Renovation planning tips for rental property investors

In this video, we discuss how new investors can best leverage their home inspector along with a general contractor to get better renovation estimates and have less budget surprises. We chat with home inspector and contractor Curtis Niles of Armor Home Inspections (https://armoredhomeinspections.com/) to cover the tips from the home inspection report to the scope of work document. You can also find Armor home Inspections on Facebook at https://www.facebook.com/ArmoredHI/ Key moments in the video 1:13 Overview of using renovations to add value for investments 4:38 Tips for developing preliminary budget estimates before you place offer 6:43 Rules of thumb for costs per square foot in Philadelphia area 9:25 Role of home inspector vs contractor 11:23 How to maximize the timeline with inspectors and other home experts 13:43 What should be on your initial scope of work document? 15:43 When do you need a structural engineer to review issues? 21:12 What is project management? 25:38 Getting help as an out-of-state investor with project management DOWNLOAD THE ULTIMATE REAL ESTATE INVESTOR'S READINESS CHECKLIST 📓Ask yourself the right questions early to avoid making 5- or 6-Figure mistakes while building your rental property portfolio: https://dwoodsrealestate.com/21-questions-investors/ SIGN UP FOR AN UPCOMING NEW INVESTOR WORKSHOP 👩🏽‍🏫This is for busy professionals who want to buy their first rental property without worrying about getting stuck in a deal that will leave them broke: https://dwoodsrealestate.com/new-investor-workshop/ Let's chat about buying, selling, or managing Philadelphia real estate: 👉Call us: (610) 872-7926 Email: veronica@dwoodsrealestate.com 📆 New Investor Discovery Call: https://calendly.com/veronica-dwre/discovery-call 📆 Rental Income Strategy Session: https://dwoodsrealestate.com/pm-strategy/ 📆 Seller Consultation: https://dwoodsrealestate.com/home-seller-strategy-session Must watch playlists: 🏘️Check out our investor playlist: https://rebrand.ly/newinvestors 💲Check out our seller playlist: https://rebrand.ly/Phillyhomeowners Get More tips: 📨If you want to get more real estate wisdom beyond the videos, sign up for my email list (sent 2x a month): https://dwoodsrealestate.com/subscribe ABOUT VERONICA I am proud to work with my dad, Daniel Woods, and continue the legacy of Daniel Woods Real Estate, where we have been advising clients in the Philadelphia area since 1987. I am a natural connector who loves matching buyers and sellers, foodies with restaurants, and those in need of professional/career introductions. My passion is to help more people use real estate to create wealth, build a legacy, and design the lifestyle of their dreams. LET’S STAY CONNECTED ACROSS SOCIAL MEDIA http://dwoodsrealestate.com/letsconnect Veronica Woods Daniel Woods Real Estate PA License SB065736 #realestatemarketupdate #realestateinvesting #philadelphiarealestate #delawarecounty