The REAL COST of Renovating an Abandoned Building
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- Опубліковано 4 лип 2024
- In this video, we breakdown the actual costs for an abandoned building to dream home renovation. Get yourself a Mr. Cool mini split today: mrcooldiy.com/
In additional to the full detailed expense and cost breakdown for the renovation, we’re going to figure out how much I saved by DIYing the renovation - a full DIY savings breakdown.
Lastly, we’ll have a respected Chicago realtor come in to estimate a listing price for the abandoned building post-renovation, and we’ll find out if I made or lost money on the renovation.
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00:00 Introduction
00:46 Purchase Price for Abandoned Building
01:10 Overhead Costs
02:28 Demolition Cost
03:18 Framing Cost
03:58 Electrical Costs
04:29 Mechanical Costs
05:03 Plumbing Costs
06:09 Insulation Costs
06:54 Drywall / Durock Cost
07:43 Window Cost
08:22 Penthouse Room Cost
08:52 Roof & Skylight Costs
10:09 Hardwood Flooring Cost
11:06 Painting Costs
11:38 Guest Bath Finishes
12:39 Mr. Cool ad read
14:57 Kitchen Renovation Costs
17:12 Master Bedroom Renovation Cost
18:19 Master Bathroom Finishes
20:53 Stair Renovation Costsa
21:39 Entryway / Hallway Renovation Costs
22:26 Roof Deck Costs
23:53 UA-cam Studio Buildout Costs
24:33 Total Cost & DIY Savings Reveal
25:08 Did I Lose Money on the Renovation?
27:05 Listing Price Reveal
28:42 Comparable Used for Valuation
#renovation
#abandonedbuilding
#diy - Навчання та стиль
How much did you make on UA-cam so we can understand the full profit? 😅
UA-cam is my job...I make videos for a living and each one takes 40-60 hours on top of the time spent doing the renovation...It is not a cost or a savings in the renovation. You're basically asking to see my tax returns... Don't get me wrong, I'm very grateful for everyone that watches, and the life that UA-cam allows me to have, but there is a line to how much of my personal life I'm willing to share.
@@modustrial Instead of giving actual numbers can you just say that with You tube revenue plus your commercial sponsors was it worth it to you to do all this work yourself over 4 years. In other words do you feel better off selling your old place and renovating the new place and in a better place fiscally?
Thats not really how it should be looked at... I quit my job as an attorney to make UA-cam videos full time, and the first part of my life as a UA-camr was spent documenting this renovation. Would I have made more as an attorney? Yes. But am I happier doing things I'm passionate about instead? 💯 Yes.
Ha, fair enough. Thank you!! And please do feel free to comment. I didn't mean to come off as angry... Your comment was not over the line whether joking or not. There were many others saying the same thing in a less tactful way. I chose this one to respond to and pin since I felt it was stated in a nice way 😃
@@20Millzie07 I don't think you understand the hypocrisy in telling someone not to get defensive, whilst getting defensive and saying "Won't be commenting again" because you got a factual reply instead of a high five for a "joke" that has been made hundreds of times before...
This is actually sooo insane, i literally been watching since u started this like ep 5 or 6 and literally watched every single eposide, i cant beleive its even been 4 years. holy
Thanks!!!
Totally agree, four years has really passed by fast 💨😅! Thanks for all the videos!
Same here , good job
I know. I remember watching during the height of COVID. Time flies.
Same here, I bought my place during Covid and I been watching this channel since then. 😅
4:12 Having done electrical work for over 20 years, I can tell you, that starting over was the way to go. Trying to retrofit stuff rarely works out.
This guy is a great influencer. This isn't a stupid idea at all.
Thank you!!
You are the only major renovation that I've seen that has spoken realistically about costs.Every other renovation treats costs are a magical mystery.
Yeah of course, because you let people know what your financial situation looks like. Except this guy who was a lawyer, where the building doesn't reflect his entire net worth, so he doesn't care.
