My tenant just moved out - here is what happened, and my plans for remodeling this property - enjoy! Add me on Instagram: GPStephan The Program I talk about: The YouTube Creator Academy:
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For anyone who wants to invest in real estate, renovate properties…and rent them out for profit…here are just a few quick takeaways that I’ve learned along the way:
First, go for durability - even if it costs more long term
The LAST thing you need is something you’ll have to frequently replace or fix, just because it saves you money upfront. From my experience with tenants…if something CAN break, it WILL. So spend more money on things that are built to last as long as possible, and that will mean more profit for you long term.
Second, BUDGET that it will always cost you more than you think it will
Even though $65,000 is the amount I expect this to cost…trust me, I’ll look be looking back on this and shaking my head because I’m pretty sure there will need to be other small changes made throughout the process that will end up costing more. Maybe I could be wrong…but, I’m not wrong. If you’re remodeling something, always give yourself a 25% buffet to go over budget if you need to - otherwise, you risk running out of money.
And third, always monitor the work that’s being done
Even though I trust my contractors thoroughly - sometimes, if they’re not around supervising, things can fall through the cracks and get missed. I like to check in the progress every day, or every other day if I’m really busy - not only is this a great way to learn how the work is being done, but you can make sure everything is done to your liking. I’ve walked in previous projects and seen this mis-aligned, screwed sticking out of cabinetry, using wrong grout color…the list goes on.
Absolutely expect some updates on the progress of this unit throughout the next few months…I’ll do more frequent, vlog style updates on my second channel, The Graham Stephan Show - so if you want to more closely follow the progress, go and subscribe to that channel and you’ll be able to see the progression.
But, overall…I’m excited to show you the before and after, this is type of real estate work I really enjoy - and there’s something to be said about putting your own creative touch on a place, and transforming it into something like this - into a place where people would be really happy to live in.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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