Investing in real estate has been a passion of mine for over two decades. I have developed a keen eye for identifying an under-performing asset and turning it around. I have renovated and restored 19 properties, including several in Skaneateles, NY. My most recent project is a multi-unit historic home that was built in 1860 located in the village of Fayetteville, NY. When I purchased the property, two of the units were vacant. One unit was occupied but the rent was significantly below current market value. I saw this home renovation project as a tremendous opportunity to improve the property and lease the units to produce positive cash flow.
My plan was to renovate one unit at a time, get it rented and move on to the next. First up was Apartment #3...a 700 square foot, 1 bedroom with original wide pine plank floors, 8.5 ft. ceilings and a large front porch. Work that was done included:
- Updating the kitchen with new cabinets, appliances, backsplash, butcher block countertop, sink while maintaining the original open shelving. Added a stainless steel work table as an island with vintage stools.
- Oak hardwoods on the 1st floor and the original wide-plank pine on the 2nd floor were sanded and finished.
- Painted all ceilings, walls and trim.
- Removed old carpeting on the stairs. Painted the treads, risers and installed a new runner.
- New light fixtures with dimmer switches throughout. Replaced all light switches and plugs.
- Installed a vintage marble counter top and sink on the bathroom vanity.
- Installed blinds and window treatments.
In total, the restoration project took 6 weeks to complete. It rented quickly and set a rental record for a 1 bedroom apartment in Fayetteville. The lease is for 12 months at $1,400/month.
I'm delighted with the end result! Take a look at the images below to see the newly finished historic apartment. View more of my featured properties and get in touch to see how I can support your real estate renovation and investing endeavors in New York.