I was literally going to the comments to say this, so many times when the 'estimates' are laid out, they are totally unrealistic.
The fact that the cost of the whole renovation 687,340 + the DIY savings 263,800 is literally equal to 951,140 pretty much being the exact price the realtors came up with is pretty surprising.
Yeah so he broke even, right.?
@@robbertmadden1386no. He saved $260k+ - if everything was hired out he would have broke even
@@robbertmadden1386 If he didn´t do the DIY yeah.
Not really, by doing all the work in savings he kept that money and not being upside down he pays taxes on a space that could have been 30% higher without the labor/cost savings. It is worth 1.5 million in most places I think. Let's see how the tax accessor values it???@@robbertmadden1386
@@robbertmadden1386 It's still in Chicago.
Declan, your real cost was close to the professional valuation but your finishes are streets ahead of trade finishes and there’s no doubt that you have an exceptional property. How could you not love it ! Congratulations on your completion.
thank you!
Lol, streets ahead.
Love the transparancy about all the UA-camr cost savings
Same. I'd also be interested to see how much was recuperated via UA-cam monetization as well
I think you seriously under estimated the cost savings for finish trim installation. Nice place. Good job. This video clearly illustrates that renovating an old building into your home is neither cheap or easy.
Total Cost - $687,340
DIY savings- $263,800
Estate agents valuation $959,000
That’s really not so much profit as it might sound, when one spreads it over 4 years.
@@jpp7783 Money from youtube vids too buddy, overall its pretty good.
UA-cam Profits: millions!
@@jpp7783 Plus he counted his own time as profit against hired help, but didn't value the opportunity cost of his own time working as a lawyer.
For anyone who's calculating profit, you don't get to count your DIY savings as profit if you're calculating this as an investment. The reason being he could have been doing the exact same work over a period of time which would have generated the same income. So in this case you have to take that savings and amortize that over 4 years. Which means he was only paid $5.5k/mo (or $35/hr) to do the build. For example he even said charged $16k for similar doors; Odds are if he JUST did doors over 4 years, he'd have made double that per month after you amoritize the net.
It obviously get's a little grey since these videos are his real job. So he's actually taking double salary: 1) Construction Labor ($35/hr) 2) Video Production (what ever he earns against the videos). And the two jobs depend on each other. We wouldn't watch these videos if he had hired contractors for all the finishings, and he wouldn't be doing the labor if he wasn't making these videos. This is easier to understand if you think of him making, say, video-production centric videos on youtube - which garnered similar views/earnings (a la Potato Jet). And if that was his primary job, but he decided to renovate this building on the side as spec-job/investment. He wouldn't have done the labor himself, and it would be a pure investment.
So in terms of investment, he spent $951,000 and this property has an estimated value of $950,000. That's a $1000 loss.
If he had invested the exact same amount of money in the S&P 500 in 2020, his net profit would be $958,789
If he had invested the exact same amount of money in the S&P 500 in 2023, his net profit would be $237,750
If he had invested just the initial principal (building acquisition) into the S&P 500 ($350,000), his net profit would be $354,975
So in pure investment terms, He's earned a substantial loss when you include conservative opportunity costs. There's other factors you can easily apply here as well. For instance he loves doing this kind of stuff. He's building a brand in tandum which is the actual investment. His video production earnings well out-earned that $958,000 profit.
My only real question is why hasn't the property appreciated in-it-of-itself over 4 years? If he had simply bought a single-family-home and never even touched it, it would have appreciated over that time. Almost all property have moved up something like 5-6% YOY.
I live in Chicago and can’t build a single thing, but I started watching because my friend in Australia asked me one day if I’d heard of you after he saw your videos. 2 years later and I’m showing my real estate agent girlfriend every video because you make it all so fun and easy to follow along to!
huge fan from taiwan. after watching your videos I tried to DIY my own house here after moving back to taiwan...its not easy at all~~~. so happy to see you making such a great recovery from the illness.
