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yes yes hey everyone my name is leat Kevin and I am a minimalist landlord today I am going to react to an extravagant landlord mostly because I have had so many requests to respond to this particular video that well i'ma do it so I'm obviously going to link this video down below but this video is by Matt Reisinger of the build show and the title of the video is I'm building a house but there's a house in the way which I will say seems quite appropriate given what we've seen in past videos now just in case you have not yet seen the other videos let me give you a quick little catch up Matt Reisinger is a hire and probably very high-end building contractor generally remodels properties north of a million dollars so dealing with a pretty high-end clientele and I know he does great work at least based on what I can tell from his videos and having been a licensed contractor in the past but now I'm a minimalist real estate investor and when I saw that he was going to do what he called an average everyday American remodel in a 1970s neighborhood where he bought a house for somewhere around the mid 400s in neighborhood where properties are well going for somewhere around the mid 400s maybe to $500,000 I thought okay well this would be an interesting remodel to follow and comment on now unfortunately in my first reaction videos I started noticing Matt going into this direction of anytime there was an opportunity to spend more money he took the opportunity to spend more money which initially you might think well maybe that's because that's the right thing to do maybe there's mold and he's deciding to spend money on remediating mold that he found well that that is the correct thing to do and that is correct that is what you should do that is what I do as well but when you remodel a kitchen because there's mold in it you don't raise the ceiling at the same time because that's not being a minimalist landlord that's being an extravagant landlord now I have not yet seen this video so we'll have some raw reactions to it let's get started and as always check the links down below or my awesome real estate courses and don't sue me bro welcome back to the real remodel project this is my 1970s house that we're showing how to do a whole house remodel and if you've been watching this series things have grown quite a bit yeah they have for you have you been to the doctor and you go and the first thing they say is take all your clothes off and put the robe on why are they doing that they want to take a look at your body to make sure that you don't have a mole on your back that's cancerous or some other issue and that's basically what we have here we have D skinned the whole house hold it right there okay if you are interested in being a minimalist landlord or making money from investing in real estate don't dscan every property you buy now this is Austin Austin is a lot more moist and than other parts of the country and we know from prior videos that I have reacted to as well that this property has not only mildew but a lot of rodent issues so there are times you want ask in the house basically take it to the studs the cool thing about real estate though is real estate is really good at leaving breadcrumbs for you leaving clues for you to know when it's time to take it down so in other words the nice thing about real estate is let's say you had a mole right here it usually starts kind of leaking through your t-shirt you don't have to rip all the clothing off the house to find out that oh it could be some issues here I think that's a big distinction between a slumlord who doesn't do anything a minimalist investor who solves problems when there are problems and then maybe somebody that wants to do a little bit more of an extravagant kind of remodel in a neighborhood that doesn't justify it but let's just continue on here this is ridiculous look at this porthole window on the front and how this was installed there's basically no flashing or air sewing details on this the problem is this is a 1970s neighborhood you could go into this neighborhood and realize there's not going to be solid flashing around every single window there won't be proper air sealing because those stand didn't exist that and I'm all for proper air sealing in fact in California now they built houses so air seal that you actually have to this is just brand new new construction like minimum builder code you have to introduce fresh air from the outside by putting in vents next to the return registers upstairs or wherever and you're now sucking in fresh air from the outside because houses are built so darn air ciub I'm all for that but it doesn't usually make sense to go into a 1970s neighborhood seal everything up perfectly because you're not going to be able to a sell the house for more or B rent the house for more it's a nice bonus yeah it'll probably increase comfort but honestly your dollars would go a lot further putting in a stronger or second air conditioner then doing a complete tear down and rebuild essentially but let's see what else we have coming to us in today's episode because I know there was an architect involved and I'm interested to see where this is going well know this is how houses are being built by some builders in the nation this is not yeah and that's a problem like I agree with Matt this is one of the reasons I like watching Matt like he's right I mean people shouldn't build houses like that a 2-day look at all this damage right here I mean the basically the the I'm pretty sure this is where there was a bunch of visible evidence of water leakage or damage to that brick there in fact let's pull it up is areas that are showing some green some that's the darkness and because it's always a bellwether for problems it's he's so right it's funny he actually said it back then it's always a bellwether for problems exactly that's that's why I love about real estate so much is it gives you these signals it gives you these clues that all right we're gonna have to pay special attention to this I mean frankly seeing stuff like this makes me feel better about buying real estate because the last thing I would want is no evidence of any kind of water issues then you skinned the house and you see that that'd be freaking scary they're gonna be like oh my gosh skin every house you buy but this is actually good there were red flags and sure enough this is what we find underneath again the more moist area of Austin so far this is good I like this episode so far we'll see