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rufflesinc said:   
walkerbait said:   
 
Buying a rehabbed place for $90k that rents for $1100 is not my definition of a great deal. Sure, it would be pretty solid, but without specifics I would *only* estimate a CoC return of 10.5% (10% maint/capEx, 10% vacancy, 10% property management, 1.5% property taxes, and no utilities paid by owner). My goal for a buy and hold is an 18+% estimated cash on cash return. This allows me the cushion that I need to always make money.

 

  That's why I use a mortgage.

  Right, I assumed 25% down with a 4.25% interest rate.

rated:
solarUS said:   
surfcaster said:   
Bizatch said:   Anyone have an idea for a cheap way to refinish hardwood floors?
  Rent a floor sander, few gallons of polyurethane.

I know of some people that just rent a buffer and buff floor heavily before slapping down poly.  Works if floor isn't badly scratched and floor has never been waxed.  Everything goes easier if floor never waxed.

buffer is much safer...you can screw up a wood floor pretty good if you don't sand it right. lots more room for error with a buffer. how much sqft? for me, if it's less than 800 or so, i'd be tempted to farm that out, preferably at ~$2/ft 

  
A floor sander usually runs at 1800 rpm so in one second, it's going around 30 times so even a 1/2 second pause will cause the drum to go over one spot 15 times. People usually don't have good control over it so that's how they end up with ruts in the floor. In my area, it's pretty competitive, there's guys on craigslist that advertise just 80-90 cents a square foot with 1-1.25 being more common per square foot. They usually cheat a little at that rate though, they consider the floor sealer which dries in an hour one coat, then they put another coat on afterwards and then come back the next day for the 3rd coat. 

rated:
Bizatch said:   
rufflesinc said:   
Bizatch said:   Anyone have an idea for a cheap way to refinish hardwood floors?
  how cheap are you looking? I get around $2 a sq ft. keep in mind if you do it right, it lasts decades. if you do it cheap you might have to redo it after a few years.

  This is a rental that I'll be putting up for sale so it only needs to look good/last for a short while.

  I would just farm it out to the Vietnamese floor guys. They will do it for ~$1 / sq ft, make sure you ask for 3 or 4 coats and watch them do it so they don't skim. Not having to deal with the dust and smell of the ploy is well worth extra $300 in my book (if you consider the cost of renting the machines, sandpapers, poly).

rated:
TYH3 said:   
Bizatch said:   
rufflesinc said:   
Bizatch said:   Anyone have an idea for a cheap way to refinish hardwood floors?
  how cheap are you looking? I get around $2 a sq ft. keep in mind if you do it right, it lasts decades. if you do it cheap you might have to redo it after a few years.

  This is a rental that I'll be putting up for sale so it only needs to look good/last for a short while.

  I would just farm it out to the Vietnamese floor guys. They will do it for ~$1 / sq ft, make sure you ask for 3 or 4 coats and watch them do it so they don't skim. Not having to deal with the dust and smell of the ploy is well worth extra $300 in my book (if you consider the cost of renting the machines, sandpapers, poly).

dunno where you got $300 from....obviously if that was the differential, somebody would be foolish to DIY.

we have lots of vietnamese guys around here, but i've not seen anyone offering to refinish that cheaply. every market's different. 

rated:
solarUS said:   
TYH3 said:   
Bizatch said:   
rufflesinc said:   
Bizatch said:   Anyone have an idea for a cheap way to refinish hardwood floors?
  how cheap are you looking? I get around $2 a sq ft. keep in mind if you do it right, it lasts decades. if you do it cheap you might have to redo it after a few years.

  This is a rental that I'll be putting up for sale so it only needs to look good/last for a short while.

  I would just farm it out to the Vietnamese floor guys. They will do it for ~$1 / sq ft, make sure you ask for 3 or 4 coats and watch them do it so they don't skim. Not having to deal with the dust and smell of the ploy is well worth extra $300 in my book (if you consider the cost of renting the machines, sandpapers, poly).

dunno where you got $300 from....obviously if that was the differential, somebody would be foolish to DIY.

we have lots of vietnamese guys around here, but i've not seen anyone offering to refinish that cheaply. every market's different. 

Right, $300 is the difference between DIY or farming out. Its not worth it in my opinion breathing all the dust even with the 1/2 MSA mask. One time my skin got all red from the dust still holding whatever chemical that was in the wood that got into my pores.

The cost for renting drum sanders, edger, belt sanders for 2 days, 3 grits of sandpapers for 3 types of sanders, 1/2 mask filters, floor sealer/poly and roller is ~$400 with tax. I had ~700 sq ft of floors + plus a set of stairs re-finished with 3 coats for $700. There are a few factors on getting a good price with the Vietnamese folks, but for any contractors really: If you had prior working relationship with them, if you are going to pay them in cash, how well you can negotiate and how much work they had at the moment.

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