Thank you!! 🙏
Been here since the first video, amazing journey, probs my favorite series to follow this past few years.
thank you!
I've installed 6 of those Mr. Cool units in my business. Saved me THOUSANDS. Love those things. Highly recommend em for sure
They're great!
Yea I saw them recently, and really looking to get the 2 zone system for my garage and a hot room. Looks super simple and pricing is great!
@@BarbershopReviews you wouldn't regret it. Will say it's a two person job to get em installed generally, but they work just as perfectly as all of my professionally installed units
Best renovation series on UA-cam hands-down, and this cost breakdown just tops it off.
you 've put blood and tears in this build, the custom pieces of furniture and lights and the fact that are made from someone with valuable provenance, your aesthetic interventions that makes this building having value as a whole are immeasurable and I think will provide you and your family with a property of much greater value than the sum of its parts. I hope you enjoy it, can't wait for the next video with the channel updates!
As an attorney... He was shocked by the cost of an architect...?!!
Well in all my days. The pot calling the kettle black...
😂
🤣
I feel so much closure. Nice Job dude!
A 'permit expediter', especially for $1500, is truly criminal. These are already servants on the public dollar, but if you want them to do their damn job, you have to bribe them?
A permit expediter doesn’t work for the city and isn’t a public employee. The architect hires them to do all the permit submittal and coordination with the city. You don’t want to be paying your architect’s hourly rate to burn your money meeting with permit office.
This remodel is going to be difficult to top; but you, MM, are the man to do this thing! Your comments on cost and where it is are right on; "Location, location, location" has been a mantra for Real Estate agents forever. But really, I think you did it most for yourself- your feel for how it ought to be in your world- and you didn't leave out the sprinkles. Absolutely stunning!
But noone lives there on purpose.
I remember watching many episodes towards the beginning of this project and hadnt seen an update in awhile. Congrats on finishing! Looks incredible
Thanks!
Cast iron plumbing is a pretty common requirement in commercial buildings, but everywhere else in the US allows rubber "no-hub" fittings instead lead joints which makes the install about as fast as PVC. Chicago has a pilot program to allow them, but it hasn't been rolled out to the whole city yet unfortunately
That would be so nice!
Des Moines Iowa has the cast iron but allows the rubber.
Crazy thing is the lead "seals" don't allow for any expansion - whereas the rubber ones do, it's actually a less efficient, more problematic system to use lead.
Cast iron is required due to sewer rats. I watch a plumber in New York that mentioned this. The rats can easily chew through PVC so the major cities only use cast iron for this reason.
@@glenziga7464 PVC is allowed underground, the problem with PVC is that it burns so it's not allowed where it could contribute to a fire in a commercial building. Being rat proof is just a bonus to being fireproof
I very much appreciate the candid breakdown of everything that went into the build and construction of it all.
thank you!
I am so ridiculously proud of how this space has turned out! I remember obsessing over this project starting in 2020, religiously watching it every time I got out of work. It is honestly such a beautiful piece of art and it still feels so cozy as well as opulent. You literally helped me picture how to describe my style by doing it right in front of me! I would easily pay over a million to live in this gorgeous space ❤
Congratulations! You deserve it! You worked long and hard on this build and even almost lost your life. Now is the time to enjoy the fruits of your labor.
Totally agree, but £10 says he's sold up and bought the next renovation project within the next 18-24 months 😉
@@oliverking9951 I don't think so. He loves this place. He bought and reno'ed it for him to live in and have his business on the first floor.
I recognise a serial renovator when I see one. It's 90% the renovation process and 10% enjoying the fruits of the labour 😉
Congrats bro! Been here since before you started this project (when you were doing those fine benches and sinks). Your craftsmanship always fascinated me and this project is the crown jewel. Love it!
One thing I like about your videos is that you always smile, even in difficult situations. I also admire your drive and your versatility in taking on complex challenges like building and installing your own cabinets. Spectacular job - well presented in your videos. Four years is a long time.