how this devolves because usually I end up getting a little triggered by the end of these obviously and we said this in the first video the mold that's here and I remember there being mold in the furnace closet obviously this stuff should be dealt with by any investor and always start by dealing with the source of the water intrusion then solve the damage that's good now this is kind of cool when you first walk in you've got a utility room and it took me a second to realize as we were take actually did the sheetrock removal with my kids why are the studs painted white here well now there's a crime happened was there is some kind of a leak or a backup and some service company was called and it's part of the remediation they were worried about some mold growth in the studs so they painted it with this white paint which actually seems like it's done a good job I don't see any blackness on the back of the sheetrock here that they painted I don't see anything on the studs it looks for the most part pretty good but look at the therm apply that's back there which is this cardboard sheeting it's in terrible shape we had some holes in there there's holes that were not sealed at all from this free on line coming from the upstairs look at get out Ricky to this link that was doing any structural duties after a couple years one good win in this house could have knocked over I know what come on Matt oh come on like look I hate to say it but uh that that sounds very like typical contractor right like no well you you know you wanna be you want it to be perfect because you know you don't want a strong hurricane or a wind to come and this whole house is gonna blow it up come on that is it's obviously an exaggeration but I mean part of me thinks he didn't say that in an exaggerating way and I try to reads like psychology and and you know try not to be jaded but the way you said that it kind of sounds like he believes it I mean IIIi don't believe that he believes it but the way he said it made me feel like he believes it this is kind of like a weird twisted kind of circle but III don't know okay I will just keep watching but when you look up in the water-heater closet you I didn't take any sheet rock out that's the way it look there no sheetrock which means that that water heater closet was basically connected to the outside and if you saw my earlier videos we had massive air leak numbers in this house I bet my previous homeowner had a hard time keeping the house cold now check out this this is the back of ah see I mean that's unfortunately like he just say it but that's that's where I mean it's it's a perfect way to sell right you take you take up horror innocent homeowner through a house and you go oh look the freon lines not sealed oh look there's a hole right here by the water heater it's gonna be hard to cool this house let's let's strip it usually I mean if it weren't for like all the mildew and all the rat turds usually what people do is they put the drywall back by the water heater they seal the free on line on the outside they seal the protrusions around the property and they get the property to not a level of perfection but of not damaged not too broken you know back to a good quality level and then guess what if it's a rental property and the tenants are on the AC a little bit more it's on them hint hint now I know that might sound extreme you might be thinking well I mean tenants are gonna have to pay higher utility bills and then they'd be more likely to go rent another property but wait a minute remember all of the houses in this neighborhood haven't been mat ricing heard that means they all have the same comfort levels so solve the damage put it back together get it rented this is a little extreme now again I'm okay with the stripping because there's been a lot of water damage on this property and a lot of rats but there's definitely a little bit of hyperbole here you see we've got two copper pipes in there and there's almost weird stippling on the drywall and what first seen this before more rats in case you don't know I owned real estate I'm a real estate investor and a broker I'm 27 and I own just over six million dollars of real estate and I teach people how to invest in real estate and how to make money from real estate in my courses link below and you can see this is the return side and they basically just cut a big hole in on this side to return the air back into the furnace and then it blew up and then here was so I mean I hate to say but that is pretty common for that time again bad that there's mold deal with the mold but that is pretty typical for a furnace and that furnace in that closet is actually not that old that furnace looks pretty decent it's just unfortunate there's so much mold around it you see the head trusses back then from the late 70s these are kind of a print early trust design where you've got some metal and we've got about a 10 or 12 inch depth I'm actually probably going to keep those where they work but we're gonna extend well yeah why would you take them down they look fine they're beautiful they're gas lines over there it's the floor on the upstairs out a little bit wait nice to work on this concrete step as the plans change and then in this room oh my gosh don't tell me you're gonna try to flatten it out oh my gosh no I guess I haven't talked a whole lot about the plan change but kit Johnson my architect's done a great job of really opening up the space this there oh my gosh oh my gosh this is like a 12-month remodel are you kidding me on a rental what you know what yeah I okay looking at this floorplan to me I think we've got a case of Matt wanting a new beautiful house to live in that is a rental property for the purposes of YouTube and the well I won't speculate and it'll just conveniently happened to change intense because wow I mean this is like if I wanted a long-term living house this is this is what I would do I would I would remodel it but as a rental property my goodness geez good lord this is a lot of work yes the stairwell is gonna go away the kitchen the dining room which was gonna be this space now and this family room are gonna he totally opened up and exposed through each other that's gonna be fantastic I love a kid with that now this presents a problem for me though look I've got this vaulted ceiling in this faith I mean don't get me right this place is gonna look amazing but it ain't can be you'll notice that the original house actually stopped right here see this line and the concrete right here I hope that check to