Installing Used Hardwood Flooring?
i am considering buying about 1000 sq feet of solid oak hardwood flooring that was removed from an old home before it was demolished. i plan on having it re-installed into a rental that i own. has anyone ever done this? would you recommend it?
Make sure you place all the wood in the new house several days before installation to acclamate the wood to the new house (let it do any expanding/contracting before you install it).
People who use "reclaim flooring" are those who are looking for an authentic look, in particular reclaimed "boards".....those that are typically over 5 1/4 inches.
I agree with Mike, more often then not its not worth it.
There are plenty of better deals out there without the hassle.
NC
PS. I recently installed 1200 square feet of 5 1/4" handscraped / distressed hardwood (nail, glue or float) for $2.99 + s/h. It looks like a $10.00 + s.f. floor.
Thanks Chris...
I was thinking the same thing. Asking for a down payment of $5000 and holding a note on the remaining. Now the problem I face on that is how to properly give a fair interest on the remaining $18,000 and how long to hold???
I was thinking:
$5,000 down leaving $18,000 remaining at an interest of 5-1/2 % with a balloon in 8 to 10 years.
Any suggestions guys/gals??? I know there are some loan officers out there. What do you think?
HBINC
I would suggest looking at the appraisal for accuracy to start, as was mentioned by others. In addition to making sure the comps used are in comparable condition (upgraded/new fixtures, etc) also they may have used different comps than your realtor which are not supporting the value as well. I have worked for lenders & if you show before & after photos as well as a well thought-out & grammatically correct letter showing the current value & additional comps from the area, you may sway the value in your favor.
The lender may or may not allow a seller second. This is because they are loaning based on a certain property value & a certain ltv & cltv. (ltv= loan to value, cltv= combined loan to value) If their guidelines require a certain percent down & then they loan the rest, you holding a second note on the property changes the combined loan to value. This is why I would suggest starting with a review of the appraisal.
Good Luck!
How has this worked out? Please post an update.
They are doing that on a lot of the home tv shows that take place in NY.
They did it with pex, and the boiler was a gas as-needed tankless unit that heated the water.
Is it a steam boiler or hot water?
P.S. use a hacksaw to cut a section out of the middle of the pipes before removing them, so you are only dealing with one fitting at a time. Otherwise you have to take the pipes apart in the reverse order of how they were put together.
For those who are not replacing with plastic...
Chris
I would check to see if you can get the keys or access for several hours as you suggested and have multiple contractors come in and provide your bids. Most sellers, as long as it is not an ugly foreclosure or divorce sale, will be agreeable to let you in. Your realtor should be glad to help get you in.
You mentioned this is the largest rehab you have done so you must have contrators you have worked with. How many different quotes are you trying to get? Best of luck!
multiple times without bugging my realtor or the homeowner to death?
The realtor is getting paid. Bug him all you want, the home owner is the different story.
Can you possibly get a block of time where they can all come in at once? I like doing this as it pits the sub-against one another, and I only have to do 1 walk thru.
If you were a broker, I sure would hire you w/ that attitude.