Sam's first renovation, 1981
I welcome back Sam Schneiderman. Sam is a colleague and native Bostonian who will share his experiences and lessons learned during his journey from first-time buyer to home owner, renovator, landlord/investor and successful broker. He is president & principal broker of Greater Boston Home Team. And now, Sam's story, part 2:
When we concluded last week it was 1981 and I had just closed on my first condo in Cleveland Circle, a well-worn student ghetto with weekly apartment break-ins. I bought an unrenovated 1929 studio with the original bath and kitchen that featured oversized orange, green and white flowers on the kitchen wallpaper. Every inch of the place needed serious help!
Sure that I had just made a huge mistake; I started removing layers of wallpaper. My vision of converting that dark studio into a bright open plan kitchen/living area with a breakfast bar, double bed sleeping alcove (stolen from part of the kitchen) and foyer/dressing area with a 7’ closet began to invigorate me.
With six weeks of free rent in another apartment before starting to pay rent PLUS mortgage payments, I was focused on sticking to my five-week rehab plan. When the developer learned that I was removing five feet of wall, he made me hire a structural engineer that took a week to write a one-page report before I could proceed. Kitchen cabinets arrived late, installers rescheduled and flooring finishers never showed up.
Fortunately, mortgages aren’t due until the end of the month, so I was able to pick up some extra cash flow. I moved in around the third week of October, over budget by about $1,000 plus a month’s rent, and still waiting for delivery of the breakfast bar that would cost another $300.
In the end, I saved a couple of thousand dollars on the renovation (about 6% of its value) and made it more appealing to future buyers and renters. That dark, claustrophobic studio was transformed into a bright and comfortable bachelor pad, complete with track lighting and built-ins.
Perspective:
The renovation distracted me from my business and consumed most of my energy for the better part of 9 weeks. Had I not been self-employed, the consequences could have been ugly because I would have been able to devote less time to the rehab. Despite my best planning, Murphy’s Law kicked in faithfully at least once a week, costing me more time and money than I had planned. I almost ran out of money, but wound up with a nice affordable home that I enjoyed coming home to in a neighborhood that was marginal then but has fortunately gentrified since. I probably over-improved the place by including built-ins, but learned that was a big draw when I started renting the condo. 28 years later, it rents quickly to tenants that usually stay between 3 and 7 years.
So what do you think? Was I crazy or smart? What would you have done if you were in my shoes in 1981?
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I lived in a one bedroom apt in a well maintained building at Cleveland circle from 1982 until 1986, and I disagree with your characterization of this neighborhood. I was never afraid to be out at night walking and neither were my friends. Even at that time, this was a nice area with young professionals, and some elderly, as a well as as the college student crowd. This area borders on Brookline, and it has ideal public transportation access to the B, C, and the D lines. The Bill Rogers running store was down the street, there were several reasonable restaurants, two ice cream places, movie theaters, a gas station, a pharmacy, a hair salon, the reservoir for walking and overnight on street parking. The area was attractively priced for buying, at the time. Renters still pay lower prices than the adjacent areas of Brookline. I think that you were smart , and you have reaped the benefits. Location, location, location...............
I think renovating a condo that you enjoyed coming home to, and then renting it out successfully for 28 years to tenants who want to stay because the place is so nice is not crazy. It's the way it should be done! You've attracted quality tenants because you bothered to do the renovations. Plus, Cleveland Circle now attracts young professionals and can no longer be written off as a "student ghetto." So when you're ready to sell, you'll be in excellent shape.
It seems a big stretch to describe Cleveland Circle as a "well-worn student ghetto" with "weekly apartment break-ins,": I grew up in the neighborhood and my parents lived there for many years (including the 1980s). I'm trying to figure out where you might have been living that qualified for this description. It certainly makes for good copy. This "marginal" neighborhood has long been a blend of students, working singles and couples, elderly, and young families.
I'm not sure what we're supposed to learn from your post. Why would anyone be interested in the transformation of a studio "bachelor pad" in 1981. How is it relevant?
portiaperu & bostonrunner-
I lived at 4 Chiswick Rd (at corner of Englewwod) from around 1976/7 though 1983. Betwen 76/77 and 1981, my apartment was broken into once and my car was broken into or vandalized at least 3 times. Other apartments in the building were broken into and there were reported assaults on people walking down on Sutherland Rd, between Orkney and Englewood. As the building was being converted, there were regular break-ins whenever contractors left doors open. After the building was rehabbed and occupied (1982) there were so many apartment breakins that we needed to disconnect the automatic front door latch to force owners to come down to the front door to see who they were letting in. The surrounding buildings were not in much better condition than ours and required complete renovations when they converted to condos after our building converted. Yes, there was a mix of renters, but they appeared to be mostly students and the Cleveland Circle businesses catered almost exclusively to them until around 1982-83, as I call recall. I am glad to hear that your perception of the neighborhood is better than mine.
Why did I write this blog? It is part of my Monday series spanning over 20 years from the barely affordable bachelor studio pad to the family home in a desirable town. Not all blog entries will appeal to all readers, but I hope that someone thinking of doing their first renovation will benefit from my experience.
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