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Now, for anyone who’s new to the channel or hasn’t followed the series…this is basically like the real estate version of Tavarish and Hoovies garage…except, instead of fixing up high mileage exotic cars…I’m fixing up somewhat dilapidated, old properties here in Los Angeles. This is the update on the progress of the renovation.
As for the current rental real estate market –
I have NO IDEA how this is going to impact the rental market, and how difficult this is going to be to rent out. A few months ago, leases like this were almost non-existent, and anything that came on the market was snatched up in a matter of hours…now, I have NO CLUE.
I’ve talked to quite a few people who are holding off from doing ANYTHING right now, even though they WANT to move…which is totally understandable. Not to mention, there are quite a few people already out of work, and many more with their paychecks reduced significantly…so, I literally can’t predict what I think is going to happen here.
Part of me worries that, no one is going to want to move, people will stay put…and I might have to rent this slightly below what I wanted to get. HOWEVER…there’s also the very real possibility that someone might see this unit as a way to SAVE MONEY, and chose to rent it as a cost-effective measure.
But, I think one thing is for sure…there WILL be a high unemployment rate, people will be making less money this year, and finances will be tight. So, it’ll be in the eye of the beholder about whether or not this is the right value, or not. And, overall….I’m really curious how this is going to affect real estate values. I mean, we’ll be able to look back at this video from the future and see….but, I’m definitely keeping everything in mind, and paying close attention because something like this is not good to stay vacant.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
I remember MeetKevin talking to him about cutting costs 😀
3500/month for a house in a neighborhood with bars on the windows…..that’s stupid lol
FLOOR GANG !
HOW WOULD YOU INVEST $400,000?
Please please please do a video.
Ps. BIG FAN, I have been very good at smashing the Like button ❤️
Have you taken a look into how the AC will be distributed now that you’ve changed the floorplan? Just worried you’ll end up with rooms that won’t get cooled properly with the existing AC system.
When you tore it down you were left with a couple wooden sticks so you might as well have built one from the ground up lmao.
By the time you’re done with the renovation it will have been paid for by the progress video sponsors.
good luck with the rehab. haven’t had to go through it myself yet.
I have a same T shirt
Really?… A neck beard bro? Come on Mr. Stephan lol
Hmmm…pretty sure you didn’t increase budget by 25% but closer to 75%. you are not setting the right expectation graham!
so I’m curious do you personally do any work on this or your other investment properties? I know that there’s se stuff you can’t do legally speaking but drywall is easy enough.
Has anyone noticed that graham’s voice tone and cadence repeat every sentence?
Always surprised on how crappy American houses are built compared to Europe’s brick and mortar well insulated housing
HOLY SH*T WHEN HE MENTIONED CARTUBERS
Hey Graham was hoping you could make a video that describes the best platforms you use to manage your properties/ crunch numbers before making a buy/ or any software you use to make real estate investing easier.
Yo Graham Stephan huge fan of your work! I would love to see a collab between you and Alpha M you two are huge inspirations I saw he recently doing his own work on a remodeling project! 👀 #mydreamcollab
Please do not spend $100,000 on a remodel. This is a terrible rental/flip example. This guy has money to spend and the average person won’t have his budget.
Thanks for the helpful tips🌻👌 thumps up here too
Good selling video:) pretty sure he will find someone in no time🙂
Yes….. It never ends!!!!
Hi Graham,
I didn’t have a way to reach out to you, so I figured I’d just comment.
I’m super late to the game, but I just saw the Jubilee video with you in it here: https://www.youtube.com/watch?v=7jQ53OrHQ_k
Anyway, I just wanted to say I was really impressed with the things you said, and the way you came across. It was a really interesting video, and was very cool of you to do something like that.
I just recently subscribed to you, and just wanted to say that I was impressed. The videos on your channel are interesting, and I’m enjoying going through them (inspirational for sure!), but that Jubilee video is one of my favorites of you. It was interesting hearing all the perspectives, and it was powerful.
Have a nice day, -Fred
I have to say that I think it was a good idea to expand the house into a two bedroom. I don’t think anyone who could afford $3000 a month in rent would ever rent a house with a bathroom that blocked a bedroom . And I think you might as well have just flipped out the windows because you were already there and the mess was already made . No matter what, lots of landlords may have to reduce their rents in the future anyway. You just have to accept you’re going to be the owner of this house for a very long haul .
I’m totally on the same page as you. I like my rentals to stand out and tend to ignore the ROI in preference of taking pride in my portfolio. Cheers for the update mate.
No one told me this was a gun show.
Dear Graham:
PLEASE HELP HELP HELP HELP HELP HELP HELP!!
You give such Excellent Advice. How do I negotiate with my Landlord to give me RENT FOREBEARANCE due to COVID-19. As a Virginia Resident in my fifties with Diabetes, Asthma, Hypertension, and Heart Surgery; this makes me more likely to DIE if I catch COVID-19. I want to Quit my Job because of COVID-19. And I want to Quit my Job because my Husband is Sicker than me and needs alot of care. If I QUIT to Stay HOME, can I get UNEMPLOYMENT INSURANCE? And can I get the extra $600 in Unemployment Insurance? Also my Husband is hanging onto his Job, but he is working from home and he is so Severely Ill, that he is often in the Hospital or at the Doctors Office. Can he file for SSDI? How long does it usually take to be approved for SSDI?
I am in Dire Straits Financially and Healthwise. I would greatly appreciate it if you would PLEASE respond in the Comments and in an Email to me, as soon as possible. THANK YOU SO VERY MUCH.
commenting just for youtube algorithm
It could be worse. You could have to go through the bedroom to the bathroom! I once lived in a tiny house. The living room was so small, no room for another doorway. So we had to walk through one bedroom to get to the other one. And between those was a closet, where you could literally walk through one side of the closet and come out in the other bedroom! I hated that place but I was poor then.
Hey I was just wondering did you finish it yet
Hey, have you noticed any signs or plans from before for that place? Maybe second bedroom was added some time later after the building was complete?
yeah, ya got me
You got me there. Just started watching your videos. So far I like them.
Nice series man! Looking forward to a cribs tour once it’s completely finished and furnished (if you rent it out furnished)
Does anyone know how much total debt he has?
Do you think this is a bad time to invest in a rental property?
There are people in LA who RENT for 8k a month? Ya’ll are idiots
Really hope we get to see the end product. Excited to see it’s finished look.
Hey Graham, do you keep your youtube business separate from real estate, as in can you use sponsor money to cover the extra costs that came up with the remodel? Or the sponsor money stays with the channel for like future projects or what not…
you picked a bad time to do this.
The housing market, in my area (qc can) has seen a very deep spike in high end rentals. But we can just see they were air bnb and now theres tons of twice market value rental appartment flooding in.
My suggestion would be to slow the work down but make it right on time for end of june. Once the situation is resolved airbnb rentals will grab back their innocupied apps and resume their businesses. If thats the same for you then right now is not the time to find a tenant for this nice property.
I really want to watch your videos but 20 minutes of non stop talking is a little um, much. It’s too much 💁♀️
Hey Graham during this process how many hours a day did you spend on the property while the renovation was taking place. Or did you just check in occasionally
Ad/promo is way too longggggggg
Graham, time is not on anyone’s side when renovating properties and COVID-19 certainly threw everyone a curve-ball. We think residential rentals are still hot, but only when buying into the 1% rule (unless your exit strategy includes market inflation anticipation in 5 years or less, which now may or may not be on your side).We believe in the stronger markets, home values may experience deflation 3-8% from March 2020 market highs over the next two years, but rents should increase over the short term and maintain. You’re always bringing great content! Thank you.
do you have a go to general contractor for when you are renovating homes?
If you need a way to cut costs look up stonecoat counter tops on YouTube.
We can’t wait for more news 🙂
Hulk smash button!
Hey Graham: I would love to hear your perspective on becoming/being a RE Developer!
