Renovations Complete! How Much Was it? - Real Estate

Added: 2026-05-31

[00:00:00]All right, welcome back. It is official.

[00:00:04]The last of the three units that we are fully renovating is complete. This is the biggest renovation we have done yet.

[00:00:14]I'll go through all the numbers on another video.

[00:00:17]First things first, we got the brand new closet put in here.

[00:00:23]Yeah, got the brand new closet. Then we go in here to the kitchen. If you guys remember what that looks like, if you're just seeing this video, go to the previous videos and take a look. Brand new stove, range hood.

[00:00:35]We installed a dishwasher, added that, new sink, countertops, all new cabinets, all new lighting, all new backsplash.

[00:00:45]We go out here into the dining room.

[00:00:47]Look at this. Got the washer, dryer stackable out here off to the kitchen.

[00:00:53]Added all of the exhaust, which is going on the outside of the building, obviously.

[00:00:58]We go out here. All new floors, all new trim, all new baseboard, all new plugs.

[00:01:08]We go down here into bedroom number one.

[00:01:14]Built this closet out, added the frames around there again. All new baseboards, plugs, floor, brand new doors on each like every single door is brand new.

[00:01:26]All new uh handles. We go into the storage room here.

[00:01:30]They still got some of their paint supplies. Got to put a cap here on this.

[00:01:34]But yeah, inside the storage room. We didn't change the floors in here, but cuz it's just like tile.

[00:01:41]Uh but got it all painted.

[00:01:42]New fixture up there.

[00:01:44]We got all the same fixtures everywhere.

[00:01:47]We go into the second bedroom.

[00:01:51]Added a double door closet as well.

[00:01:57]And at this bathroom difference. Oh my goodness.

[00:02:03]Brand new vanity, mirror, hello.

[00:02:07]New fan, light fixture, brand new toilet, brand new tub, all new big tile surround.

[00:02:17]Look at that.

[00:02:19]What a difference.

[00:02:21]There it is. Already rented, the tenants are picking up the keys right now. Uh we still have to do a little bit of cleaning. Uh the floors are still a little dirty, but they're not supposed to move in until um July 1st.

[00:02:35]Rented out for $1,925 a month, and the rent before was under a thousand bucks a month. So, big value add here for the building.

[00:02:45]They're going to enjoy a brand new unit.

[00:02:48]Everything is new, even the thermostat.

[00:02:50]Uh we got the door all nice and thick, so it slides good. They got a back patio, as well.

[00:02:58]We're very happy about this, and we are pumped that all the renovations are finally complete.

[00:03:05]We only have one more unit left that we didn't turn over.

[00:03:10]14 of the 15 units essentially turned over in 11 months. Absolutely crazy. We were expecting to do it in five years. It cost us a decent amount. We did quite a bit of cash for keys, uh but the value that we've added, we're going to be able to refi out of this next year.

[00:03:29]Uh but, we're super super happy. Let me know what you guys think in the comment section below.

[00:03:35]And I'll have some more videos out. I've been super busy the last few weeks, but uh expect some more content coming out soon.

[00:03:45]All right, everyone. I finally uh had some time to record the P&L statement, the profit and loss statement for the 15 unit. I'm not going to go over the eight unit for this. I don't want the video to be too long. Just know that we've cash flowed about $2,400 on the eight unit uh last month, which helps offset some of the losses for this month. Um and it was because we had a major repair on a furnace, which was like $2,200 over there, or would have been significantly more. So, now that winter is over, uh we are heat is officially like off for the most part, and um the profits are going to be much nicer.

[00:04:29]But, let's just jump into it. So, you guys saw the renovated two-bedroom. That is fully rented, $1,925 a month plus power.

[00:04:38]All three of those units are finally done. I know I haven't been doing a whole lot of updating because I've just been super, super busy. But, it is all complete, and starting well, in 3 days, we're going to actually have our record high amount of gross rents.

[00:04:55]But, enough about that. Let's talk about what happened here in the month of April. So, this isn't even the month of May. This is April.

[00:05:03]We've taken a loss in April, and we're taking a big loss in uh this month, and then we are done.

[00:05:11]There might be a few things we got to pay out at the beginning of next month, but the cash flow is really going to start picking up here moving forward.

[00:05:19]So, uh total income, we got 19,761.

