So basically I'm dreaming if I think I can manage tradies from a distance?  Surely there are investors that have managed to create a reliable team of tradies that they can leave a set of keys somewhere for. 

I will be able to spend a lot of weekends up there but I'm not looking at DIY.  I want to only do cosmetic renovations and it will be in an area where a lot of the tradies that I use are reliable (a lot of friends and used the family have a list of reliable tradies).

If managed well with reliable people is it really that difficult to hir a few tradies.  Nail a few tasks during the week and then inspect the work on the weekend?  Or is there something I'm missing?

Thanks,

Thanks guys.

Adrien – I've thought about doing renos on units as from what I can tell there is so much potential in Dee Why in the Northern Beaches of Sydney.  I have lived there for 20 months and know the local demographics pretty well. 

I'm scared off by units mainly because of lack of knowledge but also because I have developed my own uninformed opinion that units have more pitfalls when renovating ie; you can only add so much value until the unit is too over priced for what the unit block is perceived as worth to the market – does that make sense?

I would love to get into unit renos and my only thought of how to give myself some kind of measurement of how to go about getting the right amount of value to add is by using Steve's A-E rating I have heard discussed previously ie; C class property in a E class street.  Would this method be ok to apply to units ie; E class unit in a C class unit block in a C class street?

I just moved out of a unit that was in desperate need of some TLC/value adding.  I was paying a very low cost to live there and the unit block was generally pretty average but I always thought to myself that this unit has to be a lot poorer than what is available in the entire unit block ie; C class unit block with an E-F class Unit.  What if I could bring the unit up to a C class – would I be adding too much value or would I be bringing the unit back to what the market would be willing to pay for a unit in that unit block.

I will pause my mind for a moment and allow for someone to comment on that thinking.  I would love to know more about whether adding value to units is a good move or if I should stick to townhouses. 

Thanks,

Clint

Thanks for taking the time to reply Ryan.

The goal is to be financially free but I lack capitol that is my own to invest in positive cashflow properties – the capitol is from a money partner that is a relative.  I can't look at positive cashflow properties just yet as the capitol isn't mine to hold with.  Long term though this is what I will be aiming for.

My first goal is to continue to save and use the capitol that is available to produce more lump sum cash gains through renovations.

I don't intend to do a lot of the renovations myself – I would be inclined to focus my efforts on project management and chipping in where I can.

The general plan would be

Buy, live in home for 9 months, renovate for 3 months, sell. 

I won't live there while major renos are happening.  I will have a contingency plan that would allow me to live in the place for longer if needed.  I won't be buying until March next year.

FHOG in itself isn't a lot but when I look at the saving of stamp duty + FHOG it starts to make me think.

Overall yes I want cashflow properties but am going to do reno gigs to build up the capitol to do so.