How to Make Sense of Rehab

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Buying Multi-family is not buying real estate—it’s buying a business. Every dollar that you spend, 30 cents should cone back to you. If you don’t get a return on investment, why spend the money? I bought 192 units recently. Originally I thought we were going to fix 48 units which would cost $480,000. Now we are doing just 10 units spending $48,000 creating the illusion we are spending $480,000. It’s not about taking short cuts—it’s about being smart about cutting costs that aren’t needed. Create the illusion you are spending money. What do you need to spend to increase rents? Does it make sense to rehab the whole place? Maybe you can fix things by changing 1 or 2 things. Partially rehabbing a place can be just as effective as rehabbing the whole thing. Bottom line, if you are going to spend money, make sure you will get a return on it.
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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.