For a future project, I think expanding your small penthouse on the roof into a larger penthouse with a bedroom with views, a bathroom and a kitchenette area would be a beautiful addition to your home. You would have to engineer it for the cold winters in Chicago, but it would be unique and beautiful.
Also, building out a commercial storefront area on the first floor would be interesting and profitable for you.
Again, great job. I am a licensed General Contractor in AZ and I learned a lot from watching your videos.
I cant believe I watched this man build this whole thing from the very beginning.
Same here 😅
YOU ! You made me watch your renovation project for TWO HOURS ! And I am not even American ! And I am not even male ! And I am not even young !
And you made me subscibe and like and watch this as well !! GOOD JOB!! 🖤❤🧡 😊
ha, thank you!! 🙏🙏
Excellent result! 4 years, eh? So that's how long I've been watching you climb this mountain. It's been a great journey and I can't wait to see what's next.
I have been watching from the beginning and feel that what you have created is truly unique. Priceless! Thanks for sharing.
You did a great job! Definitely inspired me to do more and level up my own work 👏
Wow has it really been 4 years? I remember the first video of yours that I watched being the one where you were in the process of moving out of your apartment having just purchased this warehouse. My, how time flies! I really do have to thank you though. Your channel and a handful of others kept me distracted, if only for a little while, from the grim, dark and depressing reality of the outside world during those 2 years of Covid. I really cannot thank you enough.
Amazing that you've completed this monstrous task of renovating this building! I remember when you first purchased this and you thought it was going to only take a year! Regardless, you're driven and inspiring to each of us who watch your videos. Looking forward to the plans you have for the future, I'll be there to watch, like , and comment!
Great job! I started watching from the first episode! Four years of work really paid off, congratulations on the completion of your project!
I can't believe it's been four years. I remember watching the very first video in this renovation and I've watched every single one since. I'm glad the valuation is higher than you expected. It certainly justifies the high value
Looking back to the beginning, the realization hits that I have spent a lot of time watching this building transformation. I found the channel at the start of this journey, and haven't missed a single video. It has been a great vicarious experience, and I can't wait for more.
Thanks for the follow up detailing the expeditures/savings. This has been a dream of mine, but I don't think I'll be able to bring it to a reality... so I'll have to be happy living vicariously through your experience! I'm very greatful that you decide to share your journey with us!
Congrats on conceiving and seeing through such an incredible passion project. I’m not sure how long I’ve been watching your channel, but since well before you started the warehouse renovation. It’s so cool and inspiring to see someone living their dream. Thank you for sharing!
I love the transparency! Not too many people talk about this stuff.
Thanks for documenting this incredible journey. Definitely enjoyed watching the entire series, and seeing everything come together along the way. Can't wait to see what you do next!
Thanks much!
What neighborhood in Chicago? Estimate seems low.. This would be 3m in other big cities
Yeah, my initial guess was $2.5M.
It's in the hood
I know exactly where this is. If you know Chicago, it’s not hard to figure out from the exterior shots. It’s in a decent neighborhood on the north side off of a fairly busy street. I’m honestly surprised it wasn’t at least valued at 1.5m, with both the residential and commercial spaces.
Mayfair / Albany Park (the address is shown in the video). Not one of the trendy neighborhoods, but by no means a bad area. Walkable to the blue line and elston while commerical is a nice street.
@@Joe11100No it’s not, clown. I know exactly where this is, definitely NOT the hood. 🤣👉🏽🤡
I've been watching since before the property was purchased, and man this has been quite a journey! Congrats on the assessment and I can't wait to see what is coming next!
been watching since Episode 1 of this series, its amazing what youve done from episode 1 leading up to now! well deserved amazing HOME! its crazy to think that building is your HOME! keep em coming man! Love it!
Can't believe it's done... that was fun to watch!!! Great Work🎉
I said this when I first started watching... This is literally a dream opportunity. I would totally put a gallery/storefront downstairs. 😍
thank you!
This is by far the best pandemic content I have watched. For your blueprints to be well under 10% of the total cost, I think you got a great price. Excellent video as usual!
