Danny and Drew check out three properties before deciding to purchase a run down duplex in desperate need of cosmetic changes. With a renovation budget of $35,000 and the challenge of making over two kitchens and two bathrooms in only four weeks, the young landlords push past scheduling delays and minor setbacks determined to get the duplex rented and a return on their investment.
Drew and Danny tour three investment properties before deciding to purchase a duplex with a challenging layout. With an $80,000 renovation budget, Danny is forced to think outside of the existing walls creating an expanded kitchen, new bedrooms and a high end bathroom. The goal is to maximize the space as well as the rent.
Danny and Drew tour three investment properties before taking on their biggest challenge to date, a triplex. Now Danny is faced with the challenge of figuring out the best way to spend his $60,000 renovation budget across three different units. Half way through the project, Drew second guesses the purchase worrying that they may have made a costly mistake. Danny pushes to finish on time and on budget, knowing that this property could be their biggest success.
Real estate agent Drew Levin and contractor Danny Perkins search for a single-family home to add to their roster of rental properties. With $350,000 to invest, they tour a three bed/two bath house for $305,000 that needs at least $25,000 in bathroom and kitchen remodels. Next, they look at a place with four bedrooms and two baths it's priced at only $220,000 but needs all new wiring and an exterminator. Finally, they tour another three bed/two bath home on a half-acre lot with views of downtown Minneapolis. It's in a prime location, but looks straight out of the seventies. And at $340,000, there's not a lot of room to make improvements. They ultimately decide to purchase the most expensive place because of it's potential for premium rental income.
Real estate agent Drew Levin and contractor Danny Perkins are looking in one of the most competitive rental markets in Minneapolis student housing. The over-supply of rentals near the University of Minnesota makes it hard to get top-dollar on a place, so the guys need to spend their $300,000 budget on a place with lots of potential for renovation.
Real estate agent Drew Levin and contractor Danny Perkins started their rental property business in 2007 when the real estate market was on a downturn. Now that it's recovered, the guys have to re-invent themselves if they want their properties to get noticed and stay rented. This time, they have $340,000 to invest and three properties to consider which is good, because it gives them a better chance to find a place with the potential to really wow tenants.
For their next rental property investment, real estate agent Drew Levin and contractor Danny Perkins have a budget of $250,000 and a couple of weird properties to consider. The first place is a duplex that's listed for $145,000. Neither of the units smell good, and every single room needs attention. But with a renovation investment of $55,000, they could eventually get $2,400 a month in rent. The second place is a 3,000 square foot Victorian home that had been previously used as a recording studio. At $190,000, it's priced higher than the first. But once they spend $40,000 on renovations, they could pull in $3,000 a month in rent.
Danny and Drew check out three investment properties before deciding to buy the house that has the most potential to feel like a home. Knowing that renters look for the same upgrades that homeowners look for in a house, Danny puts his renovation budget of $40,000 toward making over the tiny kitchen, bathroom and turning unused living space into a desirable master bedroom. Danny and Drew are hopeful that their home sweet rental approach will pay off in the end.
Real estate agent Drew Levin and contractor Danny Perkins have up to $250,000 to spend on their next rental property and their choices are a rough looking house in a great location or a great looking house in a rough location. The first place is a four-bedroom in the suburbs, listed for $140,000. It's a proven rental market, but the whole place needs a face-lift and it wouldn't work for a family without a $20,000 kitchen addition. The next place is a five-bedroom duplex just a block away from a really hot neighborhood. It's more expensive than the first, but the lower unit is rentable as-is and the upper unit has loads of potential.
Real estate agent Drew Levin and contractor Danny Perkins have up to $400,000 to spend on their next rental property and three varying properties to consider. First, they stop at a seven-bedroom house that's listed for $360,000. It's been divided into four units, but is only permitted for three units. The next place is a four-bedroom house for $180,000. It's in a great location and has a spacious basement living area, but every room needs an update. The third house has three bedrooms and is listed at just $110,000. It's priced low, but there's paneling everywhere and only one bathroom.
Real estate agent Drew Levin and contractor Danny Perkins have $230,000 to spend on a new rental property. They tour a four-bedroom house that's listed at $185,000 and a duplex for $200,000. Both need about $15,000 in renovations. The repairs in the house are straightforward, but the duplex has an upper unit with a funky layout that Danny finds challenging. Plus, he just had surgery on a torn Achilles tendon and will have to rely on Drew to do most of the renovations. Drew prefers the duplex and promises to help as much as possible to make this one work. He teams up with licensed contractor Andy Corbin to realize Danny's plan of a better layout in the one-bedroom apartment. They update the kitchen a space-spaving island that features hidden fridge and freezer drawers, and turn an un-used area under the pitched roof into a breakfast nook with a custom built banquette seating. Without having to touch the lower unit, they get it rented for $1,500 per month, and the upper unit goes for $1,300 per month thanks to the guys' planning and hard work.
Real estate agent Drew Levin and contractor Danny Perkins have up to $250,000 to spend on their next rental property and Drew's got two places that are similar, but a little different. The first place is a four-bedroom house in the suburbs that's listed for $220,000. There is carpet everywhere that needs to be replaced with hardwood floors, and the third bathroom is in the garage. The next place is also a four-bedroom house listed for just five grand more than the first, at $225,000. And it's right in the heart of the city. Both properties need about thirty grand in renovations, and would get about $2,750 per month in rent.
Real estate agent Drew Levin and contractor Danny Perkins have up to $300,000 to spend on their next rental property and their choices are a three-bedroom house and a six-bedroom duplex. They check out the $245,000 duplex first. Next, they look at the house, which is priced lower, at $205,000. It's right in the heart of the city, but there's only one bathroom and the bedrooms aren't great.
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