When did you Renovate?

[PJ Kolnik]

Hey BP, I was at a Meetup here in Chicago a few weeks ago and I heard an interesting stat from a prop management company that was presenting that made me wonder how it is for other investors around the country. 

This particular property management company stated that an investor will make approximately 80% of the capital investment (renovations) that they will ever make within the first year of owning the property.

Do you agree? When did you do your renovations? If you waited to do your renovations, what was the reason?