All Topics / The Treasure Chest / Renovator Hobbyist turned investor, help!!!

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  • Profile photo of termitetermite
    Member
    @termite
    Join Date: 2003
    Post Count: 0
    May 7, 2003 - 8:42 am

    Hello all

    This is my first post, so thank you in advance.[:I]

    Firstly, is this forum free? ie is it no obligation etc?

    If it is please help me with the below questions if possible. I will post more in time.

    I love renovating, I have come to the realisation that I have become rather good at it (somebodies got to say it). It has been a hobby for me, not an income, but I have an ability to gauge what adds value and what is simply emotional renovating (which is what most use to be)

    So now Im looking to renovate, hold and or sell. My plan is to buy for 80% of market value, spend 10% of market value and hopefully sell for 110% of market value. I am looking at growth suburbs with a number of dated houses, hopefully this will keep me in a buoyant positive market not one where everyone is looking to sell, regardless of state/national trends.

    I have done a lot of reading as of late, but I becoming overloaded, and I am starting to doubt myself.

    So here are my fears (questions);

    My plan is too simple and I will fail.
    I am dreaming.
    The market will plateu and noone will buy (my thought here was to resort to holding on to the property).

    Are there any links to sites which have free project templates for renovators, and are there any calculators like the API one, but for renovators?

    Can you please comment on my plan and my fears. Any constructive critisicm is welcomed.

    Thanks.

    Profile photo of ADAD
    Participant
    @ad
    Join Date: 2002
    Post Count: 636
    May 7, 2003 - 9:45 pm

    Hey Termite,
    Welcome to PI.com. As to templates I have not seen any. As to your doubts and fears….you have to trust yourself. As to being free….yep.

    Have you reno’d before ? How much are the sort of properties you are looking at ? What sort of Reno costs do you expect ? Are properties selling well in your area ?

    I know you said you are becoming overloaded but another book to read is Think and Grow Rich (Napoleon Hill) and or The richest man in Baylon (George Clason). I found them both good in the psychology of making money.

    Hope this helps and look forward to your reply so we can help more (maybe).

    Enjoy
    AD [:0)]
    (Andrew)

    “”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
    Albert Einstein

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