Beginner Real Estate Investor Property | Flip It or Rent It?
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In this YouTube video, the speaker discusses the best exit strategy for a newly acquired property. They consider whether to wholesale, flip, or keep the property as a rental. The speaker emphasizes the importance of investing in the kitchen and bathrooms to increase the property's value and attract better tenants or buyers. The outside of the property is in good shape and would only require cleaning. The windows are old and need to be replaced, and the floors need to be refinished. The speaker plans to remove the flimsy decorations around the fireplace and keep it simple. In the kitchen, the speaker suggests tearing out the current setup and adding a new backsplash.
The speaker discusses the different renovation options for the kitchen, depending on whether the property will be rented or flipped. If it's a rental property, the speaker plans to keep the existing cabinets and replace the countertops, backsplash, and appliances. If it's a flip, the speaker will replace everything in the kitchen, including the cabinets, and install ceramic tile flooring. The speaker also plans to convert the dining room back into a bedroom, which will add $25,000 to the property's value.
The speaker discusses the options for renovating the basement, which is currently finished but has water damage. If the property is going to be rented, the speaker suggests tearing out the extra rooms and turning the basement into a rec room with a full bathroom. If the property is going to be flipped, the speaker is considering either completely ripping out the basement or keeping the existing bathroom and turning the space into a legal bedroom. The speaker emphasizes the importance of keeping things simple and clean to appeal to as many potential renters or buyers as possible.
The speaker notes that there is a plumbing issue in the master bathroom that will need to be addressed regardless of the exit strategy. In the bedrooms, the speaker plans to remove the carpet and refinish the hardwood floors. The speaker is leaning towards keeping the property as a rental because they prefer rental properties for long-term wealth building. The backyard is a great feature with a covered area and fenced yard, but the concrete has sunk over time and will need to be fixed. The key to being a successful real estate investor is to buy good deals at a deep discount and then decide on the best exit strategy based on factors such as time, contractors, and available funds.
In this YouTube video, the speaker discusses the best exit strategy for a newly acquired property. T