$36K Home Renovation in Just 3 Months (Budgeting and Final Results) | Bigger Pockets Video
Episode #510
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Home renovations can substantially increase your equity and cash flow on a rental property, but when doing one, there are two key things you need to pay attention to: budgets and timelines. Today, rookie real estate investor Rene Hosman is back to teach you how to do both after just finishing a three-month, $36,000 rental renovation where she turned an outdated apartment into a cash-flowing condo!
Rene was able to rehab the entire unit (two bedrooms, one bathroom) with a budget of around $30,000, and although she may have gone slightly over, her returns look nothing less than phenomenal. How did she do everything—new floors, electrical, bathroom, AND furnishings—with such a reasonable budget? If you’re ready to renovate your home or rental property, take her tips.
Rene goes through every aspect of the project: the good (renting it out right after finishing) and the bad (a BIG flood in the master bedroom), plus everything in between. She’ll share what she chose to DIY, what was smarter to hire out, and how she paid for it all. We also get the final numbers of the renovation—what the property appraised for AND how much it’s renting for now!
00:00 Intro
01:07 Property Renovation Progress
03:35 How to Hit Your Renovation Timeline
06:56 Staying On-Budget
11:38 Unexpected Costs...
19:29 Building Your Renovation Budget
21:18 Paying for Materials and Rehab Expenses
30:42 Furnishing the Property
32:18 Refinancing and Rent Numbers
40:12 Connect with Rene!
