The Shocking Truth About Upgrading Rental Property
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- čas přidán 17. 07. 2024
- Learn the true cost of upgrading a rental property in this video on investment real estate. From capital improvements to renovations, we cover all you need to know. Perfect for multifamily property owners looking to maximize their investments!
Chapters
0:00 - Introduction: Maximizing Your Rental Income
2:56 - Pre-Demolition: Evaluating the Unit's Condition and Initial Plans
11:05 - Renovation Process: Step-by-Step Improvements and Upgrades
19:12 - Final Reveal: Showcasing the Completed Renovation
31:32 - Financial Breakdown: Detailed Cost Analysis
35:27 - Rental Rate Changes: Before and After Comparison
36:40 - The Strategy Behind Renovations: Long-Term Benefits and Goals
39:26 - Outro: Final Thoughts and Investor Advice
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Thank you for sharing. It really helps us mom and pop landlords stay in rental market
My pleasure. That’s why I do these videos! Not to see my self on TV 😂
Great video Kris! I am going through the same process! I am about 85% done with my 2nd unit apartment on a full makeover. I just got the kitchen cabinets and quartz countertop installed last week. I will be done with it soon. Yes, it's worth it to go "The Extra Mile" and get large returns at the end! Keep up the great work!
Pretty soon you will have your own channel.
Dude, top notch! Retired Marine here in North County San Diego, now realtor/property manager. Just found your channel. Great stuff! The price tag on that remodel was great! I'm curious to know how you find your contractors. That's one thing I've been struggling with is finding good contractors who care. There's plenty of work to go around.
Nice!
I don't supply a refrigerator to one of my rental properties. Its better that way because I don't have to spend a ton of money on purchasing the appliance and I don't have the upkeep to worry about. In all my leases, I write tenant may use washer and dryer and landlord will not replace or repair units if they break or die.
great video
Thanks! Glad you enjoyed it!
Thank you! I was told to offer 25k
Glad I could help!
Super nice. Can you tell us who did the work?
My contractor prefers not to be mentioned as he is swamped. Thanks for watching!
@@TheApartmentDealer lol
Tabnks for great video. My 3 unit property is in LARSO. Can I do the same? All units have original plumbing and electrical panels. Thanks!
Unfortunately you can not given the local rent control rules. You would have to do tenant buyouts. See my video on Tenant Buyouts as the guest on that show specializes in LA
Here's our video on tenant buyouts: czcams.com/video/qsYnfTKUEsY/video.html
What is name of the paint color you used on this property?
Stonington Grey
Doesn't removing a tub downgrade the bathroom and legal count?
No, that isn't true.
How much did you have to pay the previous tenant for cash for keys?
We didn't do cash for keys. We followed the law for evicting a tenant in order to do substantial improvements.
@@TheApartmentDealer
Thanks.
I looked up what qualifies as "substantial improvements":
California Civil Code § 1946.2(b)(2)(D)(ii).
“substantial modification of any structural, electrical, plumbing, or mechanical system that requires a permit from a governmental agency, or the abatement of hazardous materials, including lead-based paint, mold, or asbestos, in accordance with applicable federal, state, and local laws, that cannot be reasonably accomplished in a safe manner with the tenant in place and that requires the tenant to vacate the residential real property for at least 30 days. Cosmetic improvements alone, including painting, decorating, and minor repairs, or other work that can be performed safely without having the residential real property vacated, do not qualify as substantial rehabilitation.”
@@TheApartmentDealer
What was the size of the unit?
Budget was $47,850
That unit looks like it is 700sqft.
Which equates to $68/sqft.
Is $68/sqft a good basis to use when estimating the costs to renovate a unit in a multifamily property?
Im in this situation. below market rent. Can't get them out to renovate.
Try to negotiate a cash for keys
We have a video about cash for keys as well: czcams.com/video/qsYnfTKUEsY/video.html. @user-ro5rn8sz9n
LMAO California property and rental laws are becoming more comical by the day