Can you talk about buying empty Lots!?!🙏🙏🙏
And here’s me thinking £950 per month in a nice area for a 2 bedroom house was at the top of the market and that’s within a 35 minute train commute to London Waterloo 😬
Can we get an update on this @Graham Stephan? That would be super interesting!
The old windows needed to go, please update.
That ‘L’ button really coming in handy during that Simply Safe commercial
Yep, you got me. I’m leaving now.
Just waiting patiently on that new update video :3
Did graham asked to real estate agents in countries like France Spain Germany?
“Stonks” 🤣
I honestly would like to know why did you buy the house if you didn’t like the floor plan in the first place. Love your vids btw!
Graham, I see 2 problems with your renovation.. As you most likely are aware the key selling points for renters AND home buyers is the master bedroom with the master bathroom and the size of the master bedroom closet AND the kitchen. These two things are key in regards to a home’s value.
With that said, although I’m sure you knew this, 2 key issues I see with your renovation is: 1) the master bedroom closet. Yes, I understand you had an issue with the floor plan layout, but with that closet being where it is and ONLY being that shallow, you’re going to turn off a good portion of home buyers when the time comes for you to want to sell that home because it’s not a walk in closet and people here in California, as you probably already know, have come to have an expectation of the master bedroom having a walk-in closet.It’s just the norm here in California now. That’s why ALL NEW CONSTRUCTIONS have walk in closets in the master bedroom.
And 2) again, in regards to home value, when you are replacing some of the windows in that home, if you leave those other “vintage” windows as is, you’re going to turn off, again, a good portion of potential home buyers because you’ve put all that work into renovating the home, including replacing some windows with modern windows and then you left some of the “vintage” windows in place. This is going to give potential home buyers reservations as to the quality of your home renovations and make people think,. if you cut corners on these windows, where else did you cut corners and was the work done right or will there be hidden issues or money pits if they buy that home.
Now of course, as you mentioned, you’re intent is to rent the property out. So of course, replacing those vintage windows may not be as important when it comes to renting, BUT keeping those windows as is, will definitely affect the value of the home when it comes to you wanting to take equity out of it, as well.
Also, as you’ve mentioned about SIP and this pandemic that’s happening. Historically, people who have gotten stuck in the middle of doing renovations due to uncontrollable circumstance, such as this pandemic, where the real estate and even financial markets are impacted; renovators tend to sell the home they were renovating just for rentals because the money pit they got themselves in to ended up causing them to not be able to wait out a 10 to 20 year period to recoup their renovation expenses.
And, I’d hate to say nor am I wishing this, but you might end up in this kind of situation, yourself, due to how this economy and unemployment rates are skyrocketing. And as you’ve mention people being strapped for cash, your available pool of potential, reliable renters is drastically shrinking. Which means you could end up with another tenant from hell again!.
So, my point is, you may want to do what you can with the renovations with the idea in mind that if you have to sell the home, for whatever reasons, that you’re renovating with keeping the highest value of the home in mind.
That’s my two cents!
just to let you know you didn’t get me there 5.46 I already smashed the like button
My wife is watching this show selling sunset and I look up and see a familiar face! Lol I see you!! It was the pool day haha
I want to be a tenant of Graham’s so badly
U got me !)
Just a tip for future renovations, with your contractors, you set the amount you’re willing to pay for labour, trust me they’ll get it done, a 3 bed 1 bath apartment that had to be have done similar repairs as yours took a month and a half and we were 2-3 guys okay, you’re most likely getting ripped off on the labour, like if they estimate a 10k job and your willing to give them 10K in labour for the time frame you set, they have to get it done or else they lose money, don’t pay hourly on these guys, they mess around. Take it from a Montrealer who sees this stuff daily from construction workers
Any updates on the reno/completion of the project?
this is the only channel i don’t need to speed up to 1.75. *=)*
smart eye candy, what a catch.
I’m all for shouting out to your sponsors, but the first third of the video!? That’s a bit much.
