Real Estate Investing: How to Pay for Renovations

Earlier this week we unveiled the before and after pictures of our character home renovation project. And last year we shared pictures of a major renovation project we did where we added a legal suite. One of the best things about being a real estate investor is the opportunity to add value through improvements. And, done right, renovations can add more value than you put in, increase cash flow and attract better tenants or buyers. The only problem with renovating rental property: IT COSTS MONEY!

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Before and After Reno Pictures – The 70′s House is Done!

by Dave Peniuk

Julie took off to Las Vegas with the Divas from Diva Money Club and left  me here to entertain and educate you while she’s away. When we looked at the Top 10 Blog Posts of 2010 we discovered that you folks like pictures. You even like pictures that have absolutely nothing to do with real estate. So, today I’ve got pictures for you. We have FINALLY finished our 70′s house renovation project. The appraiser has gone in and we’re getting it financed at the new value – which came in almost $100,000 higher than what we paid for it so we’re pretty happy. Granted we spent more on the project than we planned … but at least we’re still ahead!! Plus, we have already rented the upstairs unit out and are in the process of filling the main floor unit.

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Rental Property Renovation Before and After Photo Show

by Julie Broad

HAPPY NEW YEAR!!!

This year is already kicking off to a tremendous start and I hope yours is too. We’ve been spending a lot of time chatting one on one with Rev N You readers to help them put plans in place to make 2011 their best year yet and it’s been a great experience. Both of us have had some wonderful conversations with people and we’ve definitely found some serious action takers that are ready to grab 2011 by ears and take it where they want to go. WE LOVE IT.

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Riding the Renovation Roller Coaster

by Julie Broad

Today we’re closing on a great 5 bedroom 2.5 bathroom home near the hospital in Nanaimo. We’re pretty excited because we already have two different people anxious to get into our rent to own program with this home. In fact, one of our prospective tenant buyers is so excited about the home he was angry with us when we put our sign out front of the property last week. He didn’t want us to offer the home to anyone else! So, we’re hopeful that we can get this one filled within hours of taking possession tomorrow – which would be pretty darn fantastic!

Meanwhile, we’re still working on the 70′s house renovation project. When I last wrote about the house we were going through a bit of a permit problem. The main issue at that time was that a lot of work on the home previous to us buying it, had been done without a permit which could cause a notation to go on title. Thankfully the building inspector didn’t see a need for that and we moved forward quickly through the initial permit process … then it stalled!

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Thinking of Flipping Real Estate? Here’s a few things to consider…

Awhile back we shared the video diary of our rental property renovation project …  I was just clearing out some videos and found this little clip we hadn’t shared. It’s not that it’s a really exciting video – it’s not. That is probably why I didn’t include it in the video diary in the first place.

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