Forum Replies Created

Viewing 20 posts - 1 through 20 (of 25 total)
1 2
  • Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    August 8, 2010 - 12:06 pm

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

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 25, 2009 - 10:26 am

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

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 20, 2009 - 9:25 am

    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.

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 20, 2009 - 9:18 am

    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 wild guess. Wish I could be more helpful, let us know the results please. Cheers,

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 20, 2009 - 9:13 am

    Steve,

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

    Good luck!

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 12, 2009 - 12:12 am

    Hi Mike,

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

    Thanks again for your help.

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 6, 2009 - 7:04 am

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

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 6, 2009 - 7:00 am

    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 do it, it’s part of the process. The perfect time is today, go for it mate and later share with us your successes. My advice is just go and look at a lot of properties and get a feel for the area your interested in. Set yourself a time to buy, plan it, and do it! Thanks for your comments.

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 6, 2009 - 6:43 am

    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.

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 6, 2009 - 6:39 am

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

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 5, 2009 - 8:34 am
    mattyg_10 wrote:
    Thats awesome joel….I got one my brother and I finished recently. enjoy

    http://www.youtube.com/watch?v=eqwR5AplUrU&feature=player_embedded

    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 and how much did you do yourselves?
    Thanks for sharing!

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 5, 2009 - 8:24 am

    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.

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    November 5, 2009 - 8:21 am

    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 way around $345 and let the tenants understand that because they have been great, that you haven’t increased it to what its really worth $360.

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    October 30, 2009 - 5:02 am

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

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    October 29, 2009 - 4:32 am
    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 fees, interest holding, legals, stamp duty etc or is that only the cost of materials?

    How long did it take you to find the right property that had a significant profit?

    Thanks,
    Matt

    The $20K budget was purely reno costs, material, landscaping, plumber, electrician, curtains, carpet etc.. All the other fees were applicable anyway whether or not I sold it renovated or as it was, therefore I made around $70K in 5 weeks.

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    October 29, 2009 - 4:26 am
    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.  Where did you get the idea for the kitchen? I started at bunnings looking for a new kitchen and ended up just painting with a special laminate paint. I found the costs associated with buying and selling plus capital gains made holding on to properties more sensible.  I may have made $50,000 in three weeks, which I thought was pretty good.  I  took a big risk and brought sight unseen on the advise of a local agent.  I was the second buyer because first got cold feet.  Did you have much trouble finding your property?.

    Thanks for your comment. Absolutely get family involved. Make it fun too, we drank a lot’s of wine whilst painting to music. Just stay sober with machinery or anything dangerous. I’ve also bought at least 4 properties sight unseen, it is scary but sometimes when the market’s hot you simply need to buy.
    I ask a lot of questions and never had a problem to date. My biggest mistakes I’ve ever made was not to buy due to cold feet and regretted it ever after. We all go through it and it’s a horrible feeling to ask yourself if this the property that will send you broke.

    I almost lived at Bunnings and also decided to keep the original cupboard doors. I sanded them, lime washed them and varnished them. They looked pretty damn good and saved heaps. Same incident with the carpet, tenants had dogs and snakes! It smelled like a zoo crossed with a brewery! That’s why it couldn’t be sold as is. I think finding a property is easy. Some people say you need to see at least 100 before you buy. I believe you miss too many opportunities this wat. They are still looking and I’m already receiving rent. Just know the area you’re buying in. Good luck!

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    October 29, 2009 - 4:14 am
    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 bought the property did you do it in your own name or in a company or trust? How do you minimize the capital gains tax?

    Thanks,
    Jaco

    Thanks for your comments. Although this was my first reno it’s not my first investment property. I have a trust account which I try and distribute profits between my wife and family. However Capital Gain is simply a bitch you can’t avoid, only minimise it a little. I can’t comment too much as I have a business in the mix of things, it’s worth every cent to find a good accountant. For your renos, reading books are a great help but there’s nothing like getting stuck into it to really learn. Good luck with your project and please keep us posted when you finish.

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    October 27, 2009 - 9:39 am

    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 carpet and a splash of paint can add thousands. And always paint with wine!
    Hey Rafael, show the ending to your wife, maybe she’ll let you buy a bomb.

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    October 27, 2009 - 9:33 am

    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 carpet and a splash of paint can add thousands. And always paint with wine!

    Profile photo of jmiellejmielle
    Participant
    @jmielle
    Join Date: 2005
    Post Count: 31
    October 27, 2009 - 9:28 am

    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!

Viewing 20 posts - 1 through 20 (of 25 total)
1 2