You started this four years ago? I remember being in my parents basement when the series came out and loved it. Moved twice since then, how things change! Keep crushing it
I have been watching you for more then 4 years! You have created a magnificent home ! Congratulations 🎉
Congratulations!! It's been fun watching the renovation and the amazing work you did.
What a great buildout! And i just really heard what you said... I've been watching your channel for over 4 years. Keep up the good work
Your home is beautiful. I’ve been watching since the beginning and you are a very talented young man. Best of everything to you. I can’t wait to see you making things down in the workshop.
I don’t understand why people get so butt hurt about UA-camrs making money from their UA-cam channel ! It’s so much sour grapes and maybe jealousy that someone else is being paid for their work. Do these people begrudge the waitress her tips she worked for ? I think they don’t have any concept of what work goes on behind the scenes. I’m sure I don’t understand all the behind the scenes work either, not to mention the planning, the imagination, the entrepreneurial talent involved. I just know I don’t have what it takes but I appreciate that you do ! TY for sharing your journey and your honesty about the financials. Take care ❤
The reason that cities like Chicago and NYC require copper and iron versus PVC and Pex is union pressure. The idea is to protect the plumbing industry from DIYers.
No one will say it out loud but it seems like that's what it is...
@@modustrialUnions vote. Union members also make more money on average than non- and that money generally goes back into the local communities where they live, increasing overall quality in their community and contributing (hopefully) to net increase in local population. Great cost breakdown video! Thanks
Cities also have buildings that are well over a hundred years old. Copper and iron is known to last that long. The Jury’s still out on PVC/PEX.
Then again, metal piping is more hard wearing. It also fits a character building aesthetically better than PVC tubes.
@@modustrial I think it was Season 19 (~1998) of This Old House set in San Francisco that was already entirely explicit about the adherence to old plumbing methods being due to union pressure. In their case I believe it was about copper for everything, including drainage plumbing.
Feels like you started this series yesterday. We loved watching the entire process!
I have followed the build since day one, it has been a hell of a journey. Amazing job ❤
Really good job with all of the things., Started watching you when you got the building and it has been a great journey to see over the 4 years :D exited to see what you do next.
We loved this series, can't believe it has been 4 years.
Looks so amazing and very inspiring.
wow you defintely did the work and got great results both in the living space you'll enjoy and also the valuation of the property you put so much love into. That's awesome dude, congrats.
I am so happy we were able to help so much with the build. I guessed about 500k or so, I wasnt far off. I guessed a million if you sold it, dang, I was close! Congrats man.
I am so glad to be following you from a very long time. You are one of the best if not the best in this field. I enjoyed every moment of ur uploads. You are very honest and a kind person. you are talented and u got a nice taste in designing. The way u document this and presented its amazing. As well as the editing these videos. All I can say is (hats off) ❤
thank you for the very kind words!!
I'm astounded it wasn't over the seven figure mark, honestly. Absolutely fantastic job on the renovation, I'm looking forward to see what you do next!
Way to go, Mike! Really proud of you and happy for you! I've been a subscriber for many years and really enjoyed this video. Thanks! 🎉📹🛠👍
Its awsome you are done, been here since day one! Looks amazing
Absolutely amazing work it looks amazing from top to bottom. Can’t wait to see what you do next.
Thank you for 4 great years of information, entertainment, inspiration, transparency, and reality. Really glad I found your content during Covid. Redid a house myself once, in Miami. All concrete. I feel for all the DIY you put into your place. Kudos and congrats on finding the finish line. Can't wait to hear about future plans!
Thank you!
Thank you so much for this amazing journey Mike! I hope this is not an ending, let us know what will be your next project! 🙌🏻🙌🏻
Next video will lay out some big plans for the future!
Amazing work! Thanks for sharing all the info in a transparent way which help put things in perspective. You are a super inspiration for a lot of us
Thank you!
