Today we start the renovations on unit number two right there of the queen street property, and i had a lot of really good video ideas for this series on my channel, but it didn't seem too popular, which is why i haven't uploaded a whole lot lately. But now that i'm starting this renovation on this property, i have to document it. So i'm super excited to show you the current shape that the property is in and also my plans to renovate it. So, let's get started all right, so we're going to start with the walkthrough of the unit.

First, it's going to be super echoing here, because it's vacant, but i'm going to go through the walk through of the entire unit. I'm going to show you kind of what we're going to be doing to renovate it and then, after i show you kind of all those details, we're going to break down the actual specific numbers back in the man cave and then take it from there. And these are gon na, be the things that actually matter when it comes to increasing uh monthly rent amount, because that's the entire focus of this renovation. But we also want to make it really badass and cool um.

You know to raise the value of the property as well, but the primary focus is to make sure that we can increase our monthly rent amount right as you walk into the unit. You've got kind of a nice little family room area right here. The first thing we're going to be starting with with this entire project, is going to be the flooring, not necessarily because of the carpet the carpet's actually in pretty decent shape. It's more so because of the tile, and that tile is absolutely disgusting.

When you walk into here, this is just kind of like a nice little family room area. Let me get a little bit of a wider view for you guys a little bit of a a little dining room area i mean, and then that's actually the backyard which is kind of weird, because it's the front of the property um. It's got a little wall, casing and kind of show you that, but this is just absolutely disgusting tile and um and we need to replace all of this flooring. That's the front door, we'll walk over there in a little bit, but first, let's look at the kitchen.

Now the kitchen's actually not too bad as a whole. These cabinets are actually super nice. They don't look super nice on the outside, but they're actually pretty new, like i think that they were replaced. You know in the last three to five years.

The drawers are in super good condition: it's not really old kind of cabinetry, so the cabinets are actually really good shape. I am most likely going to be updating the knobs, making them look a little more modern as a whole. There again, this flooring is absolutely atrocious. Oven not too bad looks a little dated, but not not the end of the world fridge again very basic dated not the end of the world.

Sync is pretty gross, we'll probably be replacing this to something a little bit nicer. I don't know for sure yet because it's not like broken or bad, and it's not like that ugly, but it doesn't look great and then, of course, the big eyesore is these ugly ugly, ugly countertops. I have no idea what they were thinking because they definitely put these on after the cabinets and again the cabinets. Aren't that bad.

So i don't know what they were thinking with these. We are going to give a whole new look to these countertops and make them look a whole lot better in here in terms of the walls. They're gon na obviously be painted and cleaned up, and all that good stuff, um, but again as a whole. The kitchen's not too bad so major things that we will be kind of fixing and replacing is the fact that this unit has no doors.

I don't know why this is the pantry no door. This is the laundry room, no door. There were just curtains everywhere in here and also the ceiling lights. Are these super old and gross kind of um? I don't know commercial lights that are also you can just like press into them and be like? Oh hey.

What's up so we need to fix that stuff pronto, but as a whole, this kitchen is going to get a pretty good facelift for really cheap, because there's not a whole lot of major wrong issues that we know of yet and there's some really easy ways. We can make it look a hundred times better. Unfortunately, this washer needs to be replaced because that's bad, but then kind of coming back to where that's our front door. Here is another storage closet with attic access up here um.

I don't know why again, no door! There so there's just curtains right there. I think the past tenants must have kicked them all down or something here's another closet with again no door and um and just a curtain. Luckily they actually put a door on the bathroom. Thank god, you didn't have to take a poo with uh with a curtain rod and then the bathroom in itself is really not that bad either great looking countertop.

I wish they would use this all over the kitchen, great looking countertop, faucet and sink, and all that stuff is, is actually really nice not going to touch any of that probably going to do a whole new mirror, not 100 sure. Yet because it's not ugly or bad, it's just really basic and there's some easy ways to improve that. But again the flooring is pretty nasty, toilet's good tub, not bad shower, absolutely what the heck is going on. Who, when was this ever in? I have no idea.

