You just became a real estate investor and purchased your first rental property! Here are our tips on renovating the first rental property in a cost-effective way!
Renovation Tips for your First Rental Property!
Welcome to the video. You just became a real estate investor and purchased your first rental property! Watch our real estate investing on minimum wage video to learn how to get your first property. But now you might be tight on cash but still need to renovate. Here are our tips on renovating the first rental property in a cost-effective way! YouTube Link: youtu.be/g2Nps0O0RYM
Renovation Tips for your First Rental Property!
Renovating your Property
- This will be a rental! BUY/HOLD property!
- Renovations don’t need to be luxurious.
- Don’t over do renovations for area!
- Keep costs down but make sure it looks nice and clean and will appeal to an average renter.
Renovation Tips
PAINT
- Get cheap paint
- White or Light greys (neutral tones)
- Paint everywhere for a fresh/clean look
- "Oops" Paint from hardware store will be discounted
Flooring
- Buy inexpensive laminate flooring
- Luxury Vinyl Plank
- NOT real or engineered hardwood (no need for a rental)
Light Fixtures
- Relatively Cheap
- Don't redo electrical and put in can lights
- put in a "statement" fixture in kitchen/living/dining area
Kitchen
- Look at resurfacing or painting cabinets
- Paint cabinets white or grey
- Appliances
- Buy ding and dent or open box!
- Counter tops, sometimes a clean countertop is a nice countertop.
- Don't immediately replace for granite if in good shape.
- Cheaper option could be wood or wood veneer countertops.
- A nice backsplash will distract from an older countertop
Bathroom
- Flooring, cheap laminate or vinyl flooring or a tile
- Buy a cheap vanity online or from hardware store
Should be able to get done everything done for under 10K if it is a starter property (Smaller)
- If you live there for a year keep saving and slowly renovating and should be able
to complete renovations in 1 to 2 years!
- INSTANT EQUITY IN PROPERTY BECAUSE OF RENOVATIONS!!!!
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Carla & Conner are the mother-son real estate and design duo. They are coming clean about all of the dirty secrets airbnb hosts don't want you to know. From real estate investing, finance, business to interior design and budget friendly hacks! Carla & Conner will upload new exciting videos every week.