Having A Master Plan Is Your Key To Creating Monster Cash Flow

What does it take to renovate an older property and turn it into a cash flow machine? Jared Hope is a veteran real estate investor, property manager and owner at Landlord Resource Centre and his no-nonsense approach to renovating and flipping rental properties in Edmonton has allowed him to create some massive profits and a short amount of time. Jared still swears by his buy-and-hold portfolio as the foundation for a strong real estate portfolio, but wouldn’t you want to create some fast cash in this tight real estate market?

Jared’s strategy has been to take older bungalows in the Edmonton area and put them through a high-quality renovation to create exceptional suites in both he upper unit and the basement area of his properties. This means that every project he takes on is a big one. He needs to check to see if basement wall repair is necessary, install insulation in the attic, modernise the whole property, and so much more; all while working within budget.

He does a lot of the work himself and is behind pretty much every aspect of the renovation projects. Whether it’s making the initial plans, sourcing materials and goods himself, using sites like Raise to save money on the project, or carrying out the work himself, he wants to know every part of the project is on track and within budget. For example, if he is planning to refurbish a conservatory and wants to make it more warm and comfortable, he would probably read every damn blog post about the pros and cons of conservatory insulation. His vision is that if you’re going to create great value for yourself and your future tenants, take care of the upgrades that really matter. Here are a couple videos showcasing one of Jared’s recent renovations – this gives you a cool insider perspective on what it takes to do a quality renovation and what kind of final product you should be aiming for. If you are about to get started with your renovation and are putting the final plans in place, there may be something that you’ve overlooked – disposal, there will be a lot of debris and old units, etc. that will need to be cleared away as the renovation develops, so now would be a good time to look into companies that do skip bins sutherland shire services, for example, so you can get the help you need.

This weekend in Toronto at the ACRE Live Program, Jared will be on stage and on hand bringing his decade of experience and knowledge to answer your tough questions. There are only limited tickets available for the event which kicks off Friday night at 7pm. You can register online here or contact our office at 1-888-824-7346 for more information.