Renovating Apartments into Luxurious Condominiums
By DJ on Jan 18, 2009 in Real Estate
As a seasoned real estate investor, I like to think that I have a trained eye for seeing value in a potential investment property. Sure, I may not make the best choices all the time, but for the most part, I seem to be able to pick out winning investments.
For example, I was recently able to acquire a fifty unit apartment block and get approval to turn the whole building into condominiums. After calculating the return on investment for the property after converting it to condos, I could hardly pass up the opportunity to make a pile of cash out of the deal.
But I really had no idea that it would be so lucrative until I talked to one of the advisors on my team that helps me make decisions when it comes to renovations to increase value. Lisa let me know that we could get a large order of hot tubs and spas from a vendor in town that was going out of business to turn our condos into luxurious homes for our potential clients. I asked her to find out more information for me before I committed to her recommendation.
Within a day she brought me back the numbers regarding the cheap hot tubs and spas and I decided to incorporate them into our plans. They will add both to the profits and looks of our now luxurious condo development project.
