I did work but was always paid too well and didn’t learn any financial literacy or the difference between wealth and income.I racked up 60k in undergrad loans, 415k in dental school loans, 12k in credit card debt over the last 6 months between jobs that lasted longer than intended, and most recently 25k in a “moving and living advance” from my new employer and 10k from my dad to move to Alaska for a new job.

@Jacob Maes I think it depends on the type of property to some degree...so, larger MF properties and partnerships for us always have an individual LLC, EIN, business checking/savings and Quickbooks account...if you are racking up single family (1-4 unit) properties, maybe look into a rider on your insurance if you want to hedge risk. 

I spent $13,788 renovating this 1-bedroom apartmentHere's the breakdown 👇 - Kitchen faucet: $99- Thermostat: $60- Bathroom hardware: $34- Toilet: $94- SS stove: $500- SS microwave: $200- SS fridge: $781- SS dishwasher: $349- Tile: $390- Carpet + Pad: $690- Bathroom faucet: $77- Bathroom vanity: $189- Bathroom mirror: $99- Lighting fixtures: $150- White shaker cabinets: $1,990- Cabinet handles: $36- Blinds: $79- Black matte hinges: $51- Black matte door knobs: $108- Blanco single bowl sink: $100- Blanco sink rack: $25- Granite countertop & install: $1,100- Paint & materials: $328- Random materials/parts: $259- Labor: $6,000Renovation time: 22 daysPrevious rent: $700Signed leased: $1,150As for calculating my return, here's how I did it 👇New Rent Change per month: $450 (see rents above)Annualized Rent Change: $5,400 ($450 x 12 month)ROI: 39% ($5,400 / $13,788)New Building Value Added: $90,000 (based on 6% cap rateI'm choosing to renovate every unit to a premium-level finish with high-quality materials.

I request that they do NOT make the bed or put towels on the racks as I want to make sure that all items used are laundered. 

@Craig McLaughlin ooooo golly, that will rack my brain and I have been inundated with finance books.

If it’s a life and death situation and we have no choice, it is what it is.But there is no renovation that would make me risk my life or an employees life. this reminds me of my days in Detroit when I first starting lending on turnkey C D assets in Detroit south of 8 mile.PM's office  had razor wire around parking lot  bullet proof glass in front of office and a bank teller slider for dropping off rent etc.when we went in through the back there was a gun rack with the pistols for the employees to check out when they went into the wild.At the actual job sites were the homes were being renovated they had retired policemen checking ID's of any workers coming in that were not employees.. the owner of the company told me most of the theft is by the workers knowing the combo and what had just been installed.It was an eye opener in these areas and how folks that live there get through life with these situations that were totally foreign to me a kid from Cupertino CA.

I just have a better measurement of them.The underlying returns are the same, regardless of what asset or method you use to measure them over long periods.Similarly, if we measure the height of a building using a wooden ruler or a rubber band, the actual height of the building is still the same.

I remember how nerve racking it was taking my first steps into real estate.

They said they couldn't even quote us a possible ETA because of the shipping situation.So instead we bought one "off the rack" from Lowe's that was as close to the right size as possible and just re-framed the door way to fit it.

One waterproofing contractor said the retention wall (wooden railing as in the picture attached that is a bit rotten) is not in good shape and costs a lot of money to fix.