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is back to teach you how to do both after just finishing a three-month, $36,000 rental renovation where she turned an outdated apartment into a cash-flowing condo!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!
Ashley:
Hey rookies. Normally investors who come on the podcast share their personal journey of real estate investing, but it’s usually after they’ve experienced their highs and lows, which is totally incredible value. But what if we learn together in real time? Today we’re bringing on Renee Hausman, the community manager and rookie real estate investor here at BiggerPockets. This is part two. We had Renee on to talk about how she acquired this unit, so if you want to check that out, that’s episode 477, but today we’re going to hear how the renovations are going if they finished on time and if she went over budget. All of this is valuable. If you are looking to do your first flip or maybe even your next flip in 2025. This is the Real Estate Rookie podcast. I’m Ashley Kehr and I’m here with Tony J…