36. 10 Mistakes to Avoid While Renovating a Property

They say a wise person learns from the mistakes of others. In today's brilliant episode of The Wealth Blueprint, Palak and Niti are honing in on the Top 10 Mistakes People Make When Renovating Investment Properties. Fans of the show will know how important the BRRRR strategy is for the Open Spaces community. And with the Renovation phase being such an important 'R' in the strategy itself, it's super important to approach it with the right investor mindset. Don't allow yourself to be distracted by the latest social media renovation trends and spending cash you simply don't have. Keep your strategy in mind and your contractor close as you renovate according to plan. These 10 tips are an absolute game changer for those real estate investors looking to cash in on the mistakes of others and make their renovation a pleasure rather than a painful learning process. Please join us."Contractors. The way I look at it, they're creatives. They're there, at the job site. They're not sitting at their desk monitoring the money—that's our job as investors, right?" ~ Palak ShahIn This Episode:- 00:58 Are you keeping your strategy in mind? - 03:07 Are you doing proper market analysis?- 03:58 Are you keeping your customer in mind?- 05:07 Are you underestimating your reno costs?- 06:51 Do you have a contingency plan?- 08:20 Are you monitoring your rehab closely enough? - 10:33 Do you have enough liquid cash set aside for emergencies? - 11:51 Is your renovation too trendy?- 13:23 Are you using low-quality materials? - 15:18 Are you just hiring the cheapest contractor available? - 19:14 A recap of all 10 common renovation mistakesResources:- Get a copy of Accelerate Your Real Estate - https://a.co/d/bdW6j7K- Book a call - http://www.openspaceswomen.com/bookacall- FREE 5-Day Real Estate Investor AcceleratorConnect with Palak and Niti- Website: https://www.openspaceswomen.com/- Instagram: https://www.instagram.com/openspaceswomen/- Facebook: https://www.facebook.com/openspaceswomen- Twitter: https://twitter.com/openspaceswomen- LinkedIn: https://www.linkedin.com/company/openspacescapital/- YouTube: https://youtube.com/@openspaces1251- TikTok: https://www.tiktok.com/@openspacesacademy