I purchased a freakin’ cute, little, cozy condo around mid-2016 in a prime area in Dallas. "How cute", you ask? Scroll down and see for yourself (but scroll your ass back up and read everything that I wrote! ). It’s surrounded by shopping, dining, clubs, and bars; walking distance to running trails where you can walk your lovely little pooch, and a $5 uber ride to downtown Dallas and all the cool areas.
The condo was in great shape, well-designed and I could lease it out immediately if I wanted to. But I didn’t. I wanted to modernize it and maximize the rent income.
For the area that the condo is in (surrounded by new, modern condos/townhomes that easily cost $350k+), there was excellent opportunity to maximize rent with a modern renovation. People who live in that area and those who want to live in that area are young professionals who like to have a nice place, urban living, and will pay for a nice, modern place.
So… I decided to take on a small project to modernize this already cute, little, cozy condo. Here is a few before photos of the condo:
Cute, isn’t it! This condo is perfect for a single person or a cute couple.
Here are the things I did to it, mainly the kitchen because that’s the focal point. Who doesn’t love a beautiful, modern kitchen!
- Removed the popcorn ceiling throughout the entire place (popcorn ceiling is sooo old!)
- Re-painted the entire place to a modern grey (I loovvvve grey; such a beautiful color and easy on the eyes)
- Re-painted cabinets and replaced hardware
- Replaced countertops with granite (grey and black)
- Replaced all appliances with stainless steel appliances
- Added pendant lights with controls that can be turned on/off from any rooms
- Opened up the kitchen by removing the upper cabinets on top of the counter
- Replaced the boring, lifeless bathroom mirror with a cute, modern mirror
- Replaced the sink and faucet with modern ones
And here are the after photos:
Whatcha think? Not so bad, huh? I did an awesome job, don’t you agree? Can't you tell I am so freakin' proud of this project??? LOL
This project took two weeks to complete. After a week of posting on the different listing websites, the place was rented out. I had to make sure that the tenant was the right tenant (and she is, absolutely a sweet girl), otherwise I could have rented out the next day. I received calls and emails about 10/day!
“What was the cost of the project, you dumbing”, you might ask? Right, you want to know the cost.
The total cost of the renovation was $5801. Let me break it down for you:
- cost of materials (paint, pendant lights, bathroom mirror, hardwares, faucet, etc) - $554
- cost for the contractors - $2600
- cost to install granite counter and granite counter itself - $1800
- cost of the appliances (refrigerator, microwave, dishwasher, stove) - $847
Not so bad, right? At least I don’t think that was a bad renovation.
Here is a pre-renovation photo and post-renovation photo, as you open the front door:
Absolutely gorgeous, isn’t it? All modern, bright, and airy! Now, wouldn't you pay a little more to live in a beautiful place like this??? I would live here but I already have a place of my own.
So the entire process took about 5 weeks, from purchasing the condo, to renovating, and renting it out.
“Bullshit”, you say. The entire process only took 5 weeks, from buying the condo to renting it out??? Impossible!!!”
I say, “Shit yes, possible!” I paid cash for the condo so no long closing process. It took 2 weeks from negotiating with the seller, to hiring an inspector to inspect the condo, to closing the deal.
Cash again?! If you read my article I Purchased My First Investment Property In Cash In My 20s! – Part 1, you will understand why that question.
In order for the seller to even consider my offer, it had to be in cash. During this time when properties are selling like madness, and the property is in a prime area, cash is king.
I can always try to cash out in the future if I need the money. Cashing out on a condo is much harder than cashing out on a single-family home. That’s another topic for another article.
“Well, then how much was the cost of the condo? How much did you rent it out for?" If you want to know, contact me. In my future articles, I will have more renovation stories and how to lease out properties quickly. If you are interested in these articles, please sign up .Thanks for reading and have a good one!
Similar Articles of Home Renovations:
- How I Turned A Decent Closed Floor Plan Property Into A Beautiful Open Floor Plan And Rent Out In 1 Day
- Disaster to Desirably Decent - Another Home Renovation
- How I Turned My First Real Estate Investment Property Into My Best Investment In My 20s