cooking up next. Buy another building and another X year long series? Count me in!
Congrats man, looks awesome!
Thank you for 4 great years of information, entertainment, inspiration, transparency, and reality. Really glad I found your content during Covid. Redid a house myself once, in Miami. All concrete. I feel for all the DIY you put into your place. Kudos and congrats on finding the finish line. Can't wait to hear about future plans!
Thank you!
Amazing work! Thanks for sharing all the info in a transparent way which help put things in perspective. You are a super inspiration for a lot of us
Thank you!
grats, homie. most important thing is that you enjoy living there. good luck
This series was so much fun to watch! I can't wait for the shop renovation videos (:
thank you!
I am so glad to be following you from a very long time. You are one of the best if not the best in this field. I enjoyed every moment of ur uploads. You are very honest and a kind person. you are talented and u got a nice taste in designing. The way u document this and presented its amazing. As well as the editing these videos. All I can say is (hats off) ❤
thank you for the very kind words!!
What a journey. Congratualtions on everything. Amazing work and really cool to follow along.
This reno was definitely incredible to watch. I am thrilled that you are already coming out ahead
Thank you!
Great stuff. I have been watching since the beginning. I remember watching the tour of the old place before you sold it. I am so happy for you! All of your hard work is not only paying off financially, but mentally/spiritually you seem to be fulfilled and on the right path. Keep moving forward because running water does not go stale...
I am so happy we were able to help so much with the build. I guessed about 500k or so, I wasnt far off. I guessed a million if you sold it, dang, I was close! Congrats man.
This series has inspired me to do a lot of RUclips documenting of a project I hope to start in 6 years. I'll keep you posted.
That's awesome! Can't wait to see!
Amazing journey man!! Congrats and looking forward to the new steps. Another renovation??? 😁
So happy for you my man, what a journey!! God bless and as always, thank you for providing us with this chanel, just a great corner on the Internet!!
thank you!
Congratulations on your successful build. I am glad to see the beautiful results of all your planning. It looks to be worth much more than the estimates you were given, but I don't live in your neighborhood. A great presentation along with all the other videos pertaining to the construction. And most of all I am happy to see that you made a full recovery. Look forward to more content.
Thank you so much for this amazing journey Mike! I hope this is not an ending, let us know what will be your next project! 🙌🏻🙌🏻
Next video will lay out some big plans for the future!
Wow, nice to see your hard work highly valued!
4 years , wow i start this renovation with you , awesome! thanks for sharing this with us , Congrats! in your "dream" house/workshop :P greetings from mexico
And.....Congrats!!!!! Perfect job! Your house is amazing!!!!!
I'm astounded it wasn't over the seven figure mark, honestly. Absolutely fantastic job on the renovation, I'm looking forward to see what you do next!
It is surreal being here since the first video, time really flies, it was 4 years ago maybe more. Great work hope the best for u. I would do the same thing but have a coffee shop/ bakery as a commercial space
I really enjoyed this series. Hell of a journey.
Been watching since the first video of this Warehouse Reno... what a journey. Congrats on the estimate! Looks amazing! Looking forward to what comes next for the channel.
Thank you!!
Wow that’s an amazing turnaround lots of work thanks for sharing. Was a great series to follow along with I know you’ll love living in your dream home and look forward to what’s next 🫶🏼👊🏼👏🏼
You made my sink idea (without knowing it) in the master bath. Dual sink with a connecting channel. Thought it was an original idea. Looks good and can't wait to put one like it in my master bath. Thanks for that
Bro this is so crazy. I got in on this on like, the 2nd episode. This is so crazy to see how long it's been! What a journey, wow!
Will continue to watch the channel no doubt but also very happy the renovation project is "over"
Loved the past 4 years, sorry for the loss of your cat :(
I've been here since before the first video of this series. This is amazing, Crazy to see what you've done! I used to go to the Xsport on Elston for many years.
Thanks Joe!
I loved the whole journey - from start to finish. You should be proud and happy, Mike. You did a spectacular job.
Thank you!
Great wrap up and summary of the reno Mike. It's been a fun journey to watch and I can't wait to see what's next.
Thanks!
YOU ! You made me watch your renovation project for TWO HOURS ! And I am not even American ! And I am not even male ! And I am not even young !
And you made me subscibe and like and watch this as well !! GOOD JOB!! 🖤❤🧡 😊
ha, thank you!! 🙏🙏