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Ok thanks that answers my question.
No haven't lived in the property at all. Say I purchase a property and it's the only property I own. I rent elsewhere while I renovate my property. Do I need to actually move into the property for a period of time to claim it as PPR and pay no CGT? And if so how long do I need to actually live in it or own it before selling it again to not attract CGT?
Hi to everyone interested in the 'Renovating for Profit' Workshop,
To answer some of your question:
Yes, the workshop is relevant no matter where you are from. Sure most of the examples from Sherie and Steve are focussed in Sydney, particularly Balmain but the principles they teach will work anywhere. They do spend a bit of time talking about council issues that would only come up if you were renovating in a higher density area and not so relevant to a suburban renovation but it's all interesting stuff. You just have to adapt the information to suit your own circumstances.
Are Cherie and Steve still renovating? They sure are. However they are not there with a sledgehammer in hand anymore, they project manage now and have a team of tradespeople who do the dirty work. But they are on site 7am with coffees in hand for the tradespeople. They treat their tradies well and with respect but in return they expect quality workmanship.
I am sure they do make a lot from their workshops but you are buying the intellectual property of 2 very successful renovators who started out with no experience and are now making millions. One thing that stands out about this pair is that they are very professional. Everything about them is professional and no detail is left to chance.
If you already have your IP's and just want renovating tips maybe you could find a cheaper course that just focussed on that but if you plan on making renovating a full time job I think its beneficial to know the whole process. It really made me realise the options you have when buying and how it's not all about getting a cheap price. Things like early access can enable you to have the property cosmetically renovated and ready to put back on the market before you have parted with any money. Plus they have the legal paperwork for that sort of thing and you get copies of it.
I suppose instead of struggling your way through you have the answers at your fingertips – not to say you won't come up with your own challenges – but it lets you go into the whole thing with your eyes a lot more open. If you are really ready to commit to renovating then the course is very worthwhile. It could possibly save you heaps of money by avoiding costly mistakes.
As far as my renovating goes I am still in the process of sourcing my investment property. I have a block of land that I want to sell first and I am in the process of doing that. However it hasn't stopped me from going to heaps of home opens and really getting to know my target area. I am getting impatient though and just want to get started!!
Happy renovating
I have actually done the 'Renovating for Profit' 2 day workshop in December 2009. I am from Perth but flew to Sydney with a friend because I couldn't wait for the Perth one which was going to be mid 2010. Was it worth it?? If you are serious about getting into renovating then defintely yes. For all you people out there who have said you already have IP's that you want to renovate – you may find out that your property isn't going to make you money. Sorry to tell you this – but a good percentage of the course is about due diligence and choosing the right property in the first place. From their 8 step process it is only at step 6 that we even start talking about creating a higher and better use for the property. Steps 1 through 5 are all about targeting area, suburb and property due diligence, analysis of the property and aquiring the property. One of the main things I discovered from the course is that you need to look at about 300 properties before you find one worth renovating (for profit). Most properties you will find you will only get back what you spent and make no profit from – or worse a loss. What I am trying to say that most of the work happens before you even buy the property – because it's buying the right property that makes the most difference to your eventual outcome. The actual renovation is the easy bit. However there is heaps of information in their course notes and cd's, worksheets and templates. And for those looking for information on the actual renovation process – there are many great tips and ideas which have all formulated into easy to follow steps and checklists which cover everything. Trust me the amount of hand luggage I had to take on the plane with me was enormous. I suppose the main thing I got from the workshop was the amount of due diligence involved if you are wanting to make a profit. So yes the workshop was definitely worth it if you are going to make a real go at renovating. Hope that helps. If you have any more specific questions on the course I am happy to answer them.
