How I Spent My $36K Home Renovation Budget for the Highest Rents

11 snips

Jan 15, 2025

Rene Hosman, a rookie real estate investor and community manager at BiggerPockets, shares her journey of transforming an outdated apartment into a cash-flowing condo with a budget of $36,000. She discusses her strategies for staying on budget and timeline, revealing the highs and lows of renovations, including a flood disaster. Rene offers valuable tips on DIY projects, smart hiring decisions, and cost-saving materials. Listeners will benefit from her insights on managing unexpected expenses and maximizing rental returns.

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ANECDOTE

Property Acquisition

Rene Hosman bought a two-bedroom condo across from her first house hack.
She used a hard money lender due to a first right of refusal clause, matching a cash offer of $190,000.

ADVICE

Time Management

Give yourself ample time for renovations, even if professionals can finish faster.
Rene Hosman aimed for three months, aligning with her risk tolerance and DIY approach.

ANECDOTE

Budget Overruns

Rene Hosman's rehab went over budget by $6,000, landing at $36,000.
Unexpected electrical rewiring and a burst pipe near Christmas added to the expenses.

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