Hi Steve

I have a copy of the Complete Renovation System and I would say that I found it extremely worthwhile.  I used it recently to complete my first 'real' renovation project.

The case studies and presentations were excellent.
The checklists were helpful – although I did create my own, just used theirs for reference.
The spreadsheet template was also very helpful – once again, I ended up creating my own and used theirs for reference and some ideas – I just wanted to add some features and re-organise things in a way that suited how I work.

The formulas presented for assessing deals were invaluable to me.

If you did want to puchase it, though, I'd say that maybe you should consider buying it from the people who made it (www.propertysystems.com.au) or someone reselling it for them rather than buying a second hand copy – as they did the work to create the product and so probably deserve the remuneration.  Of course, that is just my opinion .

All the best with your renovation.

Kaz

Welcome Kelly
This is a very active and knowledgeable forum, where you can certainly pick up lots of great information (I certainly have learned a lot) as well as share your own experiences!
Cheers,
Kaz

Good on you for questioning it.  I recently changed property managers on a couple of different properties in different locations and so did the big phone around and fee comparison across a number of real estate agents and property managers.
A few things that I learned from my experiences:
– It is definately worthwhile to shop around as there are differences in the the fee structures in terms of what they charge you for as well as the amounts.
– Everything is negotiable, so if you're not happy with a specific fee or charge, speak up.
– Speak to someone who can make decisions.  Often the junior person will tell you the fees but has no ability to negotiate with you so it may be worth speaking to someone more senior.

I think the fee to find a new tenant is justified but the fee to sign a new lease for an existing tenant is a crock I think!

Another thing to watch for where I was overcharged – one property management company was sending me duplicate statements and charging me for them, despite me bringing it to their attention – never did get the money back, but I did change managers!

Kaz

Hi there!

I'd be inclined to agree with the Terry and Dazz. 
If you wish to own your place then go for it.  I think when the government is offering some free money – i.e. FHOG, then you should take advantage! 
You could use anything potentially left over as well as equity to fund IP purchase(s).  That could mean one more expensive IP or several cheaper IPs.
You are in really good position to get yourself going with several properties here, so it's really worth the time and effort to think about your strategy and talk it through with an advisor or well educated (in investment strategy and finance) accountant or broker.

Cheers

Kaz

Hi Richard,

Thanks for your response, my error – we are not cross collateralized – as in we do not offer more than one property as security.
I will send you an email as I'd be interested to chat some more about the topic with you.

Cheers,

Kaz

Hi,

This is a really interesting topic.  Having multiple properties purchased using equity from other preoperties we do have some degree of cross collateralisation in our loans in order to achieve that.

I'd love to hear some of your strategies on using equity to purchase investment properties whilst steering clear of cross collateralisation if you wanted to share them?

Cheers,

Kaz

Hi Sjostrom

A couple of other things you may want to think about in addition to comments of others, for this property or just in general:
–  Agree, the rental return on the outlay is nothing special
–  Depreciation Schedule – you can depreciate renovations that have been conducted, so although depreciation on a newish house would be better, still look at getting a depreciation schedule drawn up whatever you go with
– You can pay cash – use as little of your cash as you need to make the deal work.  Use other peoples money where possible!

Cheers,

Kaz

Yeah, that's a tough one.  Personally I wouldn't be keen to live close to big powerlines but as an IP – well, someone else might be ok with it.  Sure you'll purchase it at a 'bargain price' – but that will be the same for when you want to resell down the track and you need to sell it at a bargain too!

If your plan was to hold it long term and you could get a decent return then worth considering.  Comes down to the numbers and your intention with the property.

Cheers and good luck!

Kaz