Read the transcript:
00:00
good morning everybody this is Joe light
00:03
sorry about the sunglass it's extremely
00:05
bright I am under here I have to keep a
00:07
lot I can't see handy to a property that
00:10
my wife and I we're partners own and I
00:15
wanted to talk real quickly about the
00:18
reason why I'm going is to check on the
00:19
progress of a half bathroom that we're
00:21
installing so I want to talk about the
00:23
value that half bathroom would add to to
00:26
a property now the National Association
00:31
of Homebuilders estimates that a half
00:34
bathroom adds ten and a half percent
00:36
value onto a home and this property is
00:39
worth probably 160 maybe 170 actually
00:43
probably closer to 160 probably what
00:46
does better but so that brings us out
00:49
less $16,500 what this this bathroom
00:52
according to them will act just for your
00:55
information they estimate that a full
00:57
bathroom will add 20 percent value onto
00:59
onto a home so art we have a Mason great
01:06
guy very talented very gifted who's
01:09
going to give us a half bathroom for
01:10
$4,000
01:12
now he's I'm based in these Mason's they
01:13
don't care they don't care about bricks
01:15
they don't care about opening up walls
01:16
it's nothing to them that's what they do
01:18
whereas you have to talk to a contractor
01:21
it gets to be a big thing basing pulled
01:24
this off they'll do it all day long so
01:27
basically when you subtract $16,500 or
01:30
I'm sorry subtract the $4,000 cost of
01:32
the bathroom from the 16,500 that will
01:34
get in equity it's a great deal so it's
01:38
kind of a no-brainer for us but our
01:39
reasons are actually other than just
01:41
monetary I mean it's at least monetary
01:43
so I guess if you follow my train of
01:45
thought it eventually does get monetary
01:47
but we bake we inherited a tenant that
01:49
is not really ideal for us she's an
01:52
elderly woman who is in incredibly poor
01:54
health
01:55
now we expected her to move out by now
01:59
she's waiting to get to an assistive
02:01
living development and it just hasn't
02:03
happened and it doesn't look like it's
02:04
going to happen anytime soon
02:07
so that's kind of causing us a problem
02:09
because the property is actually worth
02:10
in rented far more than she's actually
02:12
currently pay so as is right now she's
02:15
paying five hundred and fifty dollars a
02:16
month on rent the property is worth
02:18
eight hundred and forty dollars a month
02:20
in rent as is you know when we've
02:21
finished we expect to get around eleven
02:24
twelve hundred dollars in rent so we
02:25
want to get in there we want to renovate
02:26
it we want to make it new we want to get
02:28
our equity back out so on and so forth
02:30
we want to do everything we do now we're
02:33
not the business of being nice to old
02:35
ladies you know we're not and I don't
02:37
suggest you being the business of making
02:39
nice to old ladies there's really not an
02:43
economical way foundation that you can
02:45
actually run your business being overly
02:47
nice to elderly ladies however we're
02:50
definitely not the business of being
02:52
mean to elderly ladies either so my wife
02:55
and I are looking to boot this poor
02:58
woman who's lived in this house for 12
02:59
years now where are we looking to crank
03:03
her rent up from five hundred and fifty
03:05
dollars to the forty that it should be
03:07
so we're trying to figure this out
03:10
without damaging the tenant I don't know
03:14
that I'm fully advocating that you do
03:16
what I do we don't have to find our own
03:18
path this is my wife in my path but this
03:22
half bathroom actually helps us out
03:23
because she actually can't get up the
03:25
stairs to use the bathroom so she
03:28
actually had a toilet installed in the
03:30
stairwell of the first floor so there's
03:32
the toilet this random toilet just
03:34
sitting in the middle of the floor
03:35
horrified certainly attracts value from
03:39
the property so this half bathroom is
03:41
actually going to allow us taking rid of
03:43
that toilet it's going to allow us to
03:46
give them a bathroom that they can use
03:48
so we can get into the only bathroom
03:50
that actually is there the full bathroom
03:52
and give it a full gut job and the
03:54
daughter can go sees an adult daughter
03:56
so you can go to the gym and shower
03:58
there and at least they'll have a
03:59
bathroom that they can relieve
04:01
themselves the full bathroom upstairs is
04:05
just a full gut I mean everything has to
04:06
go the toilet has to go the tongue has
04:08
to go that vanity has to go the ceiling
04:10
has to go the walls the floor the
04:12
subfloor everything has to go so it's
04:14
we're going to need a good two weeks to
04:16
get in there and to do this you know
04:18
it's a Philadelphia home
04:20
the largest really can't throw a lot of
04:22
contractors in this room it's too small
04:24
really if you had two contractors
04:26
working that that room it's going to get
04:28
a little tight we'll probably just use
04:29
one contractor and I'll probably just go
04:31
there and work on it myself so again I
04:35
just want to talk real quickly about the
04:37
value a bathroom adds to a property and
04:39
maybe discuss some of the reasons why we
04:40
do what we do and I'm gonna upload some
04:43
photos of the before photos some during
04:46
photos and some after photos and
04:48
hopefully you guys can actually create a
04:50
dialogue and we can actually discuss in
04:52
the comments on this video the different
04:56
things that different improvements that
04:58
one would make and the value that it
05:02
might not anyways you guys enjoy your Saturday
