Learn Russ’ tricks to reuse, renew, and recycle while renovating

Everywhere I turn these days, I hear people talking about ‘being green’. Reuse, renew, recycle, repurpose, repair. Disposable is out, sustainable is in.

I guess I was ahead of the curve, but I’ve been doing this for years in my real estate business. I always shook my head at investors who came into a property and gutted it right away. Brand new cabinets, new carpet, new counters, new appliances. Take it down to the studs and start over.

Talk about waste – not only did these projects fill up a lot of landfills, they used up a lot of time and money. And for what? When you do the math, I bet those brand spanking new units didn’t bring in any more profit or cash flow than mine. I’ll bet it took longer to get them on the market too, and caused the investor more headaches.

I’ve been reusing, repurposing, and recycling in my properties for 30 years. In the beginning, I didn’t have a choice – I didn’t have any extra money to invest in new stuff. But even after I had more money, I didn’t change my approach – because it makes good business sense.

When you’re starting out, you want to choose properties that require the least amount of work and will bring in the most amount of money. That means finding properties that are in run down beat up shape, and making some basic cosmetic changes to jazz them up. That doesn’t mean ripping everything out and starting over. That means looking for creative, inexpensive ways to make the place look better quickly – so you can get a tenant in there or get it on the market and get money in your pocket.

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Sometimes a good cleaning and a fresh coat of paint are enough. But what if there are more substantial cosmetic problems? You don’t necessarily have to walk away – or rip it all out and start over. Think creatively, and nine times out of 10 you can find an inexpensive way to repair or hide a problem.

Idea #1: Dye carpets instead of replacing them. Many of the properties you’ll consider will have stained, nasty wall to wall carpet. Don’t rip it out right away – give dying a try first. Many carpet cleaning companies have dye attachments for their steam cleaning machines. For a couple hundred bucks, you can dye an whole apartment’s worth of carpet dark brown while it’s being cleaned. Most of the time it works – and saves you at least $1,000. Even if it doesn’t work, and you have to go ahead and replace it, you’re only out a little bit of money. It’s a risk worth taking.

Idea #2: Think outside the box. You don’t have to spend a lot of money and make everything new to jazz a place up. Sometimes simple changes can make things seem new. Is there a burn mark on the butcher block counter? Don’t tear it all out – instead, cover it with decorative ceramic tile and call it a built-in trivet. Is the dishwasher a different color than the rest of the appliances? Often you can replace the front panel on an appliance door with nothing more than a screwdriver, for less than $100. Instead of installing new kitchen cabinets, maybe you can spruce up the existing ones with shiny white paint and new hardware. These small cosmetic changes can go a long way in attracting renters – and higher rents – while saving you money.

Idea #3: When you have to replace, go for used materials. Maybe the cabinets are too beat up to repaint, or the vanity in the bathroom is shot. That still doesn’t mean you have to spend money on brand new stuff. You can find great deals at salvage yards, in local papers, and on Web sites like Craig’s List and Freecycle (even better, stuff on Freecycle is – surprise, surprise - free.) Maybe someone is renovating their kitchen and ditching perfectly good cabinets – by taking them off their hands, you save them dumpster space or a trip to the landfill.

These are just a few ideas to get you started. As you start looking at potential investment properties, keep an open mind about what you have to replace and what you can jazz up with a little imagination and elbow grease. That way, you can be green and save yourself some green at the same time.

Russ Whitney story is proof in becoming financially independent or build a nest egg so you can enjoy your retirement years.If you want to learn first hand from Russ Whitney. Visit us at: http://russwhitney.com/