I’ve had my benches re coated and it worked a treat. See video http://www.youtube.com/watch?v=5vFx9fVCc6U

It’s probably not far off, but get lots of quotes it’s really well worth the effort.

That would be something you stipulate in your contract with your solicitor. If it’s unconditional the vendor cannot withdraw.

Subdividing can be a lengthy process , 6 – 12 months or longer. You can definitely start the process prior to settlement. Surveyors will need access to the property for one day.

Hope that helps.

A shower is around $1000, a toilet a couple hundred bucks. Most of the plumming is already there so it shouldn’t be too much.
sewerage will have to be extended into the bathroom. It’s difficult to say without being there, my advice is get at least five quotes.
I would estimate around $4K, providing you do some of the work yourself but it’s a…[Read more]

Steve,

I’m in Victoria and the suburb was South Frankston.

Good luck!

Hi Mike,

Thanks for sending me hat report so quickly. Such a valuable tool especially for a Property Investor.

Thanks again for your help.

There is no doubt that there will be further interest rate rises. Anyone borrowing should at least buffer in 2%.

Lucho,

My advise is just do it! There’s never a perfect time, I did the same and wasted time and always found an excuse not to get started. It’s simply fear. So feel the fear and do it anyway. I did and never looked back since. Once you sign your first contract you will also be scared and worried and probably won’t sleep that night. We all…[Read more]

Always bargain, it’s surprises me when you find out how different all the prices end up selling for, even if they were all advertised at one price. Bargain on price and also features.

Thanks for clearing that up. I suppose I’d be better off selling the land (Subdivision) rather than building on it.

mattyg_10 wrote:
Thats awesome joel….I got one my brother and I finished recently. enjoy

Fantastic guys! I love to see results like these, it’s so inspiring. A lot of work, you totally gutted the place.
So you made $113K plus kept one, thats awesome, how much did you spend…[Read more]

I would pay off the mortgage for peace of mind and then borrow against it so you can claim tax. You can’t claim tax off your mortgage.

If you can put up the rent, then do it. You will probably end up cash flow neutral where you don’t lose nor gain. Positive gearing properties are what investing is all about, making a profit and not a loss. Best to pay small tax on a profit then to claim a loss and make nothing. Having said that, if the tenants are great, then why not go half…[Read more]

Check out google maps and make sure there’s other subdivisions in the same block or at the very least nearby.

mattnz wrote:
Have watched the video Joel, great job and a very good investment.

It actually struck me that it didnt look that bad a property, just needed a few key things done to it, that made it look great at minimal cost. It made me rethink what ideal renos should be like.

Does your budget include all purchase costs? i.e. bank loan setup…[Read more]

kazwood wrote:
Great job Joel looked like you roped in some family members to help.  I did think the property looked pretty good at the start. The furniture made the house look loved and lived in.  I have brought two properties in such a state when I showed my friend she ran out and vomited on the front lawn because of the terrible smell.  Wh…[Read more]

Jsvande wrote:
Joel, Excellent job, the final product looked great. I haven’t done any renovations in Aus, however my wife and I are keen to get cracking. We are busy with our research, and we are reading a lot, but the day will come when we need to put down the books, not permanently though, and take up the tools. I have a question, when you…[Read more]

If anyone is interested in seeing my video on a property renovation I did in 5 weeks. The house was valued at $325K with tenants. It looked an absolute mess. I gave them notice and decided to renovate it. 5 weeks later it sold for $415K. I invested around $20k on reno costs. So my tip is before you sell, think about renovating first. Sometimes new…[Read more]

If anyone is interested in seeing my video on a property renovation I did in 5 weeks. The house was valued at $325K with tenants. It looked an absolute mess. I gave them notice and decided to renovate it. 5 weeks later it sold for $415K. I invested around $20k on reno costs. So my tip is before you sell, think about renovating first.…[Read more]

Thanks, Robert. I really believe that you need to package it up. A furnished house makes such a difference and is well worth the return on investment. People buy on emotions and empty rooms sometimes just don’t cut it. I’m looking forward to my next one now, I have the bug!
Would love to see videos or even photos of anyone else’s renos!