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Ana
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@ana
Join Date: 2004
Post Count: 79
March 24, 2010 - 10:09 am
Renovating for profit can be very lucrative. We do this successfully all the time. However it really does pay to do your numbers. Cost out your renovation in as much detail as possible before you even make an offer, look at all your purchasing, selling and holding costs and do the research to find out what the resale post reno would be. Subtract all costs from the resale figure and see how it stacks up… I personally wouldn't touch a reno that is going to produce less than $50k in clear profit for a 6 month project (3 to reno and 3 for settlement period for person that buys from you).
Ana
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@ana
Join Date: 2004
Post Count: 79
March 24, 2010 - 10:09 am
I second Jane and invite you to have a look through our website – lots of free info re renovating for profit.
Ana
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@ana
Join Date: 2004
Post Count: 79
March 13, 2010 - 9:16 am
I have also just had confirmation that George Mirabella from Mirabella lighting will himself come along to the networking night. I am very excited and look forward to seeing who else will come along to make some great networking connections!
Ana
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@ana
Join Date: 2004
Post Count: 79
March 3, 2010 - 10:44 am
Hi Ryan,
I specialise in renovating for profit and my personal area of expertise is in the anlytics side: what adds the most value, most profitable changes to floor plans, what materials to use, how to cost out a renovation upfront, how to calculate how much profit there is in a deal (cash or cash flow) regardless if it is a renovation, subdivision, development or a combination of them, what order to renovate in for most efficiency, where to source the best value materials, how to find and compare deals, etc.
My company runs seminars, runs networking nights for investors, tradesman, suppliers and people that work with property (mortgage brokers, solicitors, accountants, etc), offers 1-on-1 coaching, contributes to publications (Australian Property Investor magazine, Wealth Creator magazine, Handyman magazine, etc), consults out for people that want advice (renovation recommendations based on what is going to add the most value, costings, profitability, floor plan changes, etc) on an hourly basis and sources renovation projects and also another arm of the business does actual renovations.
So depending on whether people want someone to does it all for them or they want to learn it themselves, we try and meet all their needs. Most of the services we only offer in afternoons and evenings though as during the day we actually renovate. At the moment we are doing 5 major renovations at the same time, finishing one, starting two more in the next couple of weeks and also doing a couple of smaller jobs here and there.
I am more than happy to answer any questions you may have about the process of renovating for profit or about me or my company. Have a look at the website too as it might give you a bit more information with case studies of recent deals and some articles published there.
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
February 24, 2010 - 9:38 am
Any good builder or renovation company should provide as part of their quote, getting the permit application submitted and approved.
Also, you shouldn't need to get a seperate permit for each piece of structural change you do to a property, you can incorporate them all into one permit.
And just one more tip… you don't have to use a council surveyor. Doing so may mean that it takes anywhere around 4-6 weeks to get approval, your builder should be able to use a private surveyor which may cost a few hundred dollars extra but will get it approved much quicker for you. When we do renos for clients, it takes us 1-2 weeks to get approvals in order to be able to commence work straight away and save clients holding costs.
Hope that helps!
Ana
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@ana
Join Date: 2004
Post Count: 79
February 24, 2010 - 9:35 am
Hey guys, thanks for all the comments and replys. I'm happy to answer any questions that anyone may have. The reason they knew Grant was referring to my coaching is because of the post title – Winning Formulas for Success is the name of my company. BTW, Grant is in the middle of doing the current coaching program so it will be interesting to get him to come back at the end and see what his feedback is.
Ana
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@ana
Join Date: 2004
Post Count: 79
January 6, 2010 - 10:20 pm
I agree with most of what Miike is saying too. The focus is not on finding a good suburb because you are not looking to leave the property at the mercy of the market to achieve natural growth as it goes along, with doing renos you are actually trying to manifacture growth yourself which can be done in most suburbs. It will all come down to how the numbers stack up for the different deals and also for the different variations within the same deal. Choose an option based on what outcome – worst case scenario profitability is going to be the most favorable to you, rather then feeling the pressure to make a judgement call.
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
January 6, 2010 - 10:15 pm
You are more then welcome to subscribe to our free newsletter. We are renovating for profit specialists and each fortnight provide tips, go over case studies, show before/afters with relevant number crunching, include articles on an aspect of adding value to property and also have information from relevant other supporting business specialists that we include as well.
At the next information day for example: we have a session on finding rennovation deals, profitability analysis for them, costing out renovations, order to renvoate in for maximum efficiency, etc as well as having guest speakers such as the director of Cayzer real estate giving a market update and going over most effective ways of dealing with agents, while Jo from Verix finance will go over finance for people looking to renovate/sell as opposed to those wanting to renovate/hold, etc, etc
Hope that it helps you with you own investing journey!
