Business:Investing
Wanting to start a reno but not sure where to begin?
It’s so enticing to renovate as soon as you buy an investment property - but if you choose well and think wisely, you’re better off waiting ten years and renovating with equity instead of cash.
Most people want to do a structural renovation on their home or IP, but often all that’s required is a cosmetic renovation. Unless you’re a professional renovator, structural renovation can be a major time and money blowout, not to mention the emotional investment!
On this episode I discuss the variety of renovating options available to you.
Also, I reference design logic - which has an episode all to itself on Episode 17 - The Secret Language of Real Estate.
Enjoy!
3:26 - Why Renovating Is So Popular
7:02 - Renovation traps
10:08 - Become a 10 Year Renovator
14:12 - The 4X Growth Plan and how it relates to renovation decisions
25:08 - The 10/30 rule
31:26 - How to renovate using equity instead of cash
36:05 - Structural vs Cosmetic Renovation
49:11 - How To Start A Reno
Don’t hesitate to hit me up on Facebook @SamSaggers. DM me any of your questions :)
If you’re yet to subscribe, be sure to do so on your favourite channel.
And remember, I’m really good on 1.25 or 1.5 speed :)
Take care,
Sam
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