I’m In Over My Head With A Remodel
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- เผยแพร่เมื่อ 7 พ.ย. 2024
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No reason for her to be in this situation she makes over $100k she could have sold as is and move somewhere else .created debt for no reason
It’s so crazy to me how yall still think $100k is a lot of money
Sounds like she would break even at best
She's BROKE!
I think they really didn’t want to tell her how dumb this was and how shes way out of her head. Dave needed to take this one 😂
Exactly!
Jade, this hairstyle looks amazing on you!!! Love it!
I think it’s a wig.
Dont try to flip a house unless you know how to do all the repairs yourself and you can when shit hits the fan. Dont expect to just hire everything out and make money. If that was the case, everyone would be doing it...
On my experience remodeling is always way more expensive of the initial budget and dont adds value to the house
Even if it sells for $375k she will be 60k in the hole.
Remodels do NOT add value to houses, statistically, in most cases. Im all for doing then if you are gonna live there long term and it will add to your quality of life. Also, how you gonna make 3 bedrooms and a batroom out of so little? Maybe 2 bedrooms and a tiny closet but this seems delusional. Ppl really need to run numbers before starting on this bs istg
That’s not true at all. It def depends on the what it is your remodeling/adding
@@reese85they said “statistically” meaning in the majority of cases. And the average homeowner isn’t in a position to accurately judge. The safe bet is to sell as is. Personally, I’d rather sell at a loss than go through the hassle of a major remodel
I've worked in a number of capacities for a lot of home renovators over the years, and I've renovated my own home. You can add value to a property, but you better be prepared to get your hands dirty and you better be prepared to live rough. Really rough. Then, you better be prepared for fairly modest returns on your investment. Yes, it looks like you've made a lot of money when you sell the house for $750k that you only paid $495k for, but by the time you account for finance costs, materials, your labor, and factor in the fact that
houses in your area have appreciated for "X" regardless, you might just find that you've just worked a second job for a good hourly rate and nothing more.
People make money flipping houses, but it's just money, it's not a "get rich quick scheme". One of my acquaintances went to the wall trying, too. It cost him everything, including his health.
@TonyCox1351 refer to me or quote the statistic that says that but you ain’t gotta take my word for it! Read David’s comment
Kept it. Move. Rent the current remodeled house. Use that money to pay off remodel costs. People do it all the time.
Being a landlord is not as easy as ppl be making it sound and honestly! It’ll prob put her in a worse financial situation being which her mortgage isn’t paid off on top of her having the new loan of 90k for the remodeling
She’s wayyyy underestimating these costs. Just $20k to add a whole bedroom and bathroom? Just sell as is.
not sure why she needed to Remodel too. Remodel doesn't mean you will make more money.
She shoulda focused on the bedroom & bathroom first
That can be done where we live. About three years ago, we remodeled our entire downstairs with new flooring, a big bar and cabinets, a home theater system, and a new sectional couch for less than $10,000.
I do agree that she should just sell as is.
@@jimroscoviusyeah that's not anywhere close to the same as adding onto the house. She's talking about adding square footage onto the house not turning a living room into a bedroom.
She spends 100k+ to make an extra 100k?
That makes no sense.
It should not cost more then 40k to built a 3 piece bathroom.
Thought the same thing and said “watch, someone in the comments is going to call that out too” lol
she actually lose money if spend 100k and get 100k. She has to pay for interest and commission.
$40k? We can do an entire bathroom for less than $10k!!
Stop and tidy up the remodel. Sell as is. Good luck to Kayla, and to us all. We have less time to pay off debt than we all think. ✨😊✨
Why remodel when you literally know you want to move and thats your goal...
You can sell it for more when it's done
@@Rokashy, remodeling before sale rarely pays off because the buyer probably doesn't have the same sense of style as you. Getting rid of a house quickly saves money in the long run.
Better to sell as is. Most owners would remodel themselves.
🎯 the call is sad. The woman seems nice. Only debt she had on top of her mortgage was her car. She borrows $100 000 grand and all the hassle to sell it for $120 000 more. ….. and it’s still not enough $. People really need to know what they’re doing with huge money renos.
@bobmcdoggish9659 that’s why you keep the remodel simple
Renting is the worst thing you can do now with landlords charging insane amounts. Avoid renting if you can or at least get a fair deal. Market price is not fair
She’s living beyond her means on every level !!
Why remodel when you literally want to move.