Hey Graham, hopefully not too weird to respond to an ‘older’ video. Do you have the changed floor plans posted somewhere? I am interested in the overview 🙂
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25%? You’re almost double. It’s actually easier to build a place than to renovate it. I’ve seen framing crews, 5 guys, frame out a 3500 square foot house in 5 days. All the doors, windows, trim? 36 hours (one guy who worked for the company I worked for, my job was to come in and fix his mistakes. He trim out a house working 24 hours straight, so me having to come in and re-hang a door (I don’t know how he got out of that half bath with the door swinging the wrong way) made the whole thing work.
So that back bedroom was an add-on. Good solution to that situation. That’s when architects really earn their money.
When I was still pounding nails, I had some clients in Ocean Park. The first one was estimated to be a 3 week remodel. I told them: “In 6 weeks when we are not even half done, and we’ve spent three times the estimate, and you’re angry with each other? It’s just the renovation, we’ll get through it.” A few weeks later they said. “Last night we were ready to kill each other, but then we remembered what you told us; we stopped fighting. But now we want to kill you.”
I was already moving into a different business when I got another call from up the street. I like looking at old houses so just to see the place I met the owner. I figured I could be nosy, and so long as I told the owner a few things it would be win-win. At the end he asked, “So how much?” “What do the other guys say?” “One contractor said $5k.” “That’s a start.” I pointed out that until we opened up that wall there was no way of knowing what would be needed, I rattled off more stuff. Then just to get out of the place I said “This would be a time and materials job. Everybody gets paid on Thursday so they can go to the bank on Friday. You stay on top of the job, because if there’s anything you don’t like, after 24 hours, that’s on you.” Okay. No way anyone would hire a prima donna like that. I got a call a week later. “When can you start?” “Me? How many people did you talk to?” “14” “So why me?” “Because you’re the only one who seemed to know what they were talking about.” It was a fun renovation. The best moment I missed. The painters were Salvadoreans, they had a guy on their crew who spoke a Mayan language, and almost no Spanish. A well to do film producer down the street, a third client on the street, entered the site and tried talking the Mayan guy out of a half can of paint. He ended up being chased down the street with the Mayan guy swinging a stick with a nail sticking out of it. The painter went down and sorted it.
I almost miss it.
Nice reno!
Anyone else notice Graham slowly getting hench? Stick in that gym lad!
You got me that time
I wanted to add a bathroom to a recent rehab I did on a 3 bedroom 1 bath real estate property here in Northern California. The least expensive quote I could get was upwards of $65K. I just couldn’t get the numbers to pan out. Congrats on this rehab though. $100K is a ton of funds to put into this but I am sure this will be a good little asset to hang on to for years to come. Nice work Graham!!
Relieved Graham finally learned the pronunciation for ceiling “joist”. I was cringing every time he said “joust” in the past videos. Same feeling when my boss insisted on saying stair “threads”, instead of “treads”…
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do a quick google search for *ECOM BAZZOID* someone posted your courses Graham
Do you plan on developing any lots in the future?
3500 a month for rent is crazy to me. My gf and I spend 750 a month haha
Wheres my update ????????
And while you’re at it, you might as well level the building and build a new one. lol
Was really hoping you were gonna go with Kevin’s idea with the master
You can get a house already remodeled for $100,000 here in Michigan. In a nice area.
Tbh when he had a $65k-$80 budget I already knew he was way in over his head lmaooo
Graham. What’s the status here???? Is it rented??? Final tour????
Did you finish this project? Tour??
To be perfectly honest with you, I was very surprised in your first video you mentioned a budget of $65k. Your $80k budget was more realistic, but when you gut pretty much a whole house, $100k is still a very good budget.
is this the last video this remodel got? I randomly remembered it today and wanted to see what the finished product looks like
Does the simply safe monitoring system work with 5G networks?
i love you, graham
I wonder if the house is still under construction.
I’d love to see Graham react to this video today now that we’re a year into the panaramic*. Lol
Is there an update on this?
First Video: Tear Down For My $75,000 Remodel
This Video: What Happened To My $100,00 Remodel
Last Video: Finally Finishing My $200,000 Remodel
Graham: “Most real estate investors….”
Meet Kevin: “WHOA”
always here for 3:37
Great redesign! Thanks for sharing!