Keith called me this morning to give me an update on the plans. At the time, he said the cabinets would be in today and the countertops were being installed in the afternoon. He said he would have to do some work on Monday - the cabinets the first guy made had no end panels, meaning the side that faced into the room was just raw wood. So Keith picked up some panels and took them to get them finished the same color as the cabinets. Those won't be ready until Monday and that's what he's got to install them.
This afternoon at 5 PM, he called to give me another update. Two-thirds of the upper cabinets are in and screwed together. They've still got one or two more to put up, which will be done on Monday. He hasn't heard yet on if the panels are finished, so if they aren't done by noon or so on Monday, he may have to come back on Tuesday. The countertops are all in and the sinks are installed. Keith also mentioned he picked up some lazy susans for the two corner cabinets, which did not have any.
So pretty good news so far. I also spoke with someone about clearing the weeds and they will be in the area on Tuesday to give me a quote for that. I'm hoping he can also get the job done on Tuesday, but if he can't, I'm going to go ahead and list the property anyway, assuming all the other stuff is done.
Friday, July 29, 2005
Another Update on Cabinets
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5 comments:
Hi Shaun, I couldn't figure out how to email you. I've been reading your blog for months now and have just created my own. Our blogs are very similar but we've gone different directions in terms of what we invest in. http://monarchcrest.blogspot.com/
Hi. I purposely try to keep my email address off the blog to cut down on spam. Comments are the best way to reach me.
I'll check out your blog tomorrow, when I have some more time.
Haven't holding cost really eaten into any profit you expected at this point? I don't know if you told us what you bought this place for, but most rehabbers don't budget 4 months to get cabinets installed. Anything left on the table for you once this debacle is over?
Yes, there will be plenty left over for profits. My holding costs are very negligible because there is no mortgage on this property. It was paid for with cash. Total holding costs are running about $50 / month for utilities and $75 / month for property taxes. Insurance is about another $35 / month. So my holding cost comes out to about $160 a month.
Believe me, if I had a mortgage, there is no way I would have let the cabinet situation drag on as long as I did.
The long holding period will not significantly affect my profit. It will however, really mess up my annualized ROI. When the place is sold, I will post all the numbers.
Good to hear that! Wish you the best on this place, and will be looking forward to you posting the numbers when it sells.
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