MrsC, that doesn’t seem right unless the other offers are presented on the same day. There is no minimum or maximum, well I guess technically the minimum numbers of offers to be presented is 1 (or I suppose 0!). If home open is this sunday, and you have finances in order, done your due diligence and very keen on it, submit an offer in writing today with a sunset clause that says the offer expires 5pm Friday 4th or even Saturday 5th. Make the offer expire before the home open, that way the REA cannot sit on it and not present til Sunday.

For a recent offer I wrote up, the REA had told me he was expecting another offer to be written up the following morning (we signed around 7:30pm). He told me both would be presented to the vendor but ours would be presented first as it came in first.

I recently spoke to a building surveyor in the council where I'm looking at purchasing a deal for renovation. Am considering in that house to add a shower and vanity to the laundry area, already an existing WC there and huge floor space. Without mentioning the address of the house in question, I phoned the council to ask if adding a shower and vanity to an existing wet area with plumbing required approval, given only partition walls would be erected, nothing structural, and plumbing already existed. He mentioned it would most likely be fine but that one other point of interest was current building codes and ceiling heights and ventilation considerations. He did not end up confirming if it did require a building permit or not… When the building inspection is done tomorrow I'll make a point of discussing this to see if the room could be converted in line with Aus Building Codes.

So just thought I'd share that in case its relevant.

Hi MrsC, I had a sparky in the other day and asked him about ballpark figures for rewiring, as I'm looking at a 3×1 1969 built brick + tile house in suburban Perth. He said it shoudl be in the range of $3000-4000. He said to allow 3 days for the work on average and that this would include removal of old wiring and all the new stuff. He said a budget of $5k should well and truly cover any unforeseen issues and even include all the bakelite for power points, light fittings/switches etc. He said that even in older houses sometimes the wire is suitable to keep, depends on the insulation quality around the wire… He assured me he would accurately quote upon inspection and the quote would be fixed, not suddenly increase whilst he was working.

Thanks Joel, I enjoyed the video. Looks like you’ve got a good support team in place to help with renos!

This post intrigues me as I’ve just put an offer on a burned house also, though as far as I’m aware there were no injuries resulting from the fire. I had been wondering if I would have to disclose post-reno when its on the market again that it had suffered a fire. My theory was if its passed ther structural engineers report, been repaired by a builder, rewired by qualified electrician, and brought back to top condition that it would not be disclosed. Is there a law in WA that says I would need to disclose it?

Veseli, good luck on the project! Good to see someone else out there going down this road, would be very interesting to compare notes…

this is a link to her free intro DVD. its a recording of one of the seminars, basically word for word of what you’d see if you went to her presentation. coudln’t see a link to any upcoming dates. why not register for a free DVD, watch it and see what you think of her background, presenting skills, personality etc.

http://www.renovatingforprofit.com.au/content/free-dvd

have you been to her free introductory seminars? I learned more from her in those 2 or so hours, then in probably all other seminars combined. I was concerned about the price of her workshop, especially as coming from perth i’d have flights as well, but apparently it does include 12 months coaching and all the templates/education also.

I was tossing up between doing her course and Results program. Ended up signing up for Results, but still keep thinking about her program. I did come across two people in Perth who were thrilled with her course, and they said if renovations if your chosen strategy her course is the best. If you wanted a more broad education looking at a range of strategies, results is the option.

so i haven’t done her course, just sharing my thoughts with you.

Steve started Results and did the first 4 or 5 years of it. Its now run by other mentors, currently 4 of them, but it still uses the same principles and teachings from steve’s days. Though each year they review the course notes and update as required to fit the current market. For example in the days of Steve’s 0 to 130 properties book, it was much easier to find cashflow positive deals. the market has shifted somewhat since then, and while great deals can still be found there’s often a trend to add value to turn a deal into a cashflow positive one.

I had read tonnes of books, gone to a few seminars and owned s couple IPs before joining RESULTS. I’m 3 months in and still deciding what I think of it. Be aware you get out of the program what you put into it, its not like signing up will turn you into a great investor overnight. What they do is provide you with the education and resources to learn more about investing, and provide you with plenty deals to crunch numbers on (past deals, completed stuff) and a coach you can access if you initiate it to discuss your situation. you have to keep the motivation going and be in control of how you make Results work for you.

I believe having lofty goals and being ambitious is fabulous, but I’m not sure how realistic $100k in PASSIVE income in 3 years. There’s active property income, through buy-renovate-sell or subidivision, developments etc, where you work hard and then receive a lump sum cash profit upon sale. A couple deals a year could well see you into this $100k target, but it wont be passive. Also be aware if you quit your job too soon, you may have trouble with obtaining finance as you have no income for servicing the loan. Might be a better idea to work on doing a few deals, build up some cash, then cut back on work partly or altogether when you have some decent cash behind you to rely on banks less.

Be aware there will always be friends and family who will give you negative feedback and doubt your decisions. Best thing I’ve found through Results is a new female friend like-minded as me with property investing, and we relish the conversations with each other as we both have found we can not talk to our friends about our investments. You will find some very interesting responses from your friends as you embark on this journey, especially at your age. I bought my PPOR at age 21, which later became IP#1 and then bought IP#2. I have just had an offer accepted on IP#3, but have now decided that I will not be talking about it with any of my friends… I get so frustrated when they talk about how “lucky” I am, or how its not fair they don’t own anything… its not luck, it takes hard work, determination, sacrifice and more. I can see from your determination you are going to be successful, just keep looking forward and don’t let the negativity cloud your judgement.

my only other comment on results is that the next intake wont be until the RP8 course starting july 2012. Don’t sit around waiting, see what else is out there and see what other education you can find. you may even get into a deal before then and find out that perhaps its not what you need after all. But if you decide by Feb/March you’d like to do it, then by all means sign up for early-bird, means you can get a lot of education done before getting your coach assigned, and be very clear on your goals, current position etc before the program kicks off.

I wish you all the best!
Emma

I would just be interested to know if their coaching is applicable to all properties on the market and their due diligence can extend beyond their own portfolio. As some others have mentioned, it could be an idea to use your own finance broker, your own solicitor etc before signing anything.

It doesn't mean a huge red flag, they have to get their money from somewhere, it just means "proceed with caution" and keep an open view. Be aware that they will receive a financial reward for any of their properties they present to you. Would be interested to know if their coaching and advise can extend to other properties outside of their portfolio…