How We Transformed a DIY Disaster into a Dream Rental (Home Tour)
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- Опубліковано 31 лип 2023
- Today, we're giving you a home tour of our latest furnished rental in Dallas, Texas!
The previous owner did a lot of funky stuff with this home so when we took it over, we had to do a lot of work to make it nice again.
This was one of our largest remodels to date and in this video, I'll be sharing our decisions and thought processes as well as the major lessons learned that we made while working on this project!
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*Please note that the information in this video is for educational and entertainment purposes only and should not be taken as financial or investment advice. Any investments or financial decisions you make based on the information in this video are at your own risk. The links in the description above may include affiliate commissions or referrals, and I may receive compensation from partner websites. The information in this video is accurate as of the posting date but may not be accurate in the future.
I love these transformations! Good job showing before and after (not easy)
Glad you like them! Thank you for watching! ☺️
What a strange house before the renovation. I hope you guys got a killer deal lol. You definitely did a amazing job with how it is now.
It’s definitely a disaster! But we’ll see how it goes and I may do another video sharing the results in the future. ☺️
Thanks for walking us through! We would love some updates on how it performs when listed!
Sure! Thanks for watching!
Just started looking at you, and this has been EXTREMELY more helpful than other resources or channels!
Glad it was helpful! Thanks for watching!
Really interesting to see what you guys did!
Thank you! ☺️
Mentioning costs would be very helpful, especially for someone like me not too far from Dallas.
How much was the house?
Cost of the rehab?
ARV?
What were the biggest costs? How accurate were the rehab cost estimates in the end?
This is a great question! We bought this property off market for $253,000 from a wholesaler. Cost of the rehab was around $80,000, and the ARV is between $400-$450K.
The largest costs were for electrical work, framing (to add the wall and removing the fur downs), and plumbing. Our costs were higher than expected because we came across several surprises along the way. It was a fun experience but we learned a lot!
Hi
With the current high interest rate, did you do 20% down payment? Also did you loan for the renovation? Overall what cashflow are you expecting to see?
We actually purchased this with cash because we bought it off-market. We also paid for the renovations out of pocket. Right now, we're renting it out as a fully furnished rental for around 185/night. It's more than we would get than if we rented it as a long term rental but we think it's pretty reasonable considering that's how much a small hotel room would go for.
Hi Sean, can the touching up or renovation cost be covered from the selling price? I’ve inherited a few very run down properties and some been abandoned for like 20 years (low to mid range). The condition is really bad like need total makeover 😅…. If to repair each n everyone it will cost me a bomb. What’s your advice?
Would a good plan for life to be is
1. Go to college for a degree
2. Get a job
3. Save up excess money from your job
4. Put some of the excess in savings for emergency’s
5. Invest the remain excess in a index fund
6. Or invest in real estate and rent out the property to pay for the mortgage and other expenses while bringing in some extra money on the side
7. Repeat working and investing
Is this a decent general idea to be in a good financial state?
That's the general path that most people take when they start out. If you continue along that path, you'll be able to retire comfortably in your 50's (instead of in your 60's and 70's). If you want to retire earlier, then you'll need to do something else like start a business or get into higher income activities (such as sales). Good luck!
Hey Sean, I’m 13 and I’m very interested in real estate for the future, I have about 500 dollars from working during the summer and I was wondering if I should invest in an index fund and if so then which one?
I am also 15 like you i am very interested in real estate. Currently i am gathering knowledge from books and UA-cam.
That's awesome that you guys are starting so young. I'll be making a video about how to invest as a teenager later this month!
Do you have any courses for investing? Or any partnering deals?
You can check our courses here! goodsweethomes.com/our-products/
Hey Sean I am 12 years old and I want to invest in real estate and the stock market when I’m older. Should I think about investing in real estate and the stock market at my age or should I wait till more closer to being an adult?
That's awesome that you're starting at such an early age! It's never too early to learn about something, even though you may not be able to buy anything yet. If you really want to start investing, have your parents open a custodial account for you!
Should I invest in index and mutual funds rather than a savings account and should I rent out a property to pay mortgage and other expenses and bring home some extra money?
Sounds like a good idea. But I would also suggest that you still have savings and emergency fund.
Ok thanks for the advice
Rawr
🙌🏻 thanks for watching!
@@seanlovesrealestate yourwelcome