BiggerPockets Reblog: A Year To Do A Rental Property Renovation? Sometimes….
See Article On BiggerPockets
Here’s a little story about a year long odyssey of my year long renovation of my second rental property. I paid 13k for a row home in Baltimore, MD and it took me a year to complete the renovation and get a tenant in. I’ll share why this took so long, and why that was okay.
6 Comments
This is great advice. That was smart to learn all this on a house with
manageable payments on it. This is the kind of info you need to weigh out
when you’re making property choices. Light updates vs. major overhauls and
everything in between.
Every time you’re learning something for the first time, it’s going to take
longer. Now next time you do this, you can just bang em out because you’ll
know how much cash you’ll need to have to get it to where you want it to
be. And all the repairs will go way quicker every time you do em.
“At the end of the day”? Don’t you mean: ” At the end of the year”?
Your information, Ms. Phillips, is quite excellent and I plan to study it
all as, if the Lord wills, I will go into Real Estate (which I have not in
times past) for myself. Thank you for your empirical information and
advice. God bless!
I am going through this exact scenario right now. I bought my second
property one month ago CASH only to realize that the reno costs is more
than i estimated. Thank you for letting me know that I can take my time
getting it move-in ready and not feel pressured to tap into savings that
really should NOT be tapped into.
I have been doing the same thing in Baltimore. I am on property number 10
now, keep on going! Trying to transition from an employee to being
financially independent.
Yes, of course. Keep on recording this good instruction from your own
experience. It’s quite helpful and will help others avoid the pitfalls
that you have experienced.