anna
thanks for the interest, i’m not saying we just dive into any old town here but i think that once you’ve found a place with some amount of reasonable amount of growth then there’s a start, say you set a limit of 100 000, live there camp there, whatever, thats the fun of it i guess, give yourself 3 months to renovate then decide to sell or rent out, my brothers suggestion was to flip a few over first then get on to renting places out, problem number one i guess is getting the loans if you keep moving around, but im sure there is a way around that!!! what do you think, and what part of aus are you located?
cheers
lee
Thanks Lee,

I would really love to do some renos in rural towns after research etc. Sounds like Montrose is doing fantastic work. The only thing would be that we would have to live/camp in the place if it was some distance away and also it would have to be done quickly, the sooner it is finished, the sooner it rents. The house we renovated a few months ago took 8 weeks which was too long but we both worked in between. It was very shabby and we did increase the rent by $40 a week though.

I do like the thought of say 3 lower end of the market renovate and sells a year, making even $20000 after costs and CGT. Two of our houses have cost round $8000 to renovate, both 3 BR places. In one we put a good second hand kitchen for $500 + benchtop, made bathroom larger and laundry smaller by moving a wall, took up carpets, polished floors, new tiles & tap fittings, new floor in 1 bedroom, repainted inside, new internal panel doors, cleared yard of a lot of rubbish. The one we did recently was painted inside and out, landscaping redone, most of floors polished, left the cork tiles in the kitchen and family, new light fittings, verticals, new rail round the large entertaining deck, extra cupboard and small pantry as well as 4 of the kitchen cupboard doors replaced, new handles, new bathroom incl. vanity, tiling, etc.

Anna

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stop telling me i can’t do that, because u know what? I can!!!

hi anna, well i guess the main area i was concerned with was just the real estate in small towns, not properties as such, but its always a possibility, i just see the low costs involved with small town houses/units being an advantage to those investors who don’t have the start up money to be able to buy in larger areas ie. bris, melb. I thought that it would be an idea to located those towns with some growth, buy, renovate,and or rent out, sell, i would like to meet people with some different ideas about this and hopefully put together a team to do the above, i don’t see why this couldn’t work and would be a great initial investment in the real estate market for those who do not want the burden of a 1/4 mill morgtage.
let me know what you think
cheers
lee

stop telling me i can’t do that, because u know what? I can!!!