Thanks for the tips & advice Gemma! As I've mentioned below to Catalyst, my brother in law is a tradie and I'm thinking of going onsite with him to picks up some skills, but also make use of the workshops at Bunnings. FYI I've also ordered my copy of "massive profits in real estate by adding value & renovations". Picked it up for $14.

Unfortunately I lived about 30kms from the Melbourne CBD and I'm not sure if it's the right area to be renovating. I went to the Home & Property Investor Show couple of months ago and was listening to a couple of speakers. They mentioned that to maximise your profit you obviously should look at areas where obviously demand is high, where gentrification is happening, places that are walking distance to shops & cafes and also this might sound cliche but try to find to worst looking house in the best street. In your experience, do you use these factors as part of your research and are do they always work or would you pick a property in any area and renovate it?

Also as part of your research is there a formula that you use to evaluate if a property is worth it. For e.g is there a certain percentage below the asking price that you will bid for. Pls advise. 

Cheers Yann

Once again, thank you! I'm trying to convince my wife to get into it as well but unfortunately she's not interested My brother in law is a tradie, I'm thinking of going onsite with him when I have spare time to pick up some tips & new skills. I'll start getting on you tube and even Bunnings. However though to what extent do you rely on your skills to fix things, do you have tradies involved at all in jobs for e.g plumbing, tiling, new bathroom or new kitchen? As I read that sometimes it's better to let these type of jobs to the pros.

Not a bad way for Nathan to make some extra cash. Funny to see that no one took your offer. I would have definitely been interested but unfortunately you're based in Sydney. May be if I'm in sydney one day and you guys are renovating, I might pop in (if it's ok). 

Thanks for your reply Gemma,

To start with I will be looking at 20-30K profits which I believe aren't unreasonable pending finding the right location & property.

At the moment I don't think I can do much as we just had our 2nd child and we're on one wage. However I do want to egt a head start & invest in educating myself, so that when my wife goes back to work I hope I will be up & running.

Time wyse I work full time which I believe might not be ideal. but I read stories from API mag where people manage to do both.

I want to start small first to get a feel for it and can always freelance or get a part time job in what I do as a living,

when & if I see potential.

Your thoughts will be greatly appreciated.

Thanks Derek. I started having a look at the above thread, there some interesting reads.

There are a few reasons to your question & Catalyst's to why renovations.

1. First of all, I guess as part of my day job I'm part of an industry that is about creating/improving things to have a greater visual impact, therefor the thought of turning something old into something newer attracts me & gives me a sense of satisfaction. To your point I'm aware that I need to be really careful not to go overboard with budgets and unecessary renos that won't affect the price.  

2. I have an IP already which we're just holding at the moment and I would like to be more active in my investment strategy where I can be more involved & hands on.

3. Researching areas, driving to suburbs to get a feel, sourcing materials, working indoors/outdoors etc.., I can see that these will be things that will keep me motivated. 

4. This end of year & starting next year I've decided that I will try things rather than sit & ponder what could have been or could be. I believe I have the drive & motivation to do it & keep me going. This is why I posted this thread to see where I can get information to further my education and get started and hear people's stories & experiences.

Cheers Yann

Thanks for your response Catalyst.

I'm from Melbourne. Yes I've heard of the Cherie Barber's workshop being around the $4-5K. I've also just come across the Reno Kings one which is about a quarter of the price but not sure if it's worth it. Any thoughts?

In regards to your question regarding my skills, unfortunately I can only hold a paintbrush and will only be good at ripping things out. In other words I'm looking at managing the renos. 

In terms of strategy to begin with I'm looking at buy, renovate & sell to start with and when I build some reserve cash I will look into holding. I like the idea of holding, but being a novice in this, I don't know what are the technicalities of the financials

(acquiring loans for property & renovation at the same time, servicing the loans while conducting the renovations & other relating expenses). Learning more in the ins & outs will probably affect/influence my strategy. Will appreciate your thoughts

Cheers Yann