The dust quietly settles at the new duplex project in Irvington and only some re-shaping of the landscaping and exterior projects remain.  Both new residents have moved in and one side is settled in, the other is quickly organizing since the movers finished up last night!!

exterior of the Irvington duplex project BEFORE

exterior of the Irvington duplex project

It’s been a lot of work but rewarding!  The simple addition of some board & batten shutters enhanced the street appeal.  I still think I need to paint the entry alcove???  Since the doors face each other, it would give some definition to the entryway.  We really need to trim the front bushes!  Today my daughter and I laid down some bark-o-mulch and trimmed & cleared the front beds.

There were not too many “unexpected” costs on this remodel, but you always need to factor in a few!

We had a large, ominous, dead tree in the backyard…overhanging the garage and neighbors yard.  It looked like a “middle-of-the-night-phone call” during a windy, winter storm to me!  We got multiple bids and Tree Masters gave us an awesome bid plus were very efficient and did a great job of clean-up.  We gave the wood to friends and neighbors!!

Tree Masters did an excellent job removing the dead tree

What's left of our dead tree

Somebody's warm fireplace this winter

Waiting for pick-up

The bathroom was finished as the new resident’s moving truck pulled up….nothing like a little “last-minute-stress”.  But, I love the color:  Sherwin-Williams Historic Renwick Rose Beige in the HGTV paint line.

Newly painted bathroom

We replicated our efforts at the Webster/N Mississippi duplex and replaced the working wood fireplaces with electric fireplaces for ambiance and a little added heat for those cold winter nights!

drilling from basement to connect new electric FP

Due to the fact that bamboo from our neighbors yard (we like to lovingly call it the “haunted house”) has grown under the concrete driveway and into basement crawlspace of this side of the duplex, it was a little more difficult for my partner to find access to the fireplace, but it finally got done!  Just to warn you about how prolific bamboo is…no wonder it’s the new “green” replacement for flooring, furniture and more…you simply can’t get rid of it!!!

These 3 renovation projects over the last 3 years have been exhausting, rewarding and a good investment.  Each of the three projects have a positive cash flow monthly (rents cover principal, interest, taxes and insurance PLUS).  With interest rates so low and lower prices on local real estate, I feel it’s an opportunity to add to an existing financial plan that would include emergency savings (always first and foremost), IRA’s and/or 401K’s, stocks and bonds!  Diversification is always the name of the game!  I think wherever you are in your life plan, you’ve witnessed the recent wild ride of the stock market and the necessity of  keeping loose and exploring options!

I have a new duplex project and my partner and I have been planning, preparing and putting in some hours.  This is not nearly the scope of a remodeling project as our last two duplexes; where we had to refinish hardwoods, gut kitchens, add insulation, replace sinks, extensive prep/painting & more.  All the same, it takes a bit of imagination, time & energy.  This new investment is a substantial 1940′s side-by-side duplex in another superb neighborhood that has been basically maintained, occasionally upgraded and obviously loved!!  The hardwoods on both levels were in great condition, none of the vintage had been disturbed and with some minor imaginative cosmetics, I believe we will have a great piece of real estate!!

We started with taking advantage of the Sherwin-Williams paint sale and utilized their low-VOC/HDTV color palette and threw some color on the walls.  I didn’t agonize as much on these colors as I did with the last two.  Maybe I’m getting more confident in my attempts at design?  The kitchen screamed for paint and re-surfacing the cabinetry plus new hardware from the Habitat for Humanity Re-Store (my home away from home during these remodels…love finding a deal)!!  We put our kids to work on digging a ground space for a new stone patio for both sides and enclosing the area with a fence.  It was like putting a puzzle together and we learned the hard way that the directions can be very general and not specific to your situation!

We are upgrading some lighting, putting in an electric fireplace (found a great buy on one on Craigs List today), repairing some dry-rot, dry-locking the basement.  We held our first open house yesterday (not everything finished but getting closer).  Even with the holiday weekend, we enjoyed a great turn-out and may have found some great new occupants!!  All this is making the tough mortgage process I endured almost worth it!  :-).  I believe in real estate as a great long-term investment!

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Portland Homeowners: Start Your Engines…I mean, Projects!
Summertime is almost here (or at least Portlanders can hope and dream) and many people will be starting home improvement projects. Some may call it “Honey-Do” season. Whether they’re classified as maintenance, updating or energy saving, they should make homeownership more enjoyable and increase the value of your property!
Remodeling magazine’s 2010-11 Cost vs. Value Report suggests that some improvements are a better investment than others. Front door and garage door replacements are two of the easiest and return the greatest percentage of cost on resale.

