Have you ever renovated a house yourself?

Garrett and Cathy have. In fact, they've renovated 6 properties! Garrett and Cathy came up with the idea of fixing up their own house when Cathy got laid off in 2009. Since then, they've been working hard buying houses, fixing them up and then renting them out to tenants. They are now stay at home parents and live off their rental income as they take care of their 3 kids. Pretty impressive.

You'll love their story.

We also chat about...

When their early retirement started
How they decide which houses to buy
Their strategies to rent and experiences with Airbnb
How they DIY the plumbing and electrical
How they became officially FIRE

Enjoy this chat with Garrett and Cathy, and please subscribe to us in iTunes if you enjoyed it!

Show notes and links from today's episode

Mr Money Mustache
Garrett and Cathy's blog: The Grit and Polish
Garrett and Cathy on Instagram and Youtube
GS Building Supply
White subway tile
AirDNA

Key takeaways from our chat with Garrett and Cathy
1 - Work with what you've got
A big part of how Garrett and Cathy renovate their homes is by working with what they've got. They started off by having to house hack out of necessity - Cathy was laid off her work and so they moved into the backyard cottage and rented out their main house. This meant they fixed up both the cottage they were living in as well as the house, and to keep renovation costs down they were forced to work with what the house gave them. They say this has been their key to success in renovation - instead of moving toilets and changing kitchen areas, they simple adapt to what they have.
2 - How to get the highest rent possible
Cathy and Garrett Airbnb two of their homes and earn $8,000 per month in the high season! Their advice is to get a place with 2 bathrooms as this really increases the price. They also recommend to pay for a network of cleaners so they can take care of several properties at once, and to make sure you'll be at least breaking even. They also tell us about one kind of horror story - although they say it could have been worse and that usually they get pretty good guests.
3 - Getting started with DIY renovations
It might be a little daunting to start doing DIY renovations yourself - how do I get started with plumbing? Or electrical? Do I need to buy cement? Cathy and Garrett say that the best way to learn is to literally just dive in. They bought the most basic tools, opened up Youtube and learned on the way. They also ask friends for help, and do their due diligence when it comes to licensed contractors, as they say that inspectors can be tough. In total, they say that they've probably saved around $87,000 by building their own kitchen. DIYing does really pay off!
Questions? Like or dislike? Leave us a comment!
Want to support the podcast? Here are three things you can do.
1. Start tracking your net worth with Personal Capital using our link. It's free.
2. Subscribe to our YouTube Channel and get one extra LIVE episode from us per week.
3. Join our Facebook group and connect with other members of the FI community.