What I learned from my Worst Renovation (First full Gut)
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- Опубликовано: 20 сен 2024
- Here I talk about what I learned from my first renovation. There is definitely a lot that went wrong with this project and although I didnt lose money, there was a lot of theoretical money lost through opportunity cost, holding costs, and extra expenses that come with taking too long on a project.
So here I go over what when wrong, and what I learned from the project.
Consider it all "tuition" paid to attend the school of hard knocks of investing and building. Yes, not fun at all, but so many very valuable lessons learned. In that sense, money well spent on your education. We learn so much more from our mistakes than from our successes. We also tend not to make those same mistakes ever again. Thank you for sharing your videos - the good bad & the ugly - they are very informative, helpful and real life. --- I'm a new subscriber!
Quick Clarification: Experienced Investors might have no issue with buying many houses just like this due to having experience in knowing what to do plus already having relationships with many quality and affordable contractors. This video is really for the new investors who just jump right into Gut Renovations
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Im so amazed how you're able to keep such an upbeat attitude through all this devon! I just purchased a triplex in Pittsburgh. 2 units are fully renovated but the third needs a full renovation, probably a gut. This unit is 1 bed, 1 bath and I was quoted 50k on it. Is this normal? It has electricity but It needs plumbing and HVAC
Definitely impressed with your delivery and overall video productions. Clear, direct and accurate info. Keep up hard work! Next stop HGTV!
Very informative. Investors and future investors need to see this and adopt what you are saying
I've given you several thumbs up today
I really appreciate it! These videos take a long time to make :)
@@DevinMorenoInvesting :). Is it possible to connect with you via phone today or tomorrow after 5pm? I’m willing to pay you for your time and expertise. Initially heading down to Baltimore to check out some row homes but, I recently saw some homes with twice the number of rooms for a decent price. Would love to know your thoughts. What would be best for a house hack?
I can talk on the phone with you today after 5 pm. I'll give you a call. I got your email with your phone number
Thanks for sharing all of your rehab investment videos. Gives me something to look forward to (or not) as I begin my REI journey. Considering a full gut rehab mulitfam in upstate NY with no prior experience.
Yeah absolutely! Your experience may go much differently than this as long as you get reliable contractors and have someone whom is much more available to walk you through the process. So certainly dont let this video scare you! You should definitely go for it!
How did it go?
Great video, good learning experience for everyone that watches.
I'll be making more videos like this on any mistakes I made in my other properties as well. :)
About to get into my first rehab. Thank you for honesty
Great video. Thx!
I'm glad it was helpful!
Another quality video. Valuable information.
Much appreciated! I'm glad you enjoyed it!
Awesome video. Thank you for the transparency and the quality content that was to the point. I learned a lot from your experiences!
Another great video thanks for posting Devin! Very informative and helpful. I have to say I'm kind of sad that the framing guy lost his license because I really wanted to hire him. Just thinking how much money he would saved me by not installing all those joist hangers... Those things cost $1.20 apiece! 🤣🤣
Hahaha yeah it really broke our budget when we hired another framer and he said he would have to spend $30 to install the joist hangers. Such a shame! 😅
This is great advise. I'm having the same problems.
First time doing a gut reno. Could you do a video with your top 10 tips? Thank you!!
Sure thing! I can compile a list and post that very soon! I would say the number one tip is to draw out your plan and show it to all your trades (plumber, HVAC, Electric) to make sure it makes sense the way you are designing the house. Planning will save you a lot of money
Thanks for this video! It was enlightening
Ok so that I make sure I'm clear, you are saying that each licensed individual (i.e. plumber, electrician, etc.) has to apply for a permit.
Only the major trades (electrical, plumber, HVAC) need to apply for the trade permits. All others can be done by you (except structural work)
The point is clear to me that the sin qua non is to have a team vetted and able to perform i.e., shit or get off the pot. As soon as they breach - get rid of them if they throw shade or cannot remedy within 48hrs on first shot.
Are you sure you and your mentor are a good fit. Sounds like you have different approaches and temperaments. If anything, it sounded like he gave you and experience and lessons on what NOT to do on such a rehab deal!
I certainly agree that there are a lot of lessons on what not to do. This is the unfortunate side effect of him being too overwhelmed to properly work on this project. I also agree we are not perfect fits for a student/teacher relationship, but it got me going during a lot of times where I didnt know what to do, so I still feel no mentor would have been worse than the one I have.
@@DevinMorenoInvesting 100% i think even a project that doesnt go 100% according to plan u actually learn a lot more. Best of luck
Great wisdom talk. if you could become an investor contractor!!