see if it was permitted but I mean I always recommend checking for permits but I guess it doesn't matter since he's probably gonna re-engineer all this stuff anyway what's who cares if it was permitted or not yeah this is a this is a crack because this is the slab that I'm standing on its original and this slab over here was poured later and then you also notice this header was added and then this framing over here is traditional framing this isn't trusses so this is new or lumber I'm not sure when this was done maybe it looks good move on these there's a pitch change on the roof and so by extending out this family room back this direction I'm gonna have to basically end up ripping up a bunch of these trusses what what no no why don't extend the family room why would you do that it's fine you've taken it to the studs remove the bold slap it back together you can do a quality job I'm putting back together don't don't think I'm saying go low-quality because I di use the adjective slap no like put it back together do a good job but wait why why do you have to add on square footage now how much more rent are you gonna get zero zero zero turning this into hand-cut framing which gives me an opportunity though it means that I can change the way the insulation runs on this house all right do not tell me you're justifying adding on square footage to change the way the insulation is installed I can spray from the crap out of it the way it is right now I can use the highest quality stuff I could find the way it is oh my gosh I can they cannot believe we are about to justify an edition within just say you want it okay you want the added square footage because you want a project I would respect that you know traditionally insulated houses where you have drywall as your air barrier and then everything goes on top they work pretty well right you you may have seen my buddy Jake Bruton do that but the problem is in Texas were a slab on grade I don't have any space in my basement for my mechanicals my mechanicals have to be worked into that design so in this case I'm gonna actually reframe this attic with more traditional framing so that I can open it up and I'm also here's the big deal going to change the way the insulation works on this house we're going to take the insulation out to the outside envelope we're gonna use exterior insulation on the walls and we're gonna use some zip system sheathing to really I get it we've heard it like if anybody has watched a single matte Reisinger video we all know everything's got to be in a condition space we gotta have the ducts in a conditioned space because it doesn't make sense that in America why is it that we have ducts going through a hundred degree air in the end we've all heard it before but oh my gosh I cannot believe you are going to remove all of those beautiful trusses to create your conditioned space for rental whoa okay all right cool you'll have a higher ceiling you can hang a more expensive chandelier from it I guess whatever it'll be up at the roof deck which means that my attic now won't be a hot attic it'll be conditioned it'll be basically the same temperature as the rest of the house maybe a couple degrees hotter you know who's really gonna win on this house the person who buys this house because let me put it this way if you have the entire neighborhood of let's say 200 houses and this house ends up being worth $550,000 because guess what all of the neighboring houses are selling for five forty five sixty five fifty five fifty five fifty five forty five sixty guess what this thing's probably gonna sell for between five forty five sixty even if we gave him a bonus he might get five seventy for it because Matt over improved it the buyers going to get probably an extra hundred to two hundred thousand dollars of upgrades for like ten grand matt is the kind of person you want to buy a house from and if I was building a dream house I'd probably have Matt do it too but for a rental property Maddie going anywhere near my property because my rentals all have hot attics and I don't want to be guilted about my hot attics okay by that chimney coming up and look at this over here we've got a ton of rot happening because that brick was soaking up the water every time it rained it was to the sky and then I get it I get the justification let's remove the chimney because it's in the way and we're doing a remodel anyway but let me put it this way a little bit of quarter rot right there behind the fascia isn't gonna hurt anybody that rot is not a reason to tear down a chimney do not tear down chimney for a little bit of rot instead when it's time to reroute and you notice the rot deal with the rot then when it's time to replace the fascia boards because they're rotten deal with the rot problem at that time do an out replace chimney or remove chimney to solve problem no we're gonna design an outdoor fireplace I'll use like a fire rock unit or one of those but I'm actually ok with that honestly I like I'm fine with the chimney disappearing and fireplace disappearing that's that's okay I could do an outdoor fireplace we can make some beautiful out there fires will have a chimney to get rid of the smoke oh there's the chimney in the backyard I just realized what do I do with these windows do I do any windows or I do outtie windows based on that exterior insulation and how thick you leave the windows cuz that pine thick of exterior insulation I don't care about no any rowdy in opens and closes ain't good enough for me do I wanna do it now I've got a brick ledge here and I'm gonna be going back with some brick so I need to figure out how thick do I make my insulation this is getting ripped off and we'll have zip system sheathing here geez man often this will have zip system sheathing I'm reconfiguring my window openings this house will see its first tenant in two years at least we'll have videos to react to for a while I don't know if that is a dog urine or dog feces stain but we're seeing a lot of stains upstairs in the plywood here that's it take all the plywood out and replace everything this is a 3/4 old-school plywood it's got a fair amount of squeaks I have no idea why they did these cutouts in here but it's it's fairly soft in these places so I need to figure out what to do in the plywood I think what I'm gonna end up doing is Reese crewing all this plywood and then skinning it again with some 3/4 Advantech I'm shocked he didn't say tear it all out and replace it like that's great wow I'm shocked because you could screw in glue and get rid