Termites Saved My Life

Take a gander at this Double Shotgun (speak like the locals, please). It’s a side-by-side two flat in New Orleans.

Original Plan

Cosmetic Rehab for both units, Short Term Rental data showed that it was more valuable as a pair of 2beds than if I were to convert it into a SFH, so that’s how I modeled it and planned the construction schedule (3-months).

Hiccup

Once we started the rehab, we quickly realized that what we thought was minor termite damage turned out to be much moher and it was actually the entire left side unit (approx. $75K more in costs and 6 more months in the schedule). After losing a thick, full head of hair (jk) in panic mode, we looked at the numbers and saw it as an opportunity and re-evaluated.

Outcome

Because of the rehab that we had to do, we unearthed beautiful hardwood floors and the original brickwork for the fireplaces. We converted into a SFH, had a new appraisal and were able to cover those costs and then some. It is now a guest favorite and consistently one of my most booked properties.

Lesson Learned

Be fluid, adapt and keep going.