440: Rookie Reply: Rent-Raising Renovations, the 1% Rule, & Quitting Real Estate

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 2 August 2024

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Real estate investing offers a roadmap to financial freedom, but it’s far from easy. If you’re feeling the stress of ownership, whether it’s due to a difficult tenant or unforeseen expenses, you may be ready to throw in the towel. But before you sell your investment property out of frustration, you’ll want to hear what Ashley and Tony have to say! Welcome back to another Rookie Reply! Are you looking to increase rents? Choosing the right renovations is key, and in today’s episode, we’ll help you determine which projects to prioritize. We also talk about the one-percent rule—a popular benchmark investors use to determine whether a deal is good or bad. Should you buy a rental property that falls short of this golden number? Our answer might surprise you! Finally, we dive into turnkey properties, their pros and cons, and what you should know about them before you buy! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover What to do when you feel like quitting real estate investing altogether When to sell a rental property (and where to redeploy your home equity!) The BEST home renovation projects for raising rents Whether you should buy a property that doesn’t meet the one-percent rule The pros and cons of investing in turnkey rental properties And So Much More! (00:00) Intro (00:55) Rent-Raising Renovations (08:30) Should I QUIT Real Estate? (18:14) When to Sell a Property (29:46) Breaking the 1% Rule! (37:13) Buying Turnkey Rentals (44:39) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-440 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Let's get your questions answered.
0:03.0	I'm Ashley Kerr and I'm here with Tony J Robinson.
0:07.0	And welcome to the Real Estate Ricky Podcast where every week, three times a week,
0:11.0	we bring you the inspiration, motivation, and stories you need to hear to
0:14.8	kick start your investing journey. Now, today we're diving back into the BiggerPockets
0:18.9	forums to get your questions answered. Now guys, the forums are the best place for you to quickly
0:24.0	get all of your real estate investing questions answered by experts like me like
0:28.0	Ashley and so many others who are active inside of those forms so today we're
0:31.4	going to talk about someone who's actually thinking
0:34.0	about quitting real estate altogether, what renovations actually raise rents on a
0:38.7	property, whether or not you should consider buying a turnkey rental and would you buy a property that
0:44.0	doesn't actually follow the 1% rule. So Tony let's go into the I'm in the rehabbing
0:49.2	and house flipping in the bigger pockets forum section right now.
0:53.0	Let's pick a question out of there.
0:54.6	Do you see a good one?
0:55.7	Yeah, so I've got one here from Sam Z.
0:57.8	And Sam says, so I've got this rental property.
1:01.1	It was currently renting it at $1,000 per month, but I'm trying to get that to about
1:05.2	$1,400 to $1,500 per month. The cabinets are original, about 45 years old. The cabinet under the
1:12.3	sink had water damage to the base and have the option of just
1:15.7	repairing that and painting the inside of it or I could just get all new cabinets on the top and the bottom.
1:22.1	What would you do? Also, the toilets are old, probably 15 to 25 years old.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.