This just cost me $100,000 ...

Here is an update on my renovation that has officially gone over budget, and is now costing me over $100,000 to complete - here’s the ROI and breakdown. Enjoy! Add me on Instagram: GPStephan

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I bought this place with a tenant who had already been living here for over 10 years. By the time I took it over, the unit was in pretty much original condition - which is basically another word for: it’s a disaster and needs a lot of work.

Well, those tenants ended up moving out a month ago - and that left me with a unit that needed a complete overhaul. Unfortunately, this wasn’t as simple as just replacing carpet and slapping some paint on the walls and then calling it a day…

This unit is located in a fairly desirable part of Los Angeles, so in order to get top dollar - it needs to be done up all the way, and done correctly. Plus, in order to do that - this unit needed the floorpan re-arranged, it needed another bathroom added, it needed ceilings replaced, and it needed an entirely new kitchen, etc.


So, with that…about 2.5 weeks ago, we started demolishing the unit, tearing out the walls, and seeing what was behind.

But as we got behind the walls, I began realizing that things would cost just a little more than anticipated…

Now, keep in mind - initially, I set my remodeling budget around $65,000 - just KNOWING that it was going to be more like $85,000 by the time it’s done. Because now, after doing 5 renovations…I just assume it’s ALWAYS going to cost more than I think, and it’s going to take LONGER than I expect it to…

Although this one, I admit…I underestimated, a bit too much. Even at my final $85,000 estimate… I was still off.

These are the details about the home renovation, my expected return on investment, and other questions you have asked for :)

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]