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Tag Archives: Renovating a rental property

Rental Property Series: Renovating Our Rental Property

For the past two and a half weeks, we have been working double duty, doing renovations to get our first rental property ready for a tenant. If you missed the first post in this series, check it out here. Brief Recap We purchased this property on August 24, 2012 for $63,000, with 25% down. We didn’t get to take possession until the following Monday because the seller lived out of town and papers couldn’t be filed until then (lost weekend, bummer). We plan on spending $3000-$5000 on renovations. We hope to be done and have a renter by October 1. We are using a property management company and are asking $750/mo for rent. What We’ve Done So Far The day after closing, we made a Herculean trip to Home Depot. It is an hour drive from where we live. We hoped to get almost everything at once to avoid a second trip. My husband and I both work full time, making us weekend warriors on this project. He is a teacher, and it would have been a little too easy if we’d been able to close during the summer when he had every day off. We really like challenges! Weekend #1 Labor ...

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