I am a little embarrassed to admit it, but this project has been a GIANT pain in my butt.
I’m not a brand new renovator. In fact, I can’t even count how many kitchens, bathrooms and other parts of a house we’ve renovated since we started buying rental properties in 2001. It’s in the double digits. So I should be able to run a smooth operation … and if I had been documenting the last couple of projects for you, I would have had very little lessons to share. They went extremely smoothly with on time and on budget delivery and minimal hassles.
This project is not going nearly as well.
Every time I go to the house where we’re adding a legal suite (which these days is daily – and you’ll see why in the second video I have for you today), I find something that makes me say very bad words.
On the bright side, we’re on time completely with the one unit and only a few days behind on the other. I’ve had to eliminate some updates I wanted to do from my plans, but with those cut out, I’m not far off my budget either. So it’s not a failure, it’s just been irritating. For you, however, it’s been a great one to learn some things to hopefully save you time, money and annoyance on your renovation projects.
If you watch no other videos than these ones in my weekly series on Adding a Legal Suite, you’ll learn a few of the big lessons I’ve (re)learned in this project. Enjoy!
Week 8 of Adding a Legal Suite – Want to save lots of money? Buy your materials on sale … but beware!
Week 9 of Adding a Legal Suite – Not ready to check in on your project every day? Then a big renovation project probably isn’t for you.
Coming up in the next two weeks we’re cleaning and getting the units ready to show to prospective tenants.
At the same time as I am doing all of that, Dave is getting things organized to finance the property with a bank so we can pull all the cash out (or most of it!). In one of the earlier videos I explained that the key strategy we use to fund these renovations is to buy with cash and finance out once the renovation is complete.