I have no idea so shower's gon na get replaced, and i know a really great way to make that look a hundred times better they're super cheap. So i'm really excited for that um, but as a whole bathroom's, not really that bad. We just need to get rid of that stuff for sure, because i hate this tile anywho continuing on the tour. We've got our two bedrooms back here, because these are two bedroom one bath units um this bedroom and not too bad again, carpet's gon na be coming up.

It's not too bad of shape. You can see. It's really outstretched there um so that whole thing's coming up along with the rest of this flooring, we're gon na be doing some luxury um vinyl plank, and all that the biggest issue with these bedrooms is what the heck is. This they've got no wiring in the ceiling, so all of the lights are basically wired outside of the walls in the ceiling.

Stupidest thing ever really easy fix. I think so we're going to be um fixing that and then also i haven't mentioned it yet, but there is popcorn sealing in half of the unit. We need to get rid of that popcorn ceiling. It's absolutely disgusting um, so everywhere, there's popcorn ceiling.

We're going to be scraping that making it nice and clean and then of course you guessed it, there are no doors on the closets there's a door on the bedroom, luckily really basic simple, but no door in the closets, which is not the end of the world. I don't know what i'm gon na do with those. Yet i might leave them. I might get doors, i don't know yet.

I don't know if you've looked up the price of doors but they're actually pretty expensive one and then two also installing them. If you're gon na do them yourself, it's not the most fun and if you're gon na pay someone to do it, it's pretty expensive. So when it adds up and you've got six doors you need to be putting in it gets pretty expensive. But then here is the master bedroom again, what the freaking heck are they doing there um and no doors on these closets, of course? Okay.

So now that we're back in the man cave office, we're gon na do my favorite part, which is going to be looking over all of the numbers. So currently, that specific unit is renting for 9.19 a month and we need to up that sucker to at least 1 250. again. That is like ultimate minimum.

Ideally, i'd like to get it up to like 1350 to 1400, but i know that's going to be a little bit of a stretch, so we'll see what ends up happening. The overall renovation budget is going to be set to no more than 15 000 and in the next video of this series you know like once. The renovation is actually fully complete. I'm gon na break down how close we actually get to that fifteen thousand dollar figure and also how close we get to our new monthly rent amount.

But here's what the fifteen thousand dollars is roughly what's going to be spent on. It's not a super detailed and intense budget, but these things i've been planning and making sure that i can get the cost down as low as possible, which you can kind of see on. On the right hand, side with all these amounts um getting really high quality stuff done for as cheap as possible, is ultimately going to be the goal, and i'm super excited for the next video in this playlist, because i want to see how close i actually stick To my budget and also how the unit actually turns out and looks because this is the cheapest, i could possibly keep my renovation budget without sacrificing a ton of quality. Which brings me to the next thing.

I want to talk about because, if you're like me and you're, trying to plan an investment property renovation, there should be three main things you focus on, which are the three things that i focus on. First and foremost, the most popular is going to be cost all right. That's very important number two is going to be speed and number three is going to be the overall look or durability of the renovation - and i say cost is the most important part of the renovation, because if you overspend on your investment property renovation, then you're doing The opposite of making money, you are just losing money, and this was hands down like the hardest thing to do. When i was planning this whole renovation, is i like to totally overdo it and make things absolutely the best they can possibly be? If you take my primary residence, for example, the house, i actually live in every single day, i went way overboard on designing and renovating this place.

Well, this is just kind of like a normal house that i literally just went over the top on and i will most likely never get the appraised value out of this house that i've kind of put into it in terms of the renovation. But i really like awesome epic things and i want my life to kind of be that way. So that's why i like renovating that way, but i cannot do that on an investment property, because tenants aren't going to look at those things the way i look at them, the biggest thing i was trying to remind myself as i was planning, this was most people Who are going to be renting out? One of these units that i have, or any type of renter in general is most likely not all the time, but most likely it is just a temporary living situation for them and it's not their forever home. So while they do care about the quality and their overall living situation, it's most likely a band-aid situation for them that they're not planning on doing long term so um.