Kitchen and bathroom updates transform an older home and instantly give visitors and buyers a fresh impression. Countertops and appliances can be expensive but yield great results. Painting the cabinets and replacing the hardware is much less expensive to change the look and feel of the rooms.

Energy efficiency enhancements can improve your enjoyment of the home and help save money on utility costs.

• Replace older appliances – refrigerators, ceiling fans, water heaters, air-conditioners

• Add insulation to keep your home cool in the summer and warm in the winter

• Seal air leaks around doors and windows; holes in attics and crawl spaces with caulk, spray foam or weather stripping

• Seal all heating and cooling system ducts

Looking through the eyes of a buyer could show you what features most date your home and could order the priority that you tackle the projects, especially if you are planning to sell any time soon.

Is it possible to “connect the dots” in life and integrate good health, financial wealth, real estate acquisition, home & family, business organization and a sound mind?  The biggest obstacle when sustaining such a balancing act might be the “sound mind”!!!  Since childhood I’ve heard “cleanliness is next to Godliness” – (possible Hebrew proverb) or ” a sound mind in a sound body is a short but full description of a happy state in this world” – (John Locke) or is the reality ” a man who is ‘of sound mind’ is one who keeps the inner madman under lock and key” – (Paul Valery) ????  I’m thinking they are all offer some truth (but, I’m personally betting on keeping that ‘madman’ under lock and key).

We have a world where multi-tasking is an accepted and expected state of existence;  juggling family, friends, pets, careers, homes, investments and more.  So, how does one stay organized, focused, take time for exercise, raise your young children, sustain a positive influence on your grown children, take care of your aging parents, walk the dog, be aware of the present, plan for your future, make time for your friends, save the planet, experience life and not drop a ball?  If you are looking for an answer, you might have to look elsewhere.  If you are looking for a discussion, I’m your gal!!

However, I do have a few referrals that might make your life a bit easier.  It’s always about prioritizing, budgeting and making time and/or allocating money to occasionally splurge on the “extras” in life.  A level of frugality is something I respect and incorporate and often “shoot myself in the foot” by not carving out the $$$ to get the help I need. 

Maybe it’s getting someone to advise with the tedious re-organization of your office so you can accomplish those goals written on a post-it note at the bottom of a stack of papers.  Or, it might be time to hire that personal trainer to get you “jump-started” on those soon-forgotten New Year’s goals.  Maybe it’s visiting a health professional for a stress relieving massage or an assessment of some pain or discomfort.  And/or the proper care for your pet could make a difference. Perhaps, it’s including professional staging when you are preparing your home for the real estate market.  Could a life coach help you solidify your goals and give you direction? 

Some of these people might be able to help or direct, just give them a call!  None of it will be a sales spiel and I think you’ll be pleasantly surprised at the high level of expertise you might receive:

• Valerie Aston, L.A.C., MSOM. Licensed practitioner of Acupuncture and Chinese medicine who treats a full spectrum of health concerns including: all types of pain, allergies, digestion problems, insomnia, and anxiety. For more information call: 503-432-3863 or vason.lac@gmail.com
• Tina Oliva, RYT.  Complete strength and balance.  Personal yoga instruction in the privacy of your own home.  Home organizing & color consultations/designs.  Go to www.yourmindbodylife.com or call 503-756-3137 or info@yourmindbodylife.com
• Arlene Lord.  Professionally beautifying spaces for 10 years.  Professional designer to take on a total or partial remodeling project or staging your home for market.  Visit www.lordinteriordesign.com or call 503-206-8451 or arlene@lordinteriordesign.com
• Dr. Elizabeth Altermatt, DVM. Associate veterinarian & pet pediatrician.  Great care for your pets! Online resources or on-site at 14831 SW Teal Blvd, Beaverton or team@murrayhillvethospital.com or 503-579-3300.
• Dr. Lori Gibson. Compassionate Care Home Pet Euthanasia, a 24/7 service for your beloved pets in home or off site. Also, aftercare counseling and assistance. See www.drlorigibson.com or call 503-880-1172
• Stephanie Somanchi, MBA, PhD, Life Coach.  A professional to help you develop a vision for your life.  Often seen on KATU AM Northwest.  See www.stephaniesomanchi.com or phone 503-372-5208 or coach@stephaniesomanchi.com
• And, of course, for brainstorming your real estate investments Janeese Jackson, Principal Broker 503-709-0802 or jj@janeesejackson.com .  Check out www.fabulousportland.com !!!