I've been retired for about a year now, and let me tell you, it's not all sunshine and relaxation like people imagine. There are parts of retirement that no one warns you about, and I think it's so important to be prepared, both mentally and financially
Yeah, l've heard a lot of people say that the transition to retirement is tougher than they anticipated. It's not just about money; there's this whole psychological aspect to it
That daily routine you had for decades, where you woke up, went to work, and had a sense of purpose? Gone. No one really talks about how jarring that can be. When I retired, I suddenly had all this free time, but I didn't know what to do with myself. It's easy to feel lost.
One of the biggest challenges I faced was the social aspect. When you're working, you're surrounded by people every day, you have colleagues to talk to. But in retirement, a lot of that social interaction disappears, and it can get lonely.
I wasn't expecting that.
Women and their need to remodel a perfectly fine home. SMH 🤦
My gf is like this
In their defense, I’m currently modifying a perfectly good car 🤷♂️
@@rsafree1139the male version of this. Haha. I have to keep that part of me in check but have a 65 mg that I look at in the garage and it looks back with those puppy dog eyes wanting just one more fix
She is living beyond her means on every level.
As a realtor, I can tell you there are many many issues with this situation.
The days of flipping are long gone.
She got greedy with the remodel, trying to get over $100k profit… Should’ve just replaced the kitchen cabinets and put in some good looking flooring and sold it for a little profit
And someone pays her 102K a year. go figure
This is why I tell people I do NOT own a home. I tend to move every few years and am currently trying to find a job in another state. When I accept an offer, all I have to do is give a 30 day notice, pack my crap into a Uhaul and go. Not everyone is living somewhere they plan to stay for 25 years. I don’t want to worry about having to sell a property or how long it will take to sell or for how much. My financial advisor told me owning property somewhere far from where you live is a PITA because you either have to go there to deal with it or pay someone else to do it.
None of this really makes any sense to me. If it's currently worth 315, and houses that are already remodeled to the same spec in the area are selling for $315....... What exactly is she doing? It won't sell for five. She already knows that
Your videos are always so mischievous and entertaining! Thank you for your sense of humor and your ability to make our days brighter and more fun!🍰🐢🐸
Your time, lack of stress and avoiding potential problems is more valuable then trying to maybe make a little more than breaking even.
Girl math strikes again.
How do these people make good salaries?
@@lot2196maybe just good at that one role and nothing else lol, or dumb luck
I had a similar situation, my house was only 145K though. Thought it would be a LIGHT rehab, it turned into a money pit. I l'd already used credit cards and rehab loans to fund rehab....once I realized the house was a money pit I STOPPED the rehab immediately....and sold as is. I got 3 offers day 1 and closed 3 weeks later. You have to know when to hold and when to fold.
It makes no sense trying to further rehab this house and spend more $ when she barely knows what it'll sell for.
She needs to lay out exactly how much money she needs to move and start stacking using her W2 income and possibly some other jobs (temporarily) and last put that house on the market! At least get the fill for potential offers.
Im not really sure what she spent the $120k on. I wonder if she's really being taken advantage of by contractors, as her thinking she can get a new bedroom and bathroom built for $20k is delusional.
Some people have absolutely no idea about the cost of a remodel.
Having done several remodels, I can tell you things never work out the way you penciled them in. When you open up walls, you ALWAYS find issues. Double your estimates and start with a 50% contingency budget and go up from there.
If you are contemplating a remodel to add value to a sale, first get a few estimates from a realtor.
1. What will this house sell for as is?
2. What will this house sell for with a few "sprucing up" activities such as fresh paint?
3. What do I have to do to maximize the value of this house?
4. Get some estimates from contractors and run the numbers.
You will often find that it just doesn't ROI to do a lot of these projects. You are taking on a lot of risk and can find yourself underwater very quickly.
She didn't do any math before.She decided to remodel her home.She owes so much.That's when she sells it.She will only be breaking even on the amount of debt and the mortgage payoff
Bought for $325k, put in $120k and hoping to sell for $350-$375k without adding the extra bedroom and bathroom yet. That was painful to hear. Sounds like some contractors took her for a ride.
So is she expanding the sq feet? Cause a 2/1 going to a 3/2 those be some tiny rooms
I like Rachel and Jade the most.
"Rachel is more of the flipping Queen"
That amused me more than is should have.
Girl, you’re done‼️💯 Sell now and run! Don’t put anymore money into this house! She’s already upside down! 🙃
Why do these people wait until they're screwed, before calling for help??
Most remodels/renovations actually lose money.