of the squeak okay on top that I'll glue and screw or nail together like I I could not have planned that better I don't just like whether you believe me or not like I don't watch these videos first I tried it and purposely not watch them to give us in see reaction I feel good about myself now because like I feel like Matt and I we just jived here and like I don't know if he drinks but I feel like that right there like that is like like we could Cheers over that like wow that feels good about myself but what do I do about dog stains and I know I've got rat feces on top of these top cords of my 2x4 I think I'm actually gonna come in here the power washer maybe power wash this interior out it's no big deal for framing to get wet as long as it can dry and we're all opened up so even if it takes a week or two to dry out in here it's a no big deal okay now with the exception of taking a week or two and delaying everything for a week or two that is an interesting idea although that stain is honestly I mean me I would probably not do that and rust out all of my screws honestly the easiest thing with these stains is I probably just Clorox them dry out the spots sand them a little bit and call it a day but I'm not gonna go soak all of my electrical and outlets and wiring and screws mm-hmm I didn't want to do a flat roof which was one of the initial proposals I wanted to have a pitched roof but I'm punching windows towards the front of the house to change the facade and this roof pitch is too deep to really get a good window and get us this space and because these are trusses in these trusses in the front here land onto a girder trough see this triple-ply trust they typically call that a girder truss so this truss is bearing front to back and then those trusses which are going over top of the garage header are bearing here and on the front of the house I'm gonna basically have to rip this whole garage roof off and reframe it with traditional to buy ten rafters and then I'm gonna have to put a beam in there so I'm gonna talk to my engineer about my gosh come on Matt it's fine my jeld-wen window package which should get here mid December January ish mid December January ah like no I need a tent by January Gees and you're only gonna get Windows by then I will have videos to react to for the next year that is exciting but see this is exactly one of the problems that happens with the typical real estate investor they get excited about this idea like you know it'd be so nice if in this room we had another window aka yet another freaking wall that now has another window because all new construction seems to have windows every freaking way ER and it's hard to actually use walls anymore it's kind of like this room it's like how many windows do I need in one room I don't know it's like a new thing people do now it's like more windows more windows more windows and I get it you know windows are cool because after all you can push a couple buttons and you can let all that beautiful sunlight in from the outside world and really experience life the different lame except when you're recording at 3:00 a.m.
light doesn't come in you just get more reflections which also aren't good for videos so therefore more windows suck now okay realistically look the problem with having all of these ideas is you want to add windows so you can have a view well rather than having like a smaller window or you know a transom window now you've turned this into a full-on reengineering project which is more time and a lot more money yikes January ish so we're not too far away from really starting on the Prague Ernest are you kidding me you bought this place in like September bro you telling me like six months of sitting around ah I started with a totally unrealistic budget and it's funny that I couldn't see it myself been building for 25 years and I just didn't see all the problems part of it was because I bought it from a wonderful neighbor who lived here forever I bought it sight unseen basically I pay retail price for it but we're going to do some serious changes of this house and again I'm gonna keep track of where I'm spending and how I'm spending so to this point really I haven't had a whole lot of expenses except for the architect trade ready to come in and do some of the demo and what else if I had some dumpster costs so we're probably about 20-ish thousand maybe slightly more don't do not try to justify that you've only had some minor expenses like the architect and the dumpster for 20 grand realize when you have a vacant property you have to get what's called vacant homeowner's insurance now rather than spending $60 a month for like a landlord policy you could be spending three to four hundred dollars a month for a vacant property insurance and no you can't just insure it as a rental property because they will come and see it vacant and they will deny you any coverages if you don't have the proper coverage this property can burn down and you could lose all of your investment in it bad idea so vacant home policies costing you like four hundred bucks a month you paid like for something for this so you're paying about $800 in property taxes because you guys got some high property taxes out there in Texas this means you're at $1,200 in costs and I'm not even at principal and interest yet let's say you financed $300,000 of this at an interest rate of I'll give you four and a half percent as a rental property okay $300,000 that means you're paying interest of an additional 1125 per month so now we're at 1125 plus 1200 insurance property taxes and interest is costing you mm $325 you probably have a principal expense on top of this and you know utilities and things like this and basics or whatever but just by leaving this sitting around for the six months you pretty much already have you realistically have an additional 14 thousand dollars of costs taxes insurance and interest that you're not factoring into this we just spent 20 no you literally just spent about 33 you can see every single day a property is vacant you are bleeding money take it from the minimalist landlord every day is money out of your pocket there is no let's sit around and wait for fancy freakin windows and now we can in effect build a new house yes yes because that is in effect what you are doing oh that's a good still frame - that's probably what he thinks about me there's an old house in the way and that's the thing about remodeling that's tough is that there's an old house in the way you
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