There is an option for that entrepreneurial buyer who wants to purchase and renovate real estate!!!  Sweat equity is still “alive and well”.  We’re not necessarily talking about “flipping” (although, seasoned professionals do still seize opportunities to buy, renovate and flip).  We are talking about a home to renovate and occupy or renovate and rent!  In today’s market, purchasing a “fixer-upper” can offer a unique opportunity for many home buyers.  A good financing solution could be the FHA Streamline Renovation Loan or the FHA 203k!!!

You can get up to $35,000 of loan proceeds to make the needed upgrades or repairs.  Your down payment could be as low as 3.5%.  The appraisal and loan amount are based on value after completion of repairs.  The loan closes before the work begins.  You can take up to six months to complete the repairs or remodeling.  The funds can be used for a variety of repairs and improvements, from roofing to appliances (almost anything but furnishings).   FHA is known for having less stringent qualifying requirements than conventional loans.

So, my investment partner and I have worked for most of the summer getting our cute, vintage duplex renovated.  You may remember that it is located near the trendy N Mississippi neighborhood (also located at the west end of the Alberta Arts District).  What a project!  But, there does seem to always be some “drama” involved in every remodel.  More on that in a moment.

N Mississippi area duplex

We actually had one side finished enough to hold an “open house” on Sunday 08/29 and we were excited to have gotten so many inquiries from our various online venues.  From the multitude of calls and e-mails, we did secure 20 applications!  I have to say I would have rented to each and every applicant!  It was amazing.  I also noted that there were many young couples that were moving from outside Portland and from out-of-state!  And, all had jobs….very interesting considering the “state of Portland Real Estate” and our local economic “woes”!!?? 

Ok, so what did I learn from this remodel project?  I reinforced that the “Restore” by Habitat for Humanity is my best friend and that Lowe’s has been my “home away from home”.  We found everything from lighting fixtures, inexpensive toilets, tar-paper, paint & primer, knobs for the kitchen cabinets, doors at Restore….I love this place!  On our last remodel (the N Vancouver duplex in the N Williams Corridor), we had already learned to appreciate the Restore!  However, once you buy it … you own it (but, you can always donate it back for a tax write-off).  What we couldn’t find at a deep discount at Restore, we managed to find at Lowe’s with our 10% off coupons.  Lowe’s is great about returns, so if you don’t know exactly how many of something to get, don’t sweat it … buy it, either keep your receipt or put it on a debit/credit card and return if necessary!  I also scrounged on Craigs List for various items and Hippo Hardware for some vintage doorknobs.  We gutted the kitchens and the new black-n-white “art deco” kitchens will be mighty cute, but my experience with the “untangling of the IKEA kitchen” will forever be etched in my brain!  Just like with the sale of a home, a little staging can make a huge difference.

a bit of staging can make a difference

The classic, vintage details of the renovation were extremely rewarding!  We went from the “oops paint job” to a classic and authentic rendition:

"oops paint": the before

after "oops paint"

 it’s amazing what a little paint can do to “ambience”!

And, “All About Wood Floors” did a great job on the refinishing of the hardwood floors!  We’ve added insulation, remodeled the kitchens and the baths, separated the water meters, built a fence, painted the interiors (trim on the exterior).  I chose some Benjamin Moore paints this time for the interior.  The color designers at the 9th and Salmon store were very helpful (and I went through a lot of testers).  I do have to say I put a little more time and effort into all the details of the investment properties I own than some might see as prudent, but I really believe it pays off with tenants that appreciate the work and live in the home with respect!

From our open house, we did secure rental commitments for both sides of the duplex, so now we are down to “crunch time” to get the units completed!  Hopefully, next week both sides will be ready for their new occupants!  Of course, we had a slight medical emergency and my partner ended up in the emergency room (nothing to do with the construction project).  However, you always have to count on the possibility of delays!  So, I would just factor that into the business plan.  Always live and learn!

I am happy to report that I have no sordid tales of murder or general mayhem visited on any IKEA employees or patrons but you may have heard some loud “wailing and gnashing of teeth” at the end of last week as my partner and I continued our quest to finish yet another duplex remodel.  The kitchens had been completed “gutted”  and one side of the duplex has (after enlisting the help of my partner’s 20-year old son) a brand new kitchen.

kitchen #1 almost complete in N Mississippi area duplex remodel

this goes where?

new duplex kitchen starts as a million puzzle pieces

So, after visiting IKEA and ordering our 2nd kitchen (this should be easy right???  We’ve already completed one?).  We quickly have our helper work his magic and somehow unravel the amazing number of parts and once again construct cabinets out of the rubble.  Anyway, as the myriad of tiny parts became recognizable shapes, we realized that for some reason this particular configuration did not fit the 2nd kitchen.  HELP!!!

