Boost Your Rental Returns with These High-ROI Renovations (Rookie Reply)

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 20 September 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Do you want extra cash flow? Higher appreciation? More bookings? A few high-ROI renovations or new amenities could pay off in a HUGE way. But which projects will give you the best bang for your buck? Stay tuned because we’re sharing some of our favorite additions in this episode! Welcome back to another Rookie Reply! Are you using the wrong investing strategy? Maybe short-term rental regulations are cutting into your revenue, or your long-term rental isn’t cash-flowing. We’ll discuss how to choose the best strategy for your market, when to pivot, and how to flex between multiple strategies for the highest return. Finally, we’ll dive into the BRRRR method (buy, rehab, rent, refinance, repeat) and compare several exit strategies for tapping into your home equity—from cash-out refinancing to DSCR (debt service coverage ratio) loans! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: How to get the highest return on investment (ROI) from renovations and amenities Converting your short-term rental into a medium-term or long-term rental How to choose the best investing strategy for your market (and when to pivot!) The best exit strategies for a BRRRR (buy, rehab, rent, refinance, repeat) When to use a home equity line of credit (HELOC) versus a cash-out refinance And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Ask Your Question on the BiggerPockets Forums Buy “The Book on Estimating Rehab Costs” Find Investor-Friendly Lenders See Ashley and Tony at BPCON2024 in Cancun! 11 Ways to Increase the Value of Your Home or Investment Property in 2024 (00:00) Intro (00:46) High-ROI Renovations (11:19) Converting Short-Term Rentals (18:18) BRRRR Exit Strategies (27:56) Post Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-460 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

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0:00.0	Let's get your questions answered. I'm Ashley Care and I'm here with Tony J Robinson.
0:07.6	Welcome to the Real Set Ricky Podcast where every week, three times a week
0:10.9	we're being you the inspiration, motivation, and stories you need to hear to
0:14.3	kick out your investing journey.
0:15.3	Now, today guys, we're diving back into the Bigger Pocket Forum to get your questions answered.
0:19.8	And listen, the forums are the absolute best place for you to go as a rookie to get all of your real estate investing questions answered by tons of experts.
0:27.2	So today, what are we going to discuss? We're going to talk about the projects that might give you the highest ROI on your fix and flip, how to convert your
0:34.7	short-term rental to a midterm rental or a long-term rental and how to know which strategy
0:38.8	will work best for your portfolio and then what options do you have to exit out of a Burr deal?
0:44.0	So let's get into our first question.
0:46.0	Okay, so I'm in the BiggerPockets forums and the question I found here is,
0:51.0	what's the one renovation you've found to bring the highest ROI
0:56.3	return on your investment in your fix and flip projects. So Tony you've done more flips than I have but what is something that you are
1:06.7	doing in each of your flips that is bringing you value and giving you a better return.
1:14.0	We're probably unique because a lot of our flips have been turnkey short-term rentals
1:18.0	so we've kind of had to balance between ROI from an after repair value perspective which is what a usual flipper thinks
1:26.1	about but then we also have to think about ROI from a revenue perspective as a
1:30.7	short-term rental so maybe I'll talk first about the, like the short-term rental side of things,
1:36.6	and then we can kind of zoom out to just like general flipping and what that looks like.
1:40.7	But from a short-term rental, what we're really looking at is what are the amenities or experiences
1:46.1	that we can add to try and make our property outperform the other potential
1:51.4	options that guests might have in our city and you know we
	...

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