Forum Replies Created
Hi just wanted to add some more information into this thread.
I’m currently involved in a Group that is being mentored on the subject of renovating for a profit.
As a group we are actually doing a joint venture renovation meaning researching, purchasing, renovating, and on selling a deal as part of the mentorship.
Basically what is being taught is that you lock in your profit buy buying real estate at a price that ensures a 15-20% profit on resale.
Goes a little something like this.
You need to research what renovated properties are actually selling for in your target area i.e. lets say 3 bedroom renovated houses are selling for 250k you would need to deduct all entry and exit fees, your profit margin & renovation costs, to arrive at an ideal purchase price to buy an un-renovated house to ensure a profit on resale.
I have been interested in doing a Reno for a while but lacked the knowledge to actually do one and make a profit.
I’m not sure yet if what we are being taught is actually feasible as we may need to buy an un-renovated deal at a heavily discounted rate off fair market value and this part of the process seems to me a little bit steep.
These are just a few of the examples of “Golden rules†we are being taught and this being a pilot project for the mentoring company time will tell if they are correct.
At this point in time we are currently researching sales prices of renovated deals to enable us to figure out an ideal purchase price, we hope to buy before the end of the year if you like I will let you know how it all pans out and my feelings of the company that is mentoring us.Thanks to everyone that posted in this thread there is some great information.[cap][biggrin][buz2]
Peter
I have just finished reading your new book and I have to say you are an inspiration to me.
Also I would like to thank you for taking the time to post on this site your knowledge is priceless.I would like to ask your opinion about asset growth and property cycles, I have been under the impression that property cycles run on a 7-10 year pattern and that 3 to 5 years out of the cycle property prices are flat with little or no growth and can sometimes even go backwards.
Could you tell me if my interpretation from your book is correct in that well selected real-estate can still grow in value in a flat market and almost be immune to a slow down or dead property market?
I have been to a couple of seminars where the presenters stated that well selected real-estate can still have not huge growth but modest growth during a flat property market but I have yet to get confirmation if this is fact or fiction.
I would love to get your experienced opinion of how this has actually played out for you and your investments.
I understand that well selected property can grow at a much higher rate than every day or ordinary property during the boom part of the property cycle, but this one question has been on my mind for about a year now and I have not yet been able to find anyone that has been a successful investor long enough to answer accurately.Any input would be hugely appreciated I hope I am making cense and that I’m not asking you a stupid question.
Kind Regards
ShannonHello again
Firstly I must say that I was shocked to read your post Steve, I was completely unaware that I was doing anything that you or anyone else would consider illegal.
As I stated I was given a one page printed copy of the No-brainer spreadsheet not the actual electronic copy. And thus was unaware this was breaching copyright.Secondly I have spent a hell of a lot of money not only on your own books templates and seminars Steve but also other Gurus as well, so please don’t point that accusation at me as I consider my self to be a person that is willing to pay good money for good information.
As I was led to believe the No-brainer was part of your Wraps pack, I do not wish to use a wraps strategy at this point in time therefore I do not consider the payment of $2000 to answer one question that was floating around in my head to make good financial sense.
“Ask your self the same Question”Steve I’m sorry if I have caused you any harm as this was the last thing I wanted
But please if you have a problem with something I write about on the forum in the future
I would prefer that you PM or email me to let me know you have a problem, as I do not consider it very professional to Embarrass Members of a public Forum.I hope you don’t take what I have just written the wrong way as I have a hell of a lot of respect for you and your achievements but I do feel I was given a rough time by your comments and in no way did I intend to upset your self or anyone else.
Kind Regards
Native_MetaLThe Location that my friend is interested in is Bayswater/Boronia in Melbourne
Sorry guys i guess i need to clarify
Im trying to find a wrapper that would be interested in Wrapping a deal to my friend
I my self don’t wrap and have no desire to do so just yet.I tend to agree with you Pelican
I do think that this could tern out to be an opportunity for the smart investor.
on the other finger serious investors never sell property unless its a dog that needs to be cut loose
And if you never sell you never pay!!As a famous NZ property investor says “Things are never as they seem”
Thanks for replying to my Question
Its interesting to hear others opinions on this matter.Michael you talked of having in place an “exit Strategy” in case external influences not being favorable during the life of one’s investments.
Would you be kind as to share with me your own planned Exit strategy as ive been thinking of this my self recently, I have read allot of books about real estate investment but all these books fail to give good advice on risk management.
Thank you
Giday jarmbie
just letting you know if you logon to http://www.metropole.com.au they have on offer a free Ebook called power negotiator.you will need to signup for the monthly newsletter to get the Ebook but i can tell you its worth it
from memory its about 20 pages full of great tips on negotiation.Cheers
thanks heaps guys [^]
Thanks for all the input guys makes things a little clearer now
Please Send one this way
[email protected]Giday Bear1964
im not rally sure why the Email is Bouncing
try this one [email protected]Thanks mate
Giday Bear1964
just wanted to ask a Question
can you Email me [email protected]Thanks Mate
i was there
Great Information nightHi wezwaz
just a quick Questiondo you know if Ed Burton has writen any book’s
i was just woundering where you read the line
“it doesn’t matter whether you are feeling positive or crappy, you will fail if you don’t know what to do”Thanks
yes i agree dale did a great job what a great information night
my partner and i got there a little late and had to leave Quickly after so I’m sorry i diddent get to meet anyone.
But i do know your face now Dasiygirl.
thanks for organizing the event
Hello Wilandel I think today was a great experience i enjoyed the whole day
I meet a lot of interesting people that have the same goals as my self and the seminar was great too I got to talk to Steve’s partner Dave for a while and found him easy to talk too
And willing to share his knowledgeWilandel when you have a little more time to spear I would really love to draw from some of your knowledge and experience and I would be happy to give you back some of my time for any help you may need me for.
Thanks guys for a great day
[email protected]i would like to have a look too if you can spare a copy
Thanks Bill
i can send copys
if you send me one
[email protected]yes i agree with you Alf i have found bill to be extreamly helpfull with the questions i have asked him
Thank you bill for taking the time to help me
there arn’t many guys around like yourself