[00:05:24]It's down a little bit because uh we had some people start moving out. I'm just going to go through the entire uh expenses here.

[00:05:33]All right. Mortgage payment, same deal, 10,000 and some change. Garbage removal, we had propane delivery as we pay for heat in the entire building. So, we had four deliveries. It was a very cold April. So, 1 2 3 4, that's all going to kind of stop now moving forward, which is nice or at least the majority of it.

[00:05:51]Uh common area clean common area cleaning was 200 bucks. We had the intercom. Uh we pay that every 3 months, so that bill came. And then uh we had a laundry room ceiling plumbing leak, and that kind of dripped in or it started at unit 8 and then dripped down into the laundry room. So, that got remedied.

[00:06:09]That was 450 bucks.

[00:06:11]Uh total operational expense for that was 13,415 bucks. So, you know, it would be a pretty dang good cash flowing month, but we had all those renovations, and here they are.

[00:06:28]So, we had capital expenditures. So, these are our major CapEx stuff.

[00:06:35]This is a big chunk, $38,000 worth of CapEx >> [music] >> that happened uh last month. We kind of coupled that in with cash for keys.

[00:06:44]Uh so, the between cash for keys and the CapEx, it's 38,000 and some change. So, unit 7 cash for keys, we paid them a little over 4 grand. That includes their damage deposit, so it's 3 months' rent plus damage deposit. Uh renovation materials to get unit 7 rented and ready was 7,000. Uh we had to do uh stove and dishwasher, 1450. The renovation labor was 5900. So, that was unit 7 complete.

[00:07:12]Then we had unit 12 cash for keys was 3556. So, again, that's 3 months' rent plus their damage deposit back.

[00:07:21]Uh unit 12 renovation material and labor, 12,300. This was a bigger gut job than unit 7. Uh we had paint materials, and then we also got the labor in for unit 13 as he started that as well. And then we did unit 13 cash for keys and the first month uh rent payout. So, that equaled uh 2250 uh in total, which brings us at a total loss of $31,687 in the negative for the month of April.

[00:07:55]Yeah, that's the biggest one we've had, but we had three unit turnovers.

[00:08:00]And when you get when you guys see the P&L statement for May, which is the end of which is this month, it's May 28th as I'm I'm recording this, you will see a very similar number. It might be a little bit It's actually going to be less than this, but it's still most certainly going to be negative. But the good news is is the month after that, it is going to be far in the green, far more than we've ever seen, and we should be cash flowing north of $10,000 a month, and not to mention with these three units turned over and already rented, our property value has gone up significantly. Like immensely. I think in a previous video it was well over 400,000 bucks from doing these strategic renovations. At this point, we have done all units except for one unit. It's a very old lady that lives there. We're just going to leave her be.

[00:08:57]So, she just does her thing, and whenever she wants to move out or anything like that, we'll just honor that.

[00:09:03]But outside of that, we are done really doing major renovations, right? If we have some some people that start moving out just normally, then we'll do little touch-ups, that sort of stuff, but these three units were full gut jobs. So, we have officially like almost gutted four of the 15 units, but we've turned over 14 of the 15 units in 11 months. Absolutely insane. We were planning on doing it in 5 years. [music] We got it done in just under a year. So, yeah, only that one unit that is pretty under rent right now by a good 400 bucks. So, um we're very, very happy.

[00:09:45]I will keep you guys updated on the next P&L statement. It won't take long. I should be getting that in about 5 days.

[00:09:51]So, I'll have an update for you guys then. And we gave the keys to the tenant last night. So, everything is good. They start moving in on Sunday.

[00:10:00]Everything is good. Let me know what you guys think in the comment section below.

[00:10:03]We completely ran out of um out of our reserves. So, I had to inject some cash. I just did a refi there not long ago. So, I had a little bit of cash on hand. So, I had to inject like a decent amount of money to get us over the the hump. My partner also threw in some as well. But, we're going to pay ourselves back in about 3 months.

[00:10:25]So, um but it got us there. Now, we're we're good. We still got a nice reserve ready to go. And we're interested to see what we start cash flowing moving forward. All right? Thank you so much, guys. I don't want to make this video too long. Big L this month for the big W coming up. All right? Thank you so much, guys. Hope you enjoyed. Hit the like button. Leave a comment. We'll see you on the next one. Peace out.