After remodeling 5 properties and spending in the six-figures doing so, these are the top 7 mistakes I’ve made along the way that you can avoid - and hopefully this will end up saving you a lot of money in the future! Enjoy! — Feel free to add me on Snapchat / Instagram: GPStephan
1. Going with Cheap Materials. You save a lot of money upfront going with cheap materials. Especially as a rental, it’s a fine balance between the cost of an item and what gets the most return from rent. Although cheap materials might save you in the short term, they end up costing you more money long term when they break or need to be replaced. Cheap flooring is one of the big ones - spend a little extra money on durable, long lasting floors. Same with paint.
2. Not fixing everything you can. Don’t put something off because it doesn’t need to be repaired right now. When remodeling a property, it’s a lot easier to get it done the right way, immediately, than put it off until it gets worse. For me, this has frequently been electrical and plumbing. Do not let it get to the point of breaking at 1am before you take action to fix it - get it done now, spend the extra money because you’ll need to do it anyway at some point, so get it done sooner than later.
3. Going with carpet for rentals. Carpet is another one of those things that’s cheap to get done, looks good, but needs to be replaced so often. In a rental, carpet gets dirty and disgusting very, very quickly and needs to be changed out between renters. Replacing carpet once will be more expensive than just having done laminate floors from the beginning.
4. Underestimating repairs. It’ll always be more expensive than what you think. When you start remodeling, you begin noticing all the other small items that you should fix. Unexpected items always come up. When you start to open walls, you find more problems. I recommend adding on 10-20% of the project in your mind and expect to go over budget. It’ll cost you more than you think.
5. Underestimating time. It always takes longer than you think for that exact reason. You end up doing more work, it takes longer, people run late, it happens. Give yourself an extra few weeks for every process to give yourself a more realistic time frame.
6. Not knowing what I was doing. Don’t be completely blind to the process and do your own research. Landscape example. Watch youtube videos.
7. Trust the workers entirely. People are people and they make mistakes. Even if they don’t, sometimes what you have in your head doesn’t translate and communicate well to someone else. You’ll need to supervise and watch over the work to make sure it’s being done as you want it.
Overall, follow these 7 mistakes that I have made and learn from my experiences. Hopefully this will end up saving you a lot of money if you end up renovating your own place!
Thanks again for watching!
For business/music inquiries, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq

By Stock Chat

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33 thoughts on “Top 7 renovation mistakes – avoid these!”
  1. Avataaar/Circle Created with python_avatars mike deem says:

    wow

  2. Avataaar/Circle Created with python_avatars Mr Ali 阿里 علی says:

    so this how Elon Musk would have looked like if he'd entered rental business

  3. Avataaar/Circle Created with python_avatars Lorenz Johnson says:

    Thank you 🙏

  4. Avataaar/Circle Created with python_avatars Ooweee Ooweee says:

    Laminate hardwood floors are the absolute WORSE.

  5. Avataaar/Circle Created with python_avatars Ali Z says:

    My biggest mistake is not supervising regret it with ever drop of blood on me $$$

  6. Avataaar/Circle Created with python_avatars Zachary Ramos says:

    Ditch the music

  7. Avataaar/Circle Created with python_avatars Bella Poarch says:

    cool

  8. Avataaar/Circle Created with python_avatars HDSinslayer says:

    respiration by blakstarr ft common grooving in the background was soooo sauuccyy!!!

  9. Avataaar/Circle Created with python_avatars Shawn Sapp says:

    that because people don't take care of it, the way it should be taken care of!

  10. Avataaar/Circle Created with python_avatars king cuck says:

    Water proof engineered hardwood flooring. When I gutted the carpet on one of rental properties and installed that, I’ve yet to have a tenant complain about it and they like it.

  11. Avataaar/Circle Created with python_avatars Erin Valovich says:

    I love it, informative!

  12. Avataaar/Circle Created with python_avatars Jorgii Camkin says:

    How do you budget for renovations?

  13. Avataaar/Circle Created with python_avatars MsEriKaT says:

    Where do you get the funds to renovate rental properties??

  14. Avataaar/Circle Created with python_avatars paul martin says:

    Thank you this is great 👍🏻. It might be even better in the future without the music and a lav mic to make it easier to hear your words of wisdom. Great material though!!
    😊🙏🏻😊

  15. Avataaar/Circle Created with python_avatars Danny Dabbles says:

    “SunCor Financial MPI review"

  16. Avataaar/Circle Created with python_avatars cptrex says:

    1. cheap/poor quality materials
    2. not fixing everything you can
    3. carpet in rental properties
    4. underestimating costs
    5. underestimating renovation time
    6. not knowing what youre doing
    7. not supervising work

  17. Avataaar/Circle Created with python_avatars Jorge Padilla says:

    Blackstar!

  18. Avataaar/Circle Created with python_avatars slowconcperf says:

    He has a hip hop beat playing? Hmmmm.

  19. Avataaar/Circle Created with python_avatars Romance Buie says:

    So cool to find an old video by Gram on something still helpful

  20. Avataaar/Circle Created with python_avatars L_J says:

    Graham works so hard , i want to be like Graham he should run for office.

  21. Avataaar/Circle Created with python_avatars VID801 says:

    Thanks a ton Graham. I'm getting ready to renovate one of the units in a multi-unit property and this was really helpful. Took notes and plan to apply them.

  22. Avataaar/Circle Created with python_avatars severyn michael says:

    Really good advice…. 9.5/10

  23. Avataaar/Circle Created with python_avatars KristEdit's says:

    watching this 16 years old planning to buy, renovate and rent the house in the future.

  24. Avataaar/Circle Created with python_avatars Sm Tx says:

    Do it right, do it once

  25. Avataaar/Circle Created with python_avatars Jimmy Owner says:

    Hey what advice do you have for someone who has no experience at all with remodeling houses but want to learn and make it a business?

  26. Avataaar/Circle Created with python_avatars Kaitlin Endres says:

    Great video thank you!

  27. Avataaar/Circle Created with python_avatars Falco Peregrinus says:

    Great background music.

  28. Avataaar/Circle Created with python_avatars D Neuman says:

    There's lots of ways to arrange contracts depends on there experience and skill.

  29. Avataaar/Circle Created with python_avatars Stephen Harris says:

    That Blackstar loop tho.

  30. Avataaar/Circle Created with python_avatars Eternal Render says:

    remodddling is stupid

  31. Avataaar/Circle Created with python_avatars John says:

    AKA- do your fkn homework before renovating a home. DUHHHHH

  32. Avataaar/Circle Created with python_avatars MurderedMax says:

    Hey Graham, could really use your advice on this. I live in ny and my market is to expensive for me to make anything unless the numbers are perfect so I’m investing out of state and was wondering what your opinion was because I will be states away and not able to be on the sight while the renovations are happening, it’s making me stressed because it’s the one thing I really want to do is be there and I physically won’t be able to while I’m at work here in New York. Do you have any suggestions for me? I would greatly appreciate any response, thank you so much! Love your videos btw I learn a lot from you

  33. Avataaar/Circle Created with python_avatars The Kees Boer Ministry Channel says:

    What a good video. Thank you for sharing. If I can give a suggestion. Lower the music volume to the point, where it is felt, but that it doesn't distract from your message.

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