5 Mistakes Investors Should Avoid When Renovating a Property

Hoboken Real Estate Podcast with Brett Sikora

There are five things investors don’t count on when renovating a property that I want you to know today.

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There are five things that investors don’t plan on when it comes to renovating a property:
1. Having enough money. Doing a project like this certainly takes a lot of money. If you don’t have enough money on hand, you will have to take out a lot of loans, which will cost you more interest-wise and cut down on your profits.
2. Not planning enough time. Stripping everything out of the house, framing, installing electrical and plumbing—it takes a long time to get all of this done.
3. Not having enough skill. We have a number of contractors, plumbers, and electricians in the area. Some of them are great, and some of them are not so good. Some of these builders are doing their own work on their properties as well, so they can move things along and they know what’s happening in the process.

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It takes time to find a good deal on a property.

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4. Not enough knowledge of the local area. There are a lot of investors coming into the market who may not know the ins and outs of our area.
5. Not having enough patience. It takes time to find deals that make sense. People watch all these flipping shows on TV and then rush into a deal that doesn’t necessarily make sense just to get their first property.
Keep these things in mind when renovating your investment property. If you have any other questions about real estate, just give me a call or send me an email. I would be happy to help you!