I posted a video on june 6, showing my entire renovation plan for one of the units of the rental property that i have i'm now learning that i had some lofty plans and goals during that video, and if you haven't seen that video, you should definitely pause. This one check the description, click the link, go watch. It then come back to this video and hit play because it's going to make this video a million times better. Okay, now that you've done that, i am incredibly stoked to show you the progress that we've made.

So let's go okay, so we're going to actually start with a walk through of the unit. Again then, once i show you kind of how the unit looks we're going to come back, i'm going to go through all the numbers, how closely we stuck to our budget and then. Lastly, i'm going to show you what i've gotten for rent and how this whole project turned out. Okay, so it's going to be super echoing here, sorry about that, there's nothing in here and there's actually hard flooring throughout the entire unit.

So it's probably worse than what it was in the original video, but one thing um you might notice, is the doors are completely new. There's this super sleek modern kind of look, which is really awesome, i'll kind of show some from the outside right now. It gives the whole unit a really nice look, and i also painted the exterior, which is kind of hard to tell, but it makes the building on the outside look really modern, which also matches the inside, which is what i want to show you right now. All right, so here's that super uh sleek looking door that i was just talking about, which is really awesome um.

This is gon na, be the family man look at how much of a difference. This flooring makes just absolutely awesome, and then we got some nice modern fans in here. I don't really have a whole lot on the windows right now. So that's where a lot of the lights gon na be coming from.

We did this nice kind of light gray on all of the walls which looks really fresh man. This flooring is a show stopper we're gon na walk into the kind of dining room, got a nice little modernish. Looking light to go, there swapped out kind of those ugly curtains put in some new ones that are that are actually light blocking again, the flooring is going to look super awesome throughout the entire unit, which i will show you over there. The kitchen is super awesome.

Bang look at this so sleek, so awesome. Look at these countertops absolutely show stoppers. We left the sink. I know i talked about swapping that we left the sink.

We also left the lighting, which i was going to change, but left that i'll talk about a little bit. Why, in a bit again still got these nice gray kind of walls um let the sink like i just mentioned, got some nice new cabinet hardware looks super sleek again. The flooring in here left the oven, but man just a totally different look with these countertops and with the hardware on there. I don't know if you noticed this, but we actually swapped the way the fridge opens.

It opens the correct way now versus before it was opening this way, which is horrible and then the biggest thing we actually have some doors now there are actual doors instead of like curtains or no doors or anything looks so much better way, more functionality and um. Just i mean everything about it, it's just so nice and these doors are also a nice modern look too, which i do really like. I went with a kind of nice little edging there, so it looks good and then these double doors we actually have double doors. On the on the laundry room now, which is sweet, so we'll open this up, nothing's changed in here, except for some new um washer and dryer, but i didn't really do any painting or anything back there, because now you don't see it, so you don't need to So we're just going to close those bad boys, and now it's also looking so fresh, so good man, it's crazy.

What doors will do crazy, okay, moving on through the unit, though um so again, door bam uh, but we got everything in the kitchen over here. I love the fact that we have doors now. This is that um little closet area so again nothing whole lot changed in there we got doors, we got doors, we got doors, we got doors, everywhere's got doors, it's awesome and i went with some nice modern uh. Black kind of um, you notice the the little thingamajigs and the handles, which is awesome, not a lot changing there, but um man.

The doors just make this place, look completely different and real quick. I want to point out that the flooring would have been one completely floating um flooring, except i did do a trimming piece right here, because it was getting very challenging with the way these lined up to match this room, but you can barely tell that they're off Center - and it looks really great with that trimming piece - i really do like that. The bathroom boom cannot wait to show you this again. We swapped all the doors to this nice modern kind of design.

Here all the handles. All the hinges got some new hardware which you can see here, which is really awesome, new mirror what's up, but the new mirror is uh big, which is kind of the goal. I was gon na. Do a nice little border around it but kind of ran out of time, so i didn't get a chance to do that.

I left the lighting in there. I left all of these in here. Um didn't really have time to mess with them, but the big thing which you've kind of seen in the mirror is a whole new shower wow and you should totally subscribe if you're not already, because i'm going to talk about how i was able to do this Whole shower the way this whole thing looks. It's super nice super awesome for like 300 or 400 dollars.

I can't remember so: i'm gon na be dropping a video on that pretty soon. I'm also gon na be dropping a video on how we did the kitchen look. So um yeah pretty exciting stuff there and i think that's pretty much it but moving along into the two bedrooms, which not a whole lot changed. Besides the flooring again updated the doors to match the rest unit, but the big thing that changed them is boom.

We no longer have that super ugly, awkward, like cable, going out of outside of the wall to this terrible little light in the corner. No, we made it super nice. Obviously the painting right the ceiling and the walls we did all the painting, but now you don't have this ugly light and it's all kind of on the switch here which matches the rest of the unit. As you can tell, i didn't put in closet doors, um again i'll talk about whiteness a little bit, but doors are super expensive.

We did the same thing over here in this bedroom. Um gosh. It looks so much better with that again no doors here, we're gon na stop to use the curtains for now that's kind of a project for next time, but man, the lights in the bedrooms, look really good. Overall, the unit looks really really really awesome.

I would live here, but that's the unit and uh. Hopefully it looks sweet, but i want to run back into the office and talk about all the numbers and the whole process of everything, because it was quite the process. Now the plan was to stick to a fifteen thousand dollar budget, and we did just that. I technically spent thirteen thousand five hundred and seventy nine dollars in nine cents on this entire project.