Yes, it would be epic if it was absolutely insane and super over the top, but for the most part most people are going to be in that property or in that unit for one to three years. So as much as i wanted to fully gut everything in that unit that i just showed you and redo it all, just like how i did my primary residence, i cannot and that's why i've stuck to a 15 000 budget, because if i was gon na fully Rip everything out, i would spend fifteen thousand dollars on just the kitchen alone, which i cannot do. Instead, i plan on spending only a thousand dollars on the actual kitchen of that unit, and i'm really excited for the look i'm gon na get out of it and i hope you're super excited for it, because it's gon na look totally different. Then that brings me to my next point, which is speed so on my primary residence um.

You know i've been renovating this property for probably a year and a half now and i've just been slowly chipping away at projects, because a full kitchen remodel is going to take anywhere from three to six weeks, because you got to order cabinets. You've got to order. Countertops got to get new appliances. All these new things are going on.

It's taking. You super super long. So when you're doing an investment property, you don't have the luxury of time right now that specific unit is sitting vacant, which means i'm not cash flowing at the level that i want a cash flow at on that property to be making some really good money. So right now it's no longer an asset and making me money right now, it's a liability and it's costing me money, so i need to get a new tenant in there asap.

That's why my timeline for this entire renovation is going to be no longer than 30 days, and the plan is to actually get it done in about 22 to 23 days, but i'm giving myself 30 days. If i go over the 30 day mark, i am now going to have 2 months of no tenants, two full months of no tenants, because once it's completely done and ready to go, i can then list it and get people to come check it out and hopefully Get someone to move in within a couple weeks, so it's a little bit of a process, which is why speed is super important. We do not have the luxury of fully remodeling everything ripping things out tearing down walls fully doing things like that. We just don't have the time for that.

A lot of people make the mistake of waiting until their tenants are actually out of their property before they start planning their renovations and getting things ordered and doing all that stuff. I'm way ahead of the game. I've already ordered so many things. I've ordered all the doors.

I've ordered some appliances. I've ordered a lot of things and have taken away that kind of two to three week lag time that it would take for those to be shipped and for those who get to be getting in so i've kind of eliminated. All that time, because i went to the property a month before the tenants actually moved out - i just asked them if i can take measurements of everything and that's pretty much what i did. I took measurements of all the door frames of all the square footage.

I took a bunch of pictures. I was fully aware and ready so when they moved out, i didn't even need to go check the property out to see okay, let's measure, let's get things planned. Let's get these contractors scheduled, no i've already got a full schedule for the month of june, ready to rock so because of this i'm way more efficient. All the materials are ready to rock.

All of my labor is ready to go and there's no lag time and some people will look at that and go well sean. You can always just go run to home depot, grab your materials and you're ready to go. Yes, you can, but i went above and beyond and shopped around to get really good prices on all my material and all of my labor. That saves you, thousands and thousands of dollars on a renovation and if you're pressed for time these contractors know it and home depot knows it and they're gon na charge you a premium for it.

So if you don't plan ahead of time, you're going to be kind of losing out on a lot of time and money which are like the two most important things in an investment. Actually, those are like two most important things in life. So again, planning ahead is mega mega important, but the third thing is going to be the durability or overall look of the renovation. So the cost is super important and the time is super important.

But if you're doing very easy, cheap ugly kind of fixes, you're not really getting anywhere because you're spending, time and money and while you're doing a really great job on spending a little bit of time and a little bit of money. If you're not getting the look or the durability that you desire, then you're not really going to be able to raise your rent on that property. A whole lot, because future tenants are going to see how cheap and how crappy it is, and things aren't going to. Last you're going to have to start replacing things more often.