Remodeling $100k for someone else ...crazy! Gurl just stay in that house 🏠 you aint gonna recover what you spent remodeling it.
Dave would used one of his best phrases… stupid tax
This is insane! Skip ALL OF IT and just move! Be simple!
For 100 Grand she should have been able to get a BR a Bath, and the garage plus the extra outdoor additions
Thank you for your hard work and dedication. Your videos are always a joy to watch.😲🛵❓
0:35 "Sheesh"
100 grand in the market this past year would be 150k. She could’ve sold last year and moved into a 4 : 3 half a million dollar loan already or held until that same home costs much less in two years
I would want to move out of medford, too
she's barely gonna break even. There's so much speculation going on during this call.
Stop watching HGTV.
Be frugal, invest, be kind and live a wonderful life
A remodel won’t get you over comps much, but it will make your place sell quicker if it’s priced right.
I’m an appraiser, it sounds like she made basic repairs and added a patio. This adds no value. She should have started with the inside work
People don't understand there's no reason to remodel the house anymore. LOL people will buy it as is.
She spent over 100k on the outside but thinks she is going to add a bathroom and bedroom for 20k.
Prices will probably start leveling out and may even come down.
Walk away and SELL now.
Kinda wish Dave level set her- you ladies are awesome but too nice! Caller needs to stop!
She bought a Moneypit...
No way a bedroom and bathroom will be only 20k
Sounds like she overpaid originally.
Magical thinking ends up in magnificent failure. There is NO way to make any money. Likely the ergonomic value has gone way down.
Honestly get in touch with a Ramsey trusted realtor and have them run comps to sell as is. Bought my house 3 months ago after months of searching and it's amazing how much people paid for complete piece of crap houses.
Did you use Ramsey trusted realtor to get your house?
Two bd/1ba...not a lot of demand for that.
I follow a TH-cam channel called SELL YOUR HOME-THE PROFITABLE HOMEOWNER. She has fantastic advice on what to do but more importantly what NOT to do before you sell your home. Many of the things we think we need to do, we do not. She has multiple videos on this topic.
I see the a lot and people really need to do some hard math before they consider a remodel.
Sounds like she saw her neighbors house and the sale price then she wanted it at any cost happens every day
she needs to stop watching Tick Tack
Don't think she fully thought it through, spinning your wheels with money and wasting time and energy.
Shes already lost $100k on this house. She's into the house for $450k and can't sell it for more that $325k likely.
So much happiness and joy $12k weekly returns has been life changing. AWESOME GOD I now have a house and can now afford anything for my family even with my Retirement..
wow this awesome 👏 I'm 37 and have been looking for ways to be successful, please how??
Angela
Grace
Boots
I remember giving her my first savings $20000 and she opened a brokerage account for me it turned out to be the best thing that ever happened to me.
Your channel is a real TH-cam gem where every video is a little work of art. Keep up the great work 🍂☄️🎯
With the remodel she'll make 50 k.
Hahah nobody wants a 2br 1 bath
AVP 👽
Well ,.. yeah /
she is not going to make money from this project. she didn't do enough due diligence before jump into this large flip investment. I had been there. But I suggest her to stay put (live in that house and pay off the debt by income), learn from it and if really want to be in flip business take time to learn this business before jump into next flip.
Maybe talk to a realtor about what your house is worth as-is before you spend a ton on remodeling it? You cannot "remodel" additional square feet. And maybe cashflow the remodeling instead of borrowing a bunch of money to do it? If you fail to plan, you plan to fail. Also, remodeling a house in which you are living is a nightmare. How much is living in a construction zone for six months worth to you?
Well that was dumb
I agree ☝️
Some dude will marry her and pay off the debt 😅
There is no situation where this dunce should be doing business with contractors without adult supervision. They saw her coming a mile away and used every trick in the book to rack up the charges and squeeze more profits while they had a sucker on the line who would keep running down to the bank for more loans.
$20,000 addition 🤣 not even close especially the way she handles contractors it will start out $20,000 and end up $150,000. There will probably be county impact fees to add a bedroom and then a stack of permits for demo concrete framing roofing electrical HVAC.... even a competent homeowner who could find an honest-ish contractor willing to do it cheap would probably spend $60K and this clueless person will pay 2X at least.
Watched too much Hgtv lol
☕️
First
Second.😂
Second
Why would anyone buy a damm freakin house when you have 100k in debt.
Your channel is a real oasis in the world of TH-cam. Continue to delight us with your work.🦜🎱🟤