Renovation for profit

Hi Michael,

We are based in Brisbane and have 4 renovation projects on the go at the moment.  To answer your questions:

1.  The best way to learn:  Get a mentor who has a current track record in doing renovations … get educated in the basics buying well, project management and people management … and above all else get started.

A Mentor … Some of our best mentors are builders and project managers.  There are people who love talking theory about renovating and then their are others who just go out and are doing it.  Find the people who are actively doing renos all the time.

Education … Dean & Elise Parker website and educational products at http://www.propertysystems.com.au/ Their systematic aproach to doing renovations was really impressive.

Getting Started … Theory is good … action is better.  Just for the initial few properties you might want to Joint Venture with someone to minimise the risk of doing a deal and also to have a running partner.  Long term … I prefer doing them myself.  My opinion is make sure you know all your costs and make sure you buy really well.

AN IDEA … if you are on Facebook, become a fan of Boston West at http://bit.ly/cEpcYU … You can follow all our property / renovation projects as they happen and see some of the results of the different renovation techniques that we use … Check it out.

Well I hope that is of some help to you ….

Hi Michael,

I agree with Mike and Jason – get a mentor (who specialises in renovations) if you can as you go through the process.

I have also heard that Stephen and Cheries course is very good. I have a number of clients who have done this and say it is very thorough.

The other option is Ana Stankovic from Winning Formulas for Success. She has a workshop (Brisbane and Melbourne) + does one-on-one mentoring which is an excellent idea for when you are up and moving… http://www.WinningFormulasForSuccess.com

In terms of other research you could do – I have written a number of renovation articles (specifically focussed on renovating for profit) and these are posted on my website (www.HotspaceConsultants.com – and click the articles tab at the top of the page). I would definately get on there and have a read – there's a real variety of info to learn from. I have been designing and in the construction game for 17 years and invest in property myself too (including a number of 'flip' deals) so have a really broad range of knowledge to share.

Hope that helps Michael

Good luck!

Jane

I have a fantastic property mentor contact in Sydney. He will help you with your property investing strategy and guide you through the process. He does not specialise in renovations necessarily but an excellent person to talk to with a broad range of knowledge. They also do free group info evenings (all over Australia actually) with really helpful guest speakers. http://www.PositiveRealEstate.com.au
Duncan Yeld is my contact there. Well worth a call – 1300 365 886.

Hey guys,

I know you mentioned your location Michael, the 1-on-1 program that Jane is refering to I run completely virtually. I've coached people from all over Australia including a couple in Canada and the UK. The idea is that you can get all your reading, listening, templates, tools, etc through email and than I speak to every person each week (over phone or skype) and give them homework in between on how to practice everything they are learning practically on real life examples. I'm more than happy to have a chat and and answer any questions you may have

Mentoring advice for Property Renovators!

I am currently setting up my own renovations company and have personally undertaken the following training…

1. Steve McKnight's Property Apprenticship Certificate IV
2. Cherie Barber's Renovating for Profit
3. Dean & Elise's Property System training
4. Sam Saggers Positive Real Estate mentoring (introduction only)

Cherie Barber's 'Renovating for Profit' training and mentoring program kicks the rest in to oblivion as far as i'm concerned. The level of detail is outstanding, the free templates, contracts and budgetry software are invaluable, and they offer lifetime support which includes everything from a friendly chat on the phone to double checking your architects drawing and so on. The process is made dead simple and takes the mystery out of it all. I was 100% satisfied and feeling ultra confident after just the 3 day course. The rest of the training was either not specific enough for renovators or still left huge question marks and a lot of guess work. 

I confirm i am an independent of all the aforementioned people and their products and 100% unbiased. 

Good luck all, Sarah

Hi Michael,

You have had some good advise in another blog from "Property Trader" with linking in with a mentor, who will help you to get you up to speed without reinventing the wheel.  Not all projects are best suited for renovations and an on-site design meeting to design a concept plan from which an estimate from a builder is good start before you get too deep financially into the project. 

As a rough rule of thumb, budget on $2000 a sq.m. for renovations and or extensions. Naturally the size of the project, access and the standard of fittings will affect the final outcome  Of the several hundreds of renovations we have designed for clients, the estimates we have obtained from builders at the concept stages needs an extra 10% and a another cost review at final design stage add approx 3% to 5% from past history.

Our fee to undertake an on-site concept design to get the ball rolling varies from $375 (2 hrs on site ) to $500 (3 hrs on site) which includes an hour or so back in the office to tidy up the drawing and organise an estimate for you.  We will also check out any Town Planning issues that may affect the site  as we can cater for that also as well as Survey and Engineering   Visit our  web site for the link called "The Process"  Regards, Jeff Osman 

W: http://www.osmandesign.com.au   E: [email protected]