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I am a young investor myself (only 27) and the way I have got to the point I am at now (about to purchase 3rd property) is by gathering as much knowledge as I can about real estate in general, property investing, finance and everything else related, it is only from learning about all aspects to do with property that I have truly learned to appreciate it, and it is now my main passion.
This may not be the case for your son, but I do think that there is a lot to gain, from going through the cycle of property, eg. renting for a while (realizing you are paying someone else’s mortgage), saving for a deposit, dealing with banks etc. and then finally getting your first home.
It may be unfortunate that your son is not in a position to borrow moeny to buy his own place, but it may also be important for him to go through this stage to actually appreciate it when he finally gets to that point.
You sound like a very loving dad, I think it’s a shame your son is not grateful for you! I hope it all works out
HI Morgan,
I agree very much so with Daniel with the statement that you make your money in the buy. One thing that I have found helps with this is purchasing properties that are dirty and not kept well, the last house we bought had very dirty tenants in it, the house actually smelt so bad as it was clearly not cleaned, I’m not saying it was enjoyable, but I do find that if you look at a house that needs cosmetic work done to it but has been kept immaculately you will pay a lot more for the house than one that needs the same work done to it that has not been kept well!
There are also things that you should definitely look for when buying that will help with your valuations, min 3 bedroom, 2 bathrooms if possible, car space/s.
Sounds like you have done well with having the property tenanted so quickly.
Hi doogs, I am doing the same thing, and agree with the comments above, I think it would be smart to remain employed until you have a few under your belt, you will be unpleasantly surprised at the amount of lessons you learn from your first (or first couple of renovations) some of these lessons require extra funds that you may not have accounted for, once again a big help if you are employed and need to draw on more funds.
In terms of fitting in it around working full time, obviously weekends and holidays will need to be spent on renovating, but the most important thing I find, is to gather all quotes and have a schedule set out for work done with tradies all lined up to go one after the other (always leave a buffer), make sure you fully brief them of what work needs to be done and get them to write it on the quote, This really helps with time and also gives you the freedom to even have someone else meet the tradies at the house. I adopted this method with my last renovation, and managed to have it fully completed inside and out in 5 weeks, two of which I spent laying on the beach in Bali, with my mobile phone by my side
Good luck
Hi, I have recently completed a few home renovations and managed to complete them all on a budget.
Some advice first up, I personally try and avoid trends that are very modern, especially if you are planning on keeping the investment property, as it will only out date sooner, I stick to more neutral co lours that still look great but also more timeless (I use a lot of white).
There are now products on the market that you can buy to paint over tiles etc, however I have heard mixed reviews on the outcome, once aain I guess this would depend on whether you were planning on keeping the property or selling straight after renovation.
What I have found works well: I have purchased new vanities from builders and renovators auctions where you usually save up to 80% on products, I also purchase tiles from tile liquidators and save approx 50%, if you or someone you know is handy you may even be able to lay the tiles yourself, otherwise you will find if you get enough quotes tilers are not all expensive.
I have had great results in terms of post renovation valuations and one thing agents have always commented on was the nice bathrooms.
I hope this helps. and good luck
