We are full time Professional Renovators and yes we go through an extremely thorough process to make sure we profit from each project.

There is so much more involved with renovation profits than tax implications and feasibility. We’ve invested years into our system and it now runs like clockwork- regardless of the state of the market.

Renovation…[Read more]

Odd situation and I’d really like to know the end outcome…. lazyness of the Agent is unacceptable, waiting a few days for a toilet to be fixed is simply showing how little he represents you and your property. You have really done him a favor by finding tenants. Can you update this thread on how it has worked out for you

Holly

I remembered another great book for you to take on holidays – Getting Everything You Can Out of All You’re Got by Jay Abraham. Actually anything by Abraham is fantastic

Great read (or audio book) is Do The Work by Steven Pressfield Enjoy your holiday

Holly

Totally agree with Scott on this one – I am surprised the PM has not instigated a Breach of overdue rent, or at least mentioned it to you as an option. The tenants have known for 9 months that they were expecting a child and should have had the courtesy to let the PM know that they would be vacating early- thus giving them longer than 4 weeks to…[Read more]

Unfortunately you can’t add value to a parking space, (as far as I am aware) so you are limited to relying on Capital Growth. Interested to see what others have to say about this sort of investment though

Holly

ING have always been stand outs in LL insurance. Maybe worth checking with an insurance broker to see if they can find a better deal than what you have now

Holly

Jo, before pricing any type of wall in a studio, you’ll need to have it ok’d by the body corporate. It can get messy if you have the work done without bodycorp permission and they can make you demolish any works they havent approved.

Holly

The best thing you can do is get some knowledge under your belt, I’m not sure what state of Australia you are in but we highly recommend contacting Troy of http://www.rookiedeveloper.com.au

You’re best to advise the tenants of your plans and give them the option for reduced rent. How long until their lease expires? Each state has different laws regarding the serving of notice to tenants, so I’d check that out too

Holly

Body Corp rules and guidelines are strict, they can be a bugga to deal with, but unfortunately they can make you demolish anything they haven’t approved. Let us know the outcome, it will be valuable to others on this forum for sure

Holly

Clients recently had this exact situation worded into the contract, so yes it can be done

Holly

Agree with all the points above- you’ll need to crunch your numbers on a non renovated property vs a newly renovated property in your area. Is there any way of adding another bedroom or bathroom within the current floor plan without having to touch structural walls?

Linda just by looking at the photos, I truly don’t believe $39K is accurate at all. As the others have pointed out it is just a cosmetic renovation. One arm of our Company does do full renovations for clients. If we can help you out in any way please do send us a message

Holly

I think a 20% increase is a bit steep. Worth asking tenants what extra they would be willing to pay though and then do your figures from that

Holly

Looks great would love to know how much value you added

Holly

Best thing to do is go into the local council and check that the block can be subdivided. The have a chat to the local agents regarding land pricing. You maybe able to subdivide the back off and sell it… then use those funds to pay off the current debt of you mums house… so she can stay there

Holly

Check out – http://www.rookiedeveloper.com they’re on facebook too…. Troy who runs the site lives out that way and can probably point you in the right direction

Holly

Sorry, missed that line- Great work again

Holly

Great find alltheway2003, its always a win to find awesome suppliers