But what that doesn't take into account is the fact that i haven't had a weekend for the last two-ish months as i've been slaving away every single weekend to get this project done and it was completed on august 23rd. So i definitely regret that i wish i would have spent a little bit more money to have a little bit more free time, but that's part of the learning process, and not only that, but my dad also slaved away and gave up all of his weekends. For the last two-ish months to help me with this project - and he was doing it all pro bono out of love, so i got to give him a massive shout out and thank you and because of that i ended up cutting him a check for a thousand Dollars because we were well under budget - and i just wanted to kind of thank him for his time. So that brings me to the new number you see here, of fourteen thousand five hundred and seventy nine dollars in nine cents.

But i'm still going to err on the high end there and say that we probably got right up to the 15 000 budget because there were plenty of home depot runs during the project that i probably didn't log on my tracker. So i'd like to kind of round up to be a little conservative and say we hit the 15 000 mark on the head and while i didn't have any weekends, i will say that is pretty damn good for the work that was done and i am incredibly Happy overall, so i want to give you my three biggest takeaways that i learned on this project to hopefully help you or just give you a different kind of perspective on it number, one of which is the fact that the doors were an absolute sleeper. These were the most expensive and most time-consuming part of the project, and i was not accounting for that. I thought it would be something that was a lot quicker, but i got my doors mega mega cheap.

I mean i'm talking i planned way in advance. I used every discount code, i could find online and that was sent out in the mail. I went on on discounted weekends to buy doors i bought them wholesale and direct. I mean i did literally everything you could to get the doors as cheaply as possible and then to also install them as cheaply as possible without sacrificing quality, and they still ate up over 30 percent of my budget.

In total, they cost me 4, 389 and 18 cents for the doors and some of the installations. Some. I still had to install some of the doors and i still spent all of that money and that's why they were the silent killers of the project because they were so expensive, so time consuming and so frustrating now. I know why the previous owner did not replace those doors and instead just did curtain rods.

I mean you have to demo the existing door frames out. You have to rig up the new door frame, make sure it's plumb and square, or else it looks horrible and doesn't work. Then, once you do that you can put your door on once. The door is on.

You can kind of put your trimming on once the trimming's on you can paint the trimming paint the door frame. Then you have to paint the door, then you have to put on the hardware. I mean it was just so much work, so the door sucked and that's why i didn't put on closet doors just yet. I will eventually do it later down the line, but for this project no, but then number two.

I budgeted for an oh crap fund by budgeting another two thousand dollars into my entire kind of tracker um, which was great, and i'm glad i did that. But what i didn't take into account was an oh crap timeline kind of budget. I planned this project way in advance. As you know, from my previous video i mean i've been planning it for months, getting measurements ordering things getting it, so i can get it all done as soon as possible and it still took me forever so next time.

I would like to kind of budget in an oh crap timeline in case things get delayed in case things are a little bit harder um, just because i lost out on three months worth of rent. So if you start thinking like that, then that means i lost out on 2 700 of potential rent and if i would have paid an additional 2 700 for other contractors, it could have got done a lot sooner and would have had the same kind of profitability. I guess which brings me into the number three point, which is exactly just that hiring out more of the work in theory. When you hire it out, it should get done quicker and be higher quality.

So i think the next project that i do. I will raise the monetary budget a little bit lower time budget and hopefully get the same amount of returns. Okay, so now for the fun part, which is probably what a lot of you are wondering - um, yes, the project took a long time, but it is still a great success and extremely profitable. So i'm excited to share those numbers with you.

I just got a new lease agreement signed for a thousand five hundred and ten dollars a month, that is a 591 dollar a month, increase in rent or something that's even more impressive, a 64 increase in monthly rental revenue plus in theory. The quality of tenants should be a lot higher since we're at the kind of higher bracket range of a monthly rent amount, and i also want to say that i had literally a hundred plus people messaging me within the first 24 hours that i listed it for Rent, i'm serious, no exaggeration at all, literally a hundred plus people. I mean people are saying they pay me three months, rent in advance or they sign a lease site on scene or they give me additional non-refundable security deposit. Just to take the listing down, i mean it was absolutely insane and yes, i probably could have gotten a lot higher on my monthly rent amount, but i'm not here to price gouge.

I think the 1510 amount is a definitely a fair amount for that market. Again, not trying to price gouge want to make sure the person living in the unit is happy and they ultimately just take care of my investment. If some, if someone's going to take care of the unit um as if it's their own, then that's better than more money to me, because that means less headache down the line protects my investment. If they pay their rent on time, then i'm happy and that's kind of what i was going for here and the cool thing about the entire property is the fact that it's now going to be generating me 2 55, a month in total monthly rental income.

If you've seen my previous video, you know how much the mortgage is, along with the other costs that i have to spend on the unit, so you know kind of what the profit margin is. I think that's pretty incredible and also this property will be getting to 3 000 a month by the end of 2021, which is absolutely bonkers. So i'm super excited for the next project that we do, because if i can get a couple more of these we'll be at 100k a year in no time real estate is so dang cool. If you want to kind of learn more about how i acquired the property and the whole process leading up to this renovation, definitely check the playlist linked in the description of this video and also, if you're interested in buying your own first investment property or even just A primary residence feel free to head over to lending.shawnmalku.com again linked down below in the description for you, i'm a licensed mortgage broker in a couple states, so i would love to help you out with that and if not, you just want to learn a little bit More information on how the process works, i've got tons of blog articles and videos, and everything like that on my website and also on my channel, which is a good reason for you to hit that subscribe.

Button right now also hit the like button. If you enjoyed this video share this with a friend comment down below what you thought about this renovation, i think it turned out amazing. What are your favorite parts about it? What are your least favorite parts about it? Let me know down there, otherwise i hope you enjoyed the video and i will see you in the next one. You.