House flips or rental renovations can come with some serious costs. But, when done correctly, these costly renovations should bring in a much more positive ROI, either giving you a higher sales price when the flip is finished or a higher rent price once you get tenants in place. But you don’t need to break the bank when it comes to home remodels and rehabs, you simply need to do what is “worth it” for your area, and your preferred buyer/renter.
As a luxury flipper, Tyler Madden knows that material and labor costs can add up, especially as the home renovation gets grander. At the same time, Tyler understands that his rental properties don’t require the same kind of finishes that his flips do, and trying to do a higher-end renovation may just leave him with a bigger bill, not bigger rent checks.
Tyler gives some budget renovation tips on how flippers and rental property investors can upgrade their homes for cheap(er). This way, you can still have a beautifully finished property while keeping a little bit more cash in your pocket for the next one!
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Check out Last Week’s Episode on How to Estimate Rehab Costs:
• How to Estimate Rehab ...
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7 Ways to Spend a $5,000 Renovation Budget for Max ROI:
www.biggerpockets.com/blog/50...
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4 Tips for Renovating a Rental Property:
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Check Out Tyler’s Episodes of The “Real Estate Rookie Podcast”:
Episode 55: www.biggerpockets.com/blog/ro...
Episode 173: www.biggerpockets.com/blog/ro...
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Connect with Tyler on BiggerPockets:
www.biggerpockets.com/users/m...
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Follow Tyler on Instagram:
@tylermadden or / tylermadden
00:00 How Much to Spend on Home Renovations
01:03 How Far to Go with Finishes
03:30 Flipping vs. Rental-Grade Finishes
04:38 Renovating on a Budget
07:16 Each Market (and House) Matters
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