The Six Levels of Rental Property Renovation

ROI Wealth Watch

The price of an item is associated with the quality you would expect from it. We shouldn’t expect something we can buy from Walmart to have the quality of something from Saks Fifth Avenue. Likewise, we shouldn’t expect something from Saks Fifth Avenue to have a Walmart price. It’s the same with rental properties: How much you paid for a property will dictate the market you plan to sell it in, and it’s not as easy as putting up an ad on Craigslist.

In this episode, Jared and Tom discuss what they call the Six Levels of Rental Property Renovation. They share their thoughts and ideas as well as explain what we should expect from each level. They also describe their personal stories on how they managed to avoid properties that only looked good on paper as well as properties that would have limited cash flow.

“You're responsible for the reality of where your dreams are going to come from.” – Tom Obenchain

In This Episode of ROI Wealth Watch:

• What protects you when buying an investment property?
• What does "Lipstick on a Pig" mean?
• Tips to know when you’re buying a Lipstick on a Pig type of property.
• What is considered a "Quick turn” property.
• What you should expect from a "Basic Turnkey" and a "Top Level Turnkey.”
• Advantages of dealing from a Basic to a Top Level turnkey rental?
• Why Owner Occupants are not advisable for rental investments.
• What is different with "New Constructions" that we should be aware of?

Wealth Watch Words of Wisdom

1. Know the reality of your own expectations.
2. Decide on your business model.
3. Know what is needed to hit your desired renovation level.

Grab Your Free Gift!

Learn more about how real estate can deliver benefits that other investments can’t touch! Text “ROI” to 21000 to request your free, private link to our webinar video: The 12 Advantages of Real Estate. You can also text “ROI.1” to 21000 to get information on expert training when it comes to market cycles.

Help Others Buy Real Estate in the Right Markets at the Right Times!

Thanks for tuning into today’s episode of the ROI Wealth Watch podcast with Jared Garfield - your resource for learning to buy real estate in the right markets at the right times. If you enjoyed this episode, head over to iTunes to leave us a rating and review. Subscribe to the show so you never miss an episode, and visit our website to grab your free gifts!

And, if you’re looking for the best turnkey rental properties to invest and renovate to maximize your real estate portfolio, visit the Rich Life Real Estate website to view turnkey rental opportunities or speak with an investment advisor for more information.