Any constructor recommend?
How did you pass a framing inspection with door opening like that? Just a single king stud? No trimmers? A single 2x4 header laying flatwise? That's just a nightmare waiting to happen.
Not to mention i see holes at the bottom of joists for the romex and you framed against the cork board instead of removing it. That's going to be a mold issue.
The framing inspection in Baltimore doesnt require a jack and king stud or 2x6 headers in the traditional way. That method is certainly the best for security, but we are putting in a hollow door that could easily be broken down before the framing goes. Also you can have up to a 2 1/2 inch hole for romex in your joists to pass inspection. As for the mold, we arent too concerned because the corkboard wont be exposed to moisture, however has your experience shown this to be an issue?
@@DevinMorenoInvesting Well I'm not familiar with BC building codes, but I know roughing in door openings like that can be problematic. It's not all about the weight of the door. You also need to consider behavior during use and material and environmental factors affecting the wood long-term. I get it that saving money is the name of the game, and if there's no code violation I would expect nothing less from someone who flips houses. But I would have stiffened that part of the framing to avoid any potential headaches in the future or even during construction. At least stiffen the header, or block the studs next to the door.
As far as the cork is concerned, I saw your initial video on that property and it appears that cork board is affixed directly to the brick or perhaps to plaster and lathe? The brick and mortar will retain some amount of moisture naturally, so that creates a problem of the cork no longer being able to dry out in open air. Whether its directly against brick or against plaster, the cork is being enclosed in a wall cavity permanently. All roofs leak eventually, and the flashing above a shared brick wall is a common source of roof leaks. So you effectively have a gigantic sponge buried inside the wall that is just waiting for moisture to start growing. Perhaps if you seal it with something, an oil based paint perhaps, it wouldn't be of concern. But how difficult could that have been to scrape off anyway? It's just cork board.
@@rfehr613 I think your points are excellent. We have went ahead and told the contractors to scrap away the cork just in case. We didnt change the framing around the door per se but I will certainly monitor it. You seem extremely knowledgeable of this craft and it would be great to hear your ideas on other renovations that I post on. I'm certainly still learning everyday so any constructive criticism is welcome
@@DevinMorenoInvesting wow, didn't see that coming ha ha. Well I'm glad to hear that you're receptive to other ideas. I'm no expert on home renovation, but I have a little experience in a lot of different areas and i have some select related expertise. I'll check out some other videos of yours. I don't recall how I even landed on your channel, but it's probably something to do with me also living in Baltimore and working on my own house. It might have been when i was trying to see if there were standard practices for renovating row homes. My rental property wasn't gutted like your house in this video, so it's got layers of framing and other weird stuff going on.
@@DevinMorenoInvesting Thanks for all you do. I enjoy your videos. I'm in a situation similar to the one you spoke about ther other day. I have 25k.... VA loan eligibility, but owe state taxes. So, I'm trying to get a hard money loan and put the house in my Llc. However every house i see is a damn auction!! I hear there is a list that comes out on Tuesdays with great deals, but the person i know won't share the list. I believe it's purchasing from the city, but i know it's not the vacants to value program. HELP!!!!
I live in PG County and I am hoping to make the move to Baltimore in 2021. I want to buy my first home there and maybe rent out a room while meeting and networking with people who might be able to potentially mentor me. What would you say is the most effective way of finding a good mentor? Meet-ups? Any advice would be very much appreciated.
The most effective way to find a mentor is to find a realtor whom is an investor first. This is extremely important. If you just find any Realtor then they will not work well for you. You need one where being a realtor is more of a side job. Not a full time job
Hello-I live in Baltimore and have interest in real estate investing and looking for a mentor-Do you mentor new investors?
Unfortunately I am not taking on mentees but I certainly wouldnt mind answering any questions you might have.
hi Devin looking into owning properties business I would definitely like to come to bmore and pick ya brain for help
Yeah absolutely feel free to reach out by email and I can answer your questions there
you made so many mistakes that I've learned on youtube not to do in like less than a week.
yo cant blame the comtractior if you are so cheap
Unfortunately expensive contractors get over on investors too. I wish the problem was as simple as "pay more". Many advanced investors would gladly pay more if it were that easy. Working with investors and contractors alike is a skill. And I didn't have that skill when I made this video (hence my first gut reno)
never partner
Most millionaires have partners in some capacity. I think that simply knowing how to partner and find out who is best to partner with just takes a lot of experience.