In Rolf De Roos; Real Estate Riches book he talk about how you can build a carport to instantly add more value to the property and to gain extra rent. Would adding like ‘modern'(the company) window shutters work the same way. Would it allow you to add more to the weekly rent.
Would this be a smart and easy and cheap thing to do?Christopher.
Hi.
I’m familiar with Dolf’s book and know how much he loves his carports. I would suggest, though I’m no expert, that more people would be interestd in keeping their car dry than in making their house look like Fort Knox. While security is certainly an issue (and I imagine you might score value points with, say, the elderly) I’m not sure how much broad value appeal roller shutters would add.
Plus, Dolf’s point is that a carport is usually quite cheap to erect so the small increase in rent it provides basically pays for the thing quickly. How much are roller shutters?
Perhaps you could call a couple real estate valuers and ask for their advice?
Good luck.
Art‘Great spirits have always encountered violent opposition from mediocre minds.’ – Albert Einstein
Could we build the carport on our own. Like we obtain the materials and construct it. I guess that would cut the price of it.
Hmm, my 6 months of renovating(to obtain the FHOG) will be very full. This house I will purchase around 200k will have to be worth 300k when im done with it, increase in rent and also alot of equity to move to the next deal.
Nice, nice,nice.
Christopher.
Hi DraconisV
(cool nickname by the way!)
Just a couple of quick questions if you dont mind.
Can you please tell me what software you use to calculate the value of your property and rental returns after doing your renovation? Your figures seem really really good, and I am thinking about soon investing in real estate and doing the buy-renovate-sell method that you have discussed previously, and I want to make sure I am doing everything correctly to make the most money!
Also do you recommend putting a carport on all buy-renovate-sell properties? Do you have instructions on how to make the carport without council approval, if so do you think I could borrow them?
Also just one last one (sometimes I talk a LOT but I want to ask lots of questions so I can make fast and good decisions when I can afford to buy a property!). Are you anyone’s mentor yet? I read a lot of books and they say to get a good mentor who is a few steps ahead of you in their investing career. You seem fairly knowledgable, and I wouldnt take up much of your time at all, maybe just email you some questions from time to time and see if you would mind introducing me to some of your contacts on the forum? If you already are a mentor to someone i understand, but otherwise i would love to be your apprentice if you dont mind!
Thanks a lot! I cant wait to hear from you guys soon!hmm, how can i put his woodrow. Im not any step ahead of you in investing. I only got into investing into real estate about 2 months ago, and i have only acquired information. I do not intend buying a property soon at all.
Um, im not a mentor, i would be able to be one if i was like 40 or something and had liek 40properties.
Um, all those figures are just pulled out of the air, they are not exactly correct. and all those problems(the councils approval) i will have to investigate before i start my investing career.my method is not buy-reno-sell. Its buy-reno-hold.
Its a hybrid of buy-hold and buy-reno-sell.I have found that it is the best for my situation.(at the present time with my present knowledge).
Christopher.
Dear Chris,
I have greatly enjoyed your enthusiasm and passion for investing, and the way you ask lots of questions – and get lots of replies. You are thinking outside the box. I so enjoyed Woodrows mentor letter (especially about the software and Council regs – which I did figure were all bouncing ’round in your head[exhappy])
I do believe though, with such a go getter, make it work attitude, that before too long you will be giving some great ideas and advice to those following along behind you.
Good on you.
MeegThanks Meeg, I am beggining to feel like I am becoming an investor. Maybe not yet into real estate(physically) but into my knowledge of real estate.
Many people ask questions on here as they seek wisdom and knowledge, I do hope that in the (even near)future I will be able to help out others.
Though I have this problem where everyone says don’t trust the REAs or the FPs if they haven’t actually ‘practised what they preach’. And as I will be giving this info, I may actually be in a more inexperienced position in the sense that I am not out there buying properties.I guess I can begin with my help small and gradually build up.
And yes Meeg When Woodrows said about the software and especially the council approval my brain went a bit haywire. i have not yet found any info at all. I will need to research councils with respect to renovations, and then maybe come up with some ideas to test you guys with.
Also seeing as I am talking about buying an absolute dump and turning it into a gem of a house for my tenants, what renovations could I actually take out. I know about the carport and the other obvious paint job. But what are some other cheap but effective things to do to a house to bring its value up or maybe bring in some more rent??
Are there any good books, software or videos out there that discuss this?Thanks for all the help guys.
Christopher.
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