Forum Replies Created
Thanks JPS.
Amy & Sean from Channel 7's House Rules live in Nundah too – so surely that will create interest in the area right?
LOL! Good on ya Nathan – the blue didn't really show up on my screen.
Cheers mate.
Hi Jamie,
Are you able to pass on the links to those reports – or point me in the right direction?
Cheers,
Concur with Les,
Steve's Property Apprenticeship is something we're doing at the moment and we're learning lots! Highly recommend.
Hey Mate,
All good. Have been quite busy ourselves.
Look forward to hearing from you re: painter details.
Cheers,
Jye
Hi Kent,
Flicked you a couple emails with some questions the same day I replied to your post.
Hopefully you received it. If not let me know.
Cheers,
Jye and Tahnee
Hey Daneo79,
That's a good idea.
Do you use any "easy to use" interior design software like this in your project management work?
If there is cost efficient option out there, we'd be interested to have a look.
Cheers,
Jye and Tahnee
Hey Wilko,
Thanks for the advice mate.
We have realestateinvestar.com access, so will pull our recent sales data (within 6mths) from that for the comparative sales of renovated properties in the suburb that we're looking. What we'll do is look at probably starting with a search for comparable renovated houses within a 2km radius (from the house we are looking to renovate) and then tighten that up to 1km and 500m and then on the actual street. This should give us a pretty good feel for what end value is realistically achieveable.
Cheers,
Jye and Tahnee.
Hi Shahin,
Brokers reasoning behind why he said banks would never lend funds for a 1st time renovation were just that he said they'd perceive me as too high a risk. Unsure of whether he was driving me to make a decision that would benefit him more than me? Will never know I guess.
Cheers,
Jye and Tahnee
Thanks Jamie.
Appreciate the response.
Interesting to know about the claw back issue.
Is that like an industry standard / the same with all lenders?
Cheers,
Jye and Tahnee
Hi Kent,
Thanks very much for your advice.
Many successful renovators have told us now "it's all about the numbers". So we are starting the phase of finding a suburb/area where the numbers will actually work.
Have signed up to the propertymeeting.com.au site, so look forward to the next meeting in Perth which is "coming soon".
Cheers,
Jye and Tahnee
Ok great Daneo79,
Do you have his details? Will grab a quote off him for our project.
Will be looking for a good property lawyer in Perth ourselves.
As for mortgage broker – we'll plan to go with Richard Taylor. QLD007 on this forum. He's QLD based, but it doesn't really matter where your mortgage broker is. Cheers.
Hey Kate, just flicked you an email.
Cheers,
Jye and Tahnee
Thanks for your post Catalyst.
Didn't think it would be that difficult.
Seems what I am suggesting (i.e.an "as if complete" valuation) is an "ideal". I've also learnt that apparently even after having provided an "as if complete" valuation (if I can get them to commit to one) a valuer may still re-neg on it at the point where the reno is done and I want to go back and use that valuation to draw out the extra equity gained. It really is a case of waiting until the property sells before I could return any money to a "money partner" and put any profit into my bank.
So how would you propose to determine what the end selling price of the property would be after your renovation? Is it through viewing 100 open homes of houses that look like what you will create and base it off that?
Cheers,
Hi Ashley,
You're right there really are not many resources available that step you through the process of subdivision (a market for educating perhaps?). In saying that though as you've highlighted before, it can differ greatly between states and even councils within a state.
We're in Perth – subdivision is a strategy that we may be interested in pursuing. Are there any good surveyors you know of you would recommend?
Would have to agree with Jamie & Dan. I wouldn't be happy with people taking photos inside our home during an inspection.
Cheers,
Jye.
Logically and articulately explained JacM.
As you said everyone will have different formulae they work with if they are doing buy-reno-sell (for profit) projects. Different people may even be happy to settle for different percentages of profit returned for each project. And yes…if you can't make a profit after ALL of your costs to acquire, hold, renovate, market, and sell then it isn't worth doing…for a pure profit project anyway. Move onto the next deal and work the numbers there.
Cheers,
Jye and Tahnee
Logically and articulately explained JacM.
As you said everyone will have different formulae they work with if they are doing buy-reno-sell (for profit) projects. Different people may even be happy to settle for different percentages of profit returned for each project. And yes…if you can't make a profit after ALL of your costs to acquire, hold, renovate, market, and sell then it isn't worth doing…for a pure profit project anyway. Move onto the next deal and work the numbers there.
Cheers,
Jye and Tahnee
Good advice Richard,
I agree – for a more advanced renovation you would be looking at more than a 10% overall cost allocation! It would also depend what profit margin you are happy to get at the other end as well wouldn't it. i.e. if you spend over the point at which you are adding value to the end property you are going to be eating into your bottom line profit.
I'd be very interested to read your Jan/Feb API article. I'm at work in PNG at the moment so can't get my hands on a copy. You don't have an electronic version you could email me do you?
Cheers,
Jye Thomson.
