Which rental renovations give you the biggest bang for your buck, turning a few thousand dollars of materials and labor into hundreds of more dollars of rent per month and tens of thousands more in home value? Today, we’re going through each tier of rental renovations: easy and cheap ($5,000 or under), moderately challenging and expensive ($25,000 – $50,000), and hard/pro-level ($50,000+). This will give you a roadmap of high-ROI rental renovations you can make right now to increase your property’s value and rent.
Why are these rental renovations (AKA value-add) so important right now? Because with so many investors and homebuyers sitting out of the market, you can take your pick of homes with overlooked potential and turn them into high-value investment properties. This not only makes tenants happier due to new renovations and upgrades but also gets you higher rents and wealth-building equity to boot.
We’ll start with some easy ones—painting, tiling, adding backsplashes, etc.—and work our way up to the pro-level renovations like adding square footage and turning a single-family home into a multifamily. Based on your experience, you can go either route, but both have enormous potential to turn your initial investment into a killer real estate deal.
Ashley:
Rookies. We know it is difficult to find cash flowing properties in this high interest rate market. So one major tactic right now is to buy value add properties, but how do you know how much to spend on the rehab? That’s why I want to share with you this tactical episode by Dave Meyer and Henry Washington. It gives game-changing advice on how to create real value in your property so you can get higher rent and reliable tenants. Like what are the best home makeovers to do under 5K? And if you want to go big, what are the big 50 K price tag renovations you should be doing that are worth it? Let’s find out in today’s episode.
Dave:
Hey everyone, Dave here. I’m the head of…