So, even though you want to focus on cost and efficiency, you still want to make sure things are going to last, and you still want to make sure it's going to be super enticing for future tenants and the durability to like looks and finish scale is challenging When you're trying to focus on costs and overall time, which is why it's a pendulum that kind of swings back and forth, but the important thing i focused on was tenants are not going to be treating your property the way you would be treating it. Let's be totally honest: okay, if you were to rent anything in life, okay, whether it's a property, a car, your friend's girlfriend, whatever it is, if you're going to rent something, that's not fully yours, you are going to just totally abuse and destroy that, because you're not Really going to be worrying about what the effects are in a couple weeks or a couple months or in a couple years, you know when you go rent a car yeah, you might floor that thing off the line you might skid around on some corners. If it's a manual car you're going to be redlining that all the way i mean you're just going to have fun with it, because you know once you turn it in. You no longer have to worry about the problems and not necessarily saying that tenants don't care, but when you're renting something you're, never gon na care for it as much as when it's actually yours, so durability is the first and most important thing on the kind of Durability to look scale, i need to make sure that the durability on the things i'm doing is super important, which is why i have chosen the flooring that i've chosen if you're unfamiliar with luxury base, vinyl uh, you need to get with the times.

This stuff is basically indestructible, which is awesome because it actually looks phenomenal and it's actually pretty cost effective in comparison to tile. I actually got quotes on both tile and luxury base. Vinyl and the luxury base. Vinyl was actually cheaper and, in my mind, more durable and better to withstand um.

The test of time now tile will look good for usually five to ten years before you need a replacing. It looks kind of old and dated, but luxury based vinyl can give off a look. That's pretty modern and pretty good. Looking for you know, 10 plus years and it's super durable.

I mean it's like lifeproof, so the flooring is like a prime example of looks and durability, and i wish everything like the flooring was like amazing, durability and amazing looks, but not everything on my renovation list is going to be that way. Some things are going to look a lot nicer and not have the durability, and some things are going to have durability, but aren't going to look nice at all and you know kind of finding that even medium across the entire renovation is really the goal that i Was striving for um and i think i'm going to do a pretty good job on it, but again this is all speculatory, which is why i'm super excited for the next video to see how close i stick to my budget and my three focuses. It's super hard to actually plan this out, which is why i've been doing this for months and months, because i wanted to get as perfect as possible as i could to this renovation, and it's not going to be perfect. It's not going to be absolutely 100, which is why i also built in an ocean kind of part of the budget um.

I think i gave myself about a fifteen hundred dollar to twenty two hundred dollar um kind of ocean budget. To see oh uh. Oh, you know this came in a lot higher. Maybe we found some mold or something crazy happens during the renovation.

So again, those are my three main focuses: you've got the cost. You've got the speed and you've got the durability versus kind of look. So we'll see how well i do i'm super excited. I'm gon na try to film as much as i possibly can um, because i know it's really cool to kind of see that it's why i like hgtv or whatever those like home renovation channels always have tons of people watching them.

So i'm gon na try to film as much as possible. Keep you guys kind of informed of the entire process that i possibly can again i'm shooting for like two three to maybe four weeks of renovations um. So you know in roughly about a month you will hopefully be seeing a new video on this series and kind of how i did on this renovation. I'm a little nervous, i'm a little excited, we'll see and hopefully you're interested in this stuff as well um.

And if you want to see kind of how i do, then you should one million percent subscribe to this channel. So you get notified when i actually post that video, because again it's going to be a pretty cool process. Otherwise, i hope this video kind of gives you a little bit of insight if you're, planning, kind of an investment property renovation or just kind of gives you some ideas on overall property renovation and kind of wealth building through real estate. I think it's kind of cool.

I know i learned a lot on youtube. Here's kind of the stuff i'm going to be putting into place and again we'll see how successful i am. Hopefully, you enjoyed the video. Hopefully you got something out of it hit the like button.

If you did comment down below, if you think i'm actually pretty close on my budget or you think, i'm absolutely insane or maybe i might be missing, some really easy ways to increase value or kind of rental amounts um with some other renovations that you know. I might admit so i'd love to hear feedback down below. Otherwise again, hopefully you enjoyed the video and i will see you in the next one. You.