My Investment Property Portfolio Summary

Sunday, October 7, 2012

Rental No. 5 Renovations

After closing on my fifth rental in February, I needed to get it renovated and rented fast! I am a civil engineer by day, and I had my PE (Professional Engineering Licensure Exam) coming up in April. I was cutting it thin by buying this one, but I couldn’t pass up the deal.
This was the typical kind of rental that I like to find, only requiring new floors and new paint, along with minor repairs. Being short on time, I hired the paint out, while I installed new floors, trim, and did some repairs. This property was finished in only 3 weeks. I didn’t have time to do tile on this one, so I went with the sticky tiles that just go down over the existing floor. I made sure to buy plenty of extra tiles incase some come loose.
Having renovated this property, and the duplex before it, I have become quite good at realizing what all I need to do and what to outsource. It’s very important if you are going to renovate properties to have a good team of people that you can call to help with the work. It’s equally important that your people do a good job for a reasonable price. I never pay a contractor – they are ridiculously expensive, but I have talent that is comparable.
I ended up renovating this property for about $5,500 labor and materials. I’m very pleased with it over all. And, that test I took in April, I did in fact manage to pass!!

1 comment:

  1. As of now, we have so many things that we must do in our recently start business. Making sure that our business will be stable even if there are lots of issue that awaits. Do what you think is right for our real estate business.

    Real Estate Investments Australia

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