Forum Replies Created
get your property manager to do it for you
$40 per month admin fee is through the roof, i would switch
The magic of thinking Big
By Dr David Schwartz
it is just awesome and i read it over and over
Glen
There isnt a quick answer to your questions, i do discuss it a lot further on my blog, however i do determine how much i will make on each project before i even sign contracts, that is crucialI dont always sell them, depends on a lot of factors.( i dont really like selling )
I do plan my renos very well, and use timelines and engage my contractors as much as i can so they can understand my timeframes and goals
Key is to buy really well, you make your money when you buy not when you sell, know the market well and get to know the agents. I try to get early access so i can get the team in and out ASAP, If i can do all of that before i actually settle on the property even better.
Study negotiation, As a renovator and investor you must be a master of negotiation and know how to buy and sell things well
And of course, treat people with respect and pay your contractors super quick, as they will drop everything for you all the time if you pay them quickly, I have lost count on how many times i have needed a carpenter or plumber to drop everything and have a look at a property for me or to rectify something
and shout them a few beers along the way.. that goes a real long way with tradies !!could have been a vendors bid at the auction which dosent really mean anything.
Put it back to the agent and ask her what the seller will take ?
If that dosent get anywhere then
I would offer $125,000, put your offer in writing with a 48 hour expiry date, with your conditions ( subject to…. )
Make it clear to the agent that this is your first and final offer and if its not accepted you will be purchasing elsewhere
I don’t buy unless i can get a massive discount
i have done many long distance renos ( 10 hours drive away )
you need to build a great team of tradesman
knowing good real estate agents in the area also helps ( most country real estate agents go above and beyond the call of duty i have found )
and get a great cheap handyman in the area, my handyman charged me about $20 per hour and was a wealth of knowledge, could do almost anything and knew where to buy the cheapest materialsi put my handyman in charge of things and he loved it, he sent me photos all the time and took ownership
putting on a few cartons of beer for the team every week or 2 also went a very long way
i would start buy getting your home valued by a licensed valuer to see the real value as it is now
They can also value your house with the new renovations done without the work done if you show them your plans.
Then you should see if you are going to over capitalize
you may be well ahead if you sell it as it is without spending the 70 K
Good luck
Get advice from your agent
New flooring always adds value, however you want to make sure you can get the biggest bang for your buck
I think when doing cosmetic reno’s to increase your rent returns if you cant get your money back within 2 years it probably isnt worth doing
Great advice from all above,
The biggest thing to take away from this post it is 100% correct when they say you make your money when you buy not when you sell, in this market, where it is a buyers market, your in charge.
Buy right and buy equity
Never, ever pay the asking price
Hi
Thomas19 is correct, Goolwa is a little Gem, I Bought my first ever investment property there and it has gone through the roof
Good luck
Hi
In regards to choosing a property manager, choose by referral if you can
the difference between paying 7.7 % and 8.5 % is only about $3 per week
Choose your property manager wisely as they can dramatically affect the returns you get
Instead of buying a whole new kitchen, see if you can just cosmetically upgrade it, new cupboard doors, or a lick of paint, Bunnings sell fantastic timber looking bench tops for $99
Even new handles can improve the look
Be careful with this John
Do your research, if you cant sell it you will have to be able to settle on it
I wouldn’t do one of these by yourself unless you have a great mentor holding your hand through the process
I would also be looking at using a deposit bond if you were to proceed, however there are a few hurdles you need to get through before you contemplate buying
Getting a referral is by far the best way to get a great solicitor
Every time i buy a unit i regret it
I much prefer houses because of the options available
– Renovating
– Sub dividing
– Knock Down
-Go Up A Level
– Put in a poolThe list goes on and on, try to get biggest possible land content
Hi
If you want to be a buyers agent, and there are a few around Queensland, you will need your real estate license and become a master negotiator.
If i don’t get a minimum of $50,000 off the asking price i would be disappointed.
It takes skill and tactic to be a successful buyers agent
Just because someone may be great at selling does not mean they are great at Buying, 2 different skills sets
If it was my house and it was under 11 k and only cosmetic, then i would just do it
I am sure that each quote can be under $3300
If you start doing structural things and changing rooms around and knocking walls out.. different story
I wouldn’t render it
Spend the 9k in paying down the loan
generally yes, it is easier for record keeping but not totally necessary
ask your banker
Hi Steve
I would buy a house on a large block of land, minimum quarter acre and possibly subdivide it
there are plenty of them out there you just need to look
i would buy a house on the biggest bock of land possible, i dont like units
i would look more for the best deal and worry about tax advantages after that
i owned a house in Goolwa SA that was 30 years old that never cost me a cent in repairs
