Many of you know we have recently held a few Buy & Hold investor webinars, where Dunn and Company talks about the Denver real estate market, where to invest and the type of return you can expect to receive from these investments.
We’ve had a pretty big response and wanted to provide a closer look at exactly what happens after a Buy & Hold, Rental property if you will, purchase. Knowing how to renovate a property to get it rent ready can be a little intimidating. How much should I budget? What ALL needs to be repaired or replaced? Should I replace the dated stove, even if it still works? What does a $2,000, $5,000, $10,000 renovation look like?
Well, Dunn and Company’s very own broker, Peter Musser just purchased his now, 8th Buy & Hold (Rental Property) in the Aurora, CO area. This is a 3 bedroom up, 1 bedroom down, 2.5 bath Single Family home. It’s a Ranch style home with a basement. Below are the projected projects including their budget. Throughout the 7 days, we will watch alongside Peter and he rips up carpet, demo’s a converted garage and makes this house go from junk to gem.
Day 1 – Buy & Hold Renovation
BUDGET
| ITEM | $ Amount | |
| Carpet | $900 | |
| Linoleum | $450 | |
| Refinish Hardwood Floors | $275 | |
| Dumpster | $290 | |
| Paint | $1,300 | |
| Stove | $225 | |
| Total Home Depot Expense | $2,800 | |
| Labor | $2,000 | |
| Garage Repair | $125 | |
| Total | $8,365 |
Now that you have invested in fixing up your Highlands investment property, you are probably wondering what you got yourself into. Here are some inexpensive rehab tips to make the job easier, quicker and cost effective:
