The Realities of The Renovation Process

ROI Wealth Watch

What does it take to do a renovation job correctly? Whether you’re renovating a property to flip it and put it back on the market in your local area or looking to invest in a property in another state where it’s not as easy for you to stop by and check the renovation progress, knowing the correct process behind property renovation is critical to understand as a turn-key investor.

Today, Tom explains the realities behind the renovation process. He shares the exact process that the Rich Life Real Estate company uses to renovate the homes they purchase to flip, sell, and add to their portfolio. He also explains the importance of scoping the property before closing on it, things to consider throughout the renovation process, and what to consider when hiring general contractors.

“You need to know what’s involved in the renovation process.” - Tom Obenchain

In This Episode of ROI Wealth Watch:

• The benefits of scoping a property multiple times before closing.
• The importance of proper flooring in your renovation project.
• How the age of an HVAC system can affect your renovation.
• When to renovate a kitchen in a property you are rehabbing vs when to replace it.
• Why linoleum and tile flooring may not be the best choice.
• Appliances to consider upgrading when renovating.
• Factors to consider when evaluating the plumbing system.
• What to consider when renovating a property with electrical problems.
• When to replace the roof.
• When to hire a carpenter.
• The importance of interior and exterior painting
• External renovation factors to consider.

Wealth Watch Words of Wisdom:

• Recognize your strengths and weaknesses. If you don’t like managing renovation projects, turn-key investing may not be for you.
• Be familiar with the renovation process.
• Know the right questions to ask.

Grab Your Free Gift!

Learn more about how real estate can deliver benefits that other investments can’t touch! Text “ROI” to 21000 to request your free, private link to our webinar video: The 12 Advantages of Real Estate. You can also text “ROI.1” to 21000 to get information on expert training when it comes to market cycles.

Help Others Buy Real Estate in the Right Markets at the Right Times!

Thanks for tuning into today’s episode of the ROI Wealth Watch podcast with Jared Garfield - your resource for learning to buy real estate in the right markets at the right times. If you enjoyed this episode, head over to iTunes to leave us a rating and review. Subscribe to the show so you never miss an episode, and visit our website to grab your free gifts!

And, if you’re looking for the best turnkey rental properties to invest and renovate to maximize your real estate portfolio, visit the Rich Life Real Estate website to view turnkey rental opportunities or speak with an investment advisor for more information.