I Turned an Abandoned Property Into a Successful Rental – Here’s How I Did It
Written by
Laura Bogart
Edited by
Kristen Mae
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You spend hours binging HGTV, daydreaming about turning a rundown property into an up-and-coming rental. But you figure it could never be a reality — it feels like it takes so much time, effort and skill. It does. It also takes a lot of passion.
Gaigin Saini knows this firsthand. As the entrepreneur behind We Buy Houses in Metro Detroit, Saini has cultivated expertise in revitalizing properties that were on their last legs, giving them a new life as rentals. His success comes from flexing the real estate muscles he’s built over several years in the game, including work in California.
He’ll be the first to tell you that flipping a house requires skill and talent. But most of all, it demands passion, patience and a willingness to learn. He shared some of his insights with GOBankingRates on how others can successfully flip houses, too.
Learn How To Do It Effectively
After he sold his personal home in Hayward, California, Saini got excited about the possibility of buying apartment complexes to generate passive income. However, as he researched further, he realized that to buy an apartment complex, he’d need a considerable amount of active income to cover any potential setbacks.
Instead, Saini kept learning about house flipping and jumped headfirst into the process. Right away, the California-based investor recognized he’d need an expert, on-the-ground team in Metro Detroit. “If you’re doing it out of state like I am, then your biggest asset is your local team. They will make or break you.”
He also learned that making money as a house flipper depends on doing things the right way. His first piece of advice? Work with a reputable agent who is highly knowledgeable about the area. Next, he says to be very conservative when estimating both your rehab budget and your after-repair value (ARV) — your property’s estimated market value after repairs and renovations.
Building Connections Is Essential
Initially, Saini found properties via market searches set up on sites like Zillow. But as he started networking with other agents and wholesalers, he began receiving more consistent leads on properties he could buy at a good price.
He also uses his website to generate leads and attract attention from homeowners looking to sell quickly. Regardless of how he finds a new property to turn into a rental, his next step is always the same: bringing in a local property management company to handle leasing and city inspections.
Be Clear About Your Challenges But Excited About the Work
Even with years of experience under his belt, Saini acknowledges that some aspects of flipping remain challenging. Owning rental properties means budgeting for repairs, dealing with city permits, and managing tenant turnover. He advises anyone using debt to finance a flip to set aside ample reserves for vacancies and property repairs.
However, he never loses sight of the value his work brings — beyond just financial gain.
“The best part of renting out our properties would be knowing your house flip or rental property revitalizes a neighborhood and provides housing for a family in need,” he said.
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