What Happened To My $100,000 Remodel

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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

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  1. 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.

  2. If you want me to start Exposing people on videos starting with Graham Stephan Like my comment. I dont like making videos, but guys like Graham Stephan that seems legit and nice need to be exposed to. These guys sort of piss me off the most because they try to walk the line of I'm good. Infact they are not as good as you think they are. I even know things that even coffee zilla has not even mentioned yet. I care about others and I care about the truth and the whole truth. Graham Stephan is just one of many that might seem nice but is not that nice regarding really helping others. They will all be exposed and might need more than one video per person. So give me some feedback and I will respond back. Have any questions I will answer right away as soon as possible. I just hate half fake people or fake people that lie. If you want to know specifics about any youtuber including Graham Stephan I have no problem exposing him in a message either.

  3. 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"…

  4. 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!!

  5. 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.

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  7. 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 🙂

  8. 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

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