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Mind of a Millionaire: Saving on Investment Property Renovations

| November 15, 2019
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Thank you all for tuning in to another episode of the Mind of a Millionaire podcast. This week, Blair is discussing home renovations, and more specifically, where you can save when renovating your home. To date, Blair has renovated three full homes, with handfuls of other improvements projects along the way.

 

What does it mean to be the richest person in your neighborhood? [2:20]

How much to rent for [3:08]

  • Cash-flow vs. long-term appreciation [3:30]

How to avoids some renovation pitfalls [4:35]

Use protective covering on your floors during renovations [5:09]

Establish a renovation timeline [5:45]

What is a general contractor, and do you need to hire one? [10:02]

  • Blair highly recommends not paying everything upfront [12:54]

Blair’s biggest mistake in remodeling his first house [15:13]

Do you need to be going over the top with renovations? What do other houses in your neighborhood look like? [16:18]

Rental properties as individual LLC’s [20:08]

Have a lease, not a verbal agreement [21:21]

Check with state regulations on deposits [22:34]

Denver Wealth Management 2019 Diaper Drive [23:57]

 

Again, thank you for listening to the Mind of a Millionaire podcast. If you have questions regarding real estate in your portfolio, renovations, or the process for rental property, please don’t hesitate to reach out; we would be happy to chat with you.

On that same note, if you’ve had experiences with rental properties that we discussed today, or if you have some home renovation tips, please let us know.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

No strategy assures success or protects against loss.

This information is not intended to be a substitute for individualized tax or legal advice. Please consult your legal advisor regarding your specific situation.

All investing involves risk including the possible loss of principle.

Diapering Denver Darlings is not affiliated with LPL Financial and Denver Wealth Management.

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