Home > I am back-Rachael Update

I am back-Rachael Update

February 28th, 2019 at 01:15 am

Hi all

I have been away awhile here.

LOTS happened since we last talked.

I went to Israel!! wow.. incredible amazing trip. There is SO MUCH archaeological support for what is in the Bible.

I bought a house in Downtown Naperville. 2300+ square feet.. $433k.. $182/sq foot. Average square foot cost is $240 but going up to $400/sq foot across my side of downtown over the past 2 years.. got a real good deal I think.. my house was the 2nd lowest in 2 years outside of a tear down

I did the following to the house and just got permits completed TODAY

Full repipe, upgraded electric, regraded yard (owner had 4 feet of dirt piled around the house with landscape stone retaining wall), drain tiles, new kitchen, remodeled basement and 1st floor full baths, repaint, refinish floors etc

I WAS going to extend the dormer roofs but that is a little complex (older home, newer codes, higher cost than you would think to retrofit) and really there is no way to make the 2ndfloor look as nice as the first floor so I am investigating removing the 2nd floor and building a new full height second story going out to the outside walls.

Rough bids were between $135 and $175k.I have drawings and am obtaining detailed bids from 3 firms. My goal is around $135k or LESS and I think I can do that.. I can bring my own contractors for some trades and will do so for HVAC, electric, plumbing and windows.. all of which worked on the 1st floor and give me contractor rates.

The 2nd floor will add 600 more square feet.

I got $153k from the sale of the old house and have $70k of that left. I will make the rest up with income from me or rentals. and short term line of credit (already open if necessary). I do not want to OWE anything of the remodeling after a year. I pulled $100k out of investments to put down on the new house.

I have a NEW job.. LOVE it.. pays well. in Naperville.. great.. awesome.. 18 month + contract.. low stress.. large bank.. program manager. I can wear jeans to work!

Here is my net worth now. You will see it did not go up that much as I am spending a lot on the house and will not show or realize any value add until it is done.

House is 6 blocks from the train and real nice sought after area so expect to get my money back w this rehab if done cost effectively but I am involving realtors and other advisers to keep costs in check and make sure the value is there for the work I am doing

Networth below.

I am RELIABLY pulling $7-8k out of the rentals a month for the past 3 months!!!

5 Responses to “ I am back-Rachael Update”

  1. LuckyRobin Says:

    Is this house going to be another rental or is it for you to live in?

  2. Rachael777 Says:

    This is a house to live in. I am not planning to buy any more rentals at least right now.

  3. CB in the City Says:

    Glad to see you are back! Your trip sounds amazing.

  4. PatientSaver Says:

    Everything sounds great! Congrats on the new job, new house.

  5. AnotherReader Says:

    Missed this. Congratulations on the job and the house!

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