So happy for you my man, what a journey!! God bless and as always, thank you for providing us with this chanel, just a great corner on the Internet!!
thank you!
been real cool to watch this from beginning to end. you killed it dude, and made an incredible home and workshop for yourself. Best wishes for the next journey!
Amazing! I am so stoked to see what's next. Easily one of my favorite UA-camrs,
It’s been a pleasure watching your journey. Great job 👏🏻
I remember subscribing after watching EP1 the day it was uploaded, great to see results of your journey.
What a journey. Congratualtions on everything. Amazing work and really cool to follow along.
This is amazing.
After 4 years of patience, the reward of completion must feel incredibly good.
Congratulations!
Been watching since the first video of this Warehouse Reno... what a journey. Congrats on the estimate! Looks amazing! Looking forward to what comes next for the channel.
Thank you!!
Congratulations on your successful build. I am glad to see the beautiful results of all your planning. It looks to be worth much more than the estimates you were given, but I don't live in your neighborhood. A great presentation along with all the other videos pertaining to the construction. And most of all I am happy to see that you made a full recovery. Look forward to more content.
Been quite the journey but this place has turned out far better than expected! It doesn't hurt that all of the design choices are ones I'd personally go for too! Got some good ideas for personal future projects too from this. All in all congrats on the finished space!
Thanks for giving us something to look forward to, especially during those early days of the lockdown!
Thanks for getting us all through the pandemic with an amazing video each month!
And.....Congrats!!!!! Perfect job! Your house is amazing!!!!!
Good job Michael. You have done a fantastic job on your renovations, doing a lot of the work yourself. You are so talented. I enjoyed every episode from day one.
💕Aunt Bernie💞
Such an incredible achievement! Wow! :D
It's been a privilege to follow you on this astounding journey and I really hope you are quite proud of yourself for doing this. Great job!
Been here since the beginning. Very happy to see it complete
It's been a journey. Incredible effort & good to see your hard work rewarded with a great valuation. Looking forward to your next property reno ;)
It's been a long road but so much fun! I'm looking forward to seeing you present videos while sat in different parts in your new house.
Has it really been 4 years. Damn. You came in my feed, and Ive never stopped watching since episode 1. The only renovation series that's honest about mistakes / costs and where you and / of the money came from. Really curious about what you'll be cooking up next. Buy another building and another X year long series? Count me in!
It is surreal being here since the first video, time really flies, it was 4 years ago maybe more. Great work hope the best for u. I would do the same thing but have a coffee shop/ bakery as a commercial space
Even if your estimates on labour (let’s be honest labour is expensive as hell) is wrong you still saved so much doing everything yourself, thanks for being honest on UA-camr savings to, you saved so much! Well done, on to the next one!
Stuff in America costs so much 😳. Started watching just before covid and watched start to finish of this whole build. From a run down building to an extravagant multi million $ looking home 😍 loved every second of it.
We also make much more
Bro this is so crazy. I got in on this on like, the 2nd episode. This is so crazy to see how long it's been! What a journey, wow!
Awesome!! Thanks for the honest breakdown and happy to see a profit IF it was needed
Glad to see things worked out for you despite all the chaos and hiccups that came along with it. If only I had years of Chicago-area attorney income backed up to try something like this myself haha. Best wishes on the next project(s) and hope you've been able to unwind with some good scuba trips!
This reno was definitely incredible to watch. I am thrilled that you are already coming out ahead
Thank you!
Congratulations on this awesome project!! Ive been a fan since the beginning!!!
thank you!
This series was so much fun to watch! I can't wait for the shop renovation videos (:
thank you!
I've been here since before the first video of this series. This is amazing, Crazy to see what you've done! I used to go to the Xsport on Elston for many years.
Thanks Joe!
Great wrap up and summary of the reno Mike. It's been a fun journey to watch and I can't wait to see what's next.
Thanks!
I loved the whole journey - from start to finish. You should be proud and happy, Mike. You did a spectacular job.
Thank you!
Congrats man, looks awesome!