It’s these type set-backs that “try mens’/womens’ souls”.  But, what are you going to do?  On our last summer’s duplex remodel, it was a “tagging” that set us back.  So, we proceeded to deconstruct the kitchen, box it up and head back to IKEA.  I have to say the helpful kitchen designers were very patient and assured us they had no knowledge of anyone ever dying (or killing each other) while trying to put together an IKEA kitchen.  I do believe we will eventually have that 2nd kitchen….really, I do!  Our goal is to have the first unit ready to show by the end of this week (I believe I said that a week ago??).  Oh well, at least there’s progress!!! 

Okay, so they definitely have the cutest kitchens at reasonable prices at IKEA.  However, I had no idea what a kitchen might look like in boxes.  I met with a great designer at IKEA and she helped me design and decide what elements to order.  My partner picked up the MULTIPLE boxes and brought them to the duplex and I/we experienced a “little moment of Hell”.  You know, that Christmas Eve after dinner and wine and the children have gone to bed?  And, you get out those boxes to put together “Santa’s gifts”???  Yeah, it was just like that!!  Luckily, my partner has an available 20-year old son who rode in with a red cape and “saved the day”.  Somehow he was able to walk into the duplex and look at all those incredible number of pieces and make sense out of the “fray”.  It’s a jig-saw puzzle!  This goes with this…like that, etc!!  It’s something you see…or you don’t.  However, from that disarray it is actually starting to look like a kitchen! 

Pieces of a "jigsaw puzzle", the kitchen is pieces "before"

new tub surround in bath

the kitchen is now almost complete!

The bathroom has a new, sparkling surround over the original cast-iron tub and just needs a new vanity and toilet and a splash of paint.  We are hoping to start advertising for renters by the end of the week!

Remodeling tests the strength of your resolve.  I feel like it’s very much a step-by-step process combining a flexible plan, lot of resiliency and a bit of faith in your vision.  You are watching the rose unfold, the painting evolve, the present unwrap…okay, I’m a little melodramatic sometimes.  But, it is my “baby” and I really, really care about the progress.  Again, I have a philosophy that if you love your property, your tenants will care more about it!  I’m enchanted by this North Mississippi neighborhood and I appreciate the vintage and “feel” of this piece of real estate.  I’ve already had multiple calls wanting more information about renting simply from people “cruising the ‘hood”.  The refinished hardwoods look great, authentic and aged, but really good.  Thanks to “All About Wood Floors”/503-309-4036 (they finished the floors on the Vancouver duplex last summer also). 

subtle, updated colors replace former "hot pink" paint

just in case you forgot the former awful bright pink

black & white "art deco" look in the kitchen w/soft yellow walls

new tub surround, we were able to save the window

New insulation, bathtub refinishing and kitchen next week.  Stay tuned….

"OOPS" Paint Gets Removed at the duplex renovation!

 And, so the work begins on the new duplex/investment property near the North Mississippi neighborhood in Portland Oregon.  It’s a great 1926 vintage side-by-side duplex and it needs some cosmetic updating!!  The new neighborhood is well-established (with one family owning 4 homes on the block) and that neighbor knows all the stories of the ‘hood (as she grew up on the block).  She calls the atrocious “mauve” paint job, which adorned the otherwise beautiful, original built-ins: “oops paint”.  This “oops paint” is what you get when there’s a particularly good deal on someone else’s paint and find out why it was considered a mistake! 

The same solution, Klean-Strip, was applied to remove the paint as was used on the duplex remodel at the North Williams Corridor last year to remove the awful adhesive that held the vinyl tiles and it appears to be working!!

There have been bids, bids, bids and decisions, decisions, decisions!  So far, there have been bids for insulation (as the house has very little), a plumbing company bid for separate water meters, a flooring company bid to refinish the hardwood floors.  I’ve spent two days at Habitat for Humanity, Lowe’s and IKEA choosing kitchen cabinets and flooring plus paint.  But, I’m starting to get a vision of “all that it can be”.

Tearing up the damaged vinyl flooring

The vinyl flooring was a mess and already peeling, so it was fairly easy to remove.  I’m envisioning a “black and white” kitchen that will be simple with clean lines and not fight with the “vintage”.  IKEA has a great deal on kitchen cabinets and new appliances (that were priced close to the “used” prices I paid on the North Williams corridor duplex appliances!!).  And, you can design your own rooms online!

The new fence construction will begin tomorrow and Pedro Naranjo will again perform the honors.  If you need a good handyman or help with small construction, cleaning or landscape projects, give Pedro a call at 503-443-8232 (although, he’ll be busy for about a week)  . Happy 4rth of July!!!