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
January 6, 2010 - 10:09 pm
Through all our renos and statistics we have found that having more bedrooms will always result in a higher return then having one. If you speak to bank valuators that is what they will aslo recommend.
Most people when they search for property mainly do so online and after selecting suburb and price range the first thing they do is put down how many MIN bedrooms they need. If yours has two it will show up in search results for those looking for min 1 bedroom and also for those looking for min 2bedrooms – therefore appealing to more people.. The more interest you can get in your property the more people you will have showing up on auction day
Ana
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@ana
Join Date: 2004
Post Count: 79
March 20, 2009 - 11:04 pm
Hi Sean,
Going somewhere new by yourself will always be outside of our comfort zones, but don't worry it's going to be a great night. Come up and introduce yourself when you arrive and I will introduce you to some of the other renovators there. Everyone coming has a passion for property and is looking to learn about renovating for profit as well as meeting other like minded people.
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
January 13, 2009 - 5:05 am
Hi David,
Have you considered putting the hot water unit outside, washing machine in the cupboard (you already have in the bathroom) and turning the laundry into another bathroom? You would save some costs this way and still accomplish a high return.
Wishing you every success,
Ana
[email protected]
http://www.WinningFormulasForSuccess.com
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
December 2, 2008 - 12:49 am
BuilderBob, can I ask why the bad experience with Luxury Paints? We have used them with a couple of renos in Qld and didn't have any problems.
Ana
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@ana
Join Date: 2004
Post Count: 79
December 2, 2008 - 12:46 am
Like you mention, you can negotiate on most things. If the current owner is a tradie you can negotiate for them to complete some work prior to settlement. Or for them to do rubbish removal, site preperation for you. Or you could get them to find a tennant for you. Or if they are already in the process of renovating/building you might negotiate that they leave all the materials they have already purchased behind. You could even negotiate that they pay your stamp duty for you. The options are endless and they are as good as your imagination and negotiating skills
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
November 27, 2008 - 2:03 am
Hi Janine,
There is a membrane that you can put over the cladding prior to rendering it. It has a lot of elasticity (like rubber) in it so it means that the render won't crack if there is any movement. I haven't used it myself but my partner has and he said that it was a little bit fiddly but definitely worth it in comparison of removing the cladding. Might worth finding out a bit more about it..
Wishing you every success,
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
November 27, 2008 - 1:56 am
From a renovation point of view, we have organised to get early access in the past for the purposes of quote/measure or to actually start doing the demolition/ preperation/renovation during the settlement period.
So having a longer settlement period has worked to our advantage as we have been able to do work prior to officially owning the property. In a couple of cases we managed to complete the full renovation during this period and have it back on the market straight away without incurring additional holding costs.
Wishing you every success,
Ana
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
June 22, 2008 - 11:45 am
Also you don't mention light fittings, light switches, power points, silicone, sealer, grout, tile adhesive, screws, drain, nails, door handles and possibly any tools you might need for the bits you are doing yourself such as paint brushes, roller, trowel, etc
You also might want to allow some extra budget for unforseen things such as when you remove the old kitchen cupboards you might need to do some plastering, also when the new kitchen goes in you will probably have to do some work around the cornices and skirting boards to make it all seamless.
Wishing you every success,
Ana Stankovic
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
March 2, 2007 - 3:16 am
I have just had a look around and accomodation for one person in the CBD is quite expensive for 16th and 17th. If anyone is interested in sharing 2 bedroom accomodation or knows of somewhere that is reasonably priced, can you please drop me a line?
Many Thanks,
Ana
Ana
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@ana
Join Date: 2004
Post Count: 79
February 28, 2007 - 2:40 am
Thanks guys
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
November 27, 2006 - 1:47 am
Thank you for everyones input. I should have mentioned that we do have the rental history figures and they have gone up quite a lot in the last 6 months. Because there are no other rentals available and are becoming more and more scarce (as are properties for sale), we have an opportunity to set the mark on what we want the rental to be.
I was hoping that maybe someone had an already used formula where they say for example, use last known rental figures and then increase by z%. I should also mention that the average income in the area is quite high, most of the families renting, work for one of the mine companies in the area and move there for 1-2 year contracts and the locals have done really well from the high demand for staff and support network for the 3 and soon to be 4 mines in the area.
The reason that we got the house is because we were able to negotiate $30K below the average price for a similar house in the area and we were even pretty conservative in our rental figures in working out the rate of return which was still over 10%. Now we have an opportunity for setting a new standard for rentals for an average house in the area (3 bedroom, 1 bathroom) and we’re trying to work out how to go about this so that we get the best rent that we can, but still be fair and not go overboard.
Many Thanks,
Ana
Ana
Participant
@ana
Join Date: 2004
Post Count: 79
November 24, 2006 - 6:01 am
Sorry, I forgot to add that we have 6 weeks for settlement which buys us some time to investigate.