EP 146 - Do You Actually Need to Renovate Units In Your Rental Properties?
Sep 27, 2023
Do you Actually Need to Renovate Units in your Rental Properties?
Episode 146
Renovating a property has the potential to increase ROI, but it can’t solve problems like a bad neighborhood. While you should always aim to create value as a real estate investor, there are many factors you should consider before spending on a renovation.
In this episode, Mike and Dan give updates on a nightmare rental property, and share why they’re choosing not to do major renovations on its units. They discuss renovating as a common mistake among new real estate investors, and why deferred maintenance is sometimes the best financial option.
They also take a look at the current real estate market, covering the impact of inexperienced investors in this slower market, the supposed downfall of the BRRR method, and why it’s a great time for seller-finance deals (Mike and Dan’s favorite type of deal)!
Tune in for all this and MORE.
Topics discussed in this episode:
- Is it a good time to get started as a real estate investor?
- How inexperienced wholesalers are affecting the market
- Updates on our bed bug nightmare
- When you should and shouldn’t renovate a rental property
- What we’ve learned from tenant issues
- The benefits of seller finance deals
Learn how to start your own real estate investing business in the NEW Accelerator program! Sign up for one of 10 spots here: https://www.collectingkeyspodcast.com/launch
If you’re an established investor with money to invest, but not the time, check out the Instant Investor PRO Program! https://www.collectingkeyspodcast.com/store
Check out the NEW Big Dan Energy shirt (and more!) in the Collecting Keys Merch Store: https://store.collectingkeyspodcast.com/
Download the FREE 5-Step Guide To Generating Off Market Leads here: https://www.collectingkeyspodcast.com/free
If you are interested in learning from Dan and Mike to receive coaching and learn how they built their business, head to https://www.instantinvestorprogram.com and see if you are a good fit for the mastermind group!
Collecting Keys Podcast Resources:
This episode was produced by Podcast Boutique https://www.podcastboutique.com
