hi guys
ok i just settled my first investment property stuff, which is a positive cashflow one.Now i am going to move on to do a BUy-Reno-Sell or Buuy-Reno_hold&rent.
The property is listed at $69,000, after reno it will be able to sell at about $85,000 – $88,000.I dont have much savings as a deposit. Any tips and advice? Should try to offer and have a late settlement? WHats the usual settlement period and what is considered extended(late)?
Settlement depends on what you need. If you can get it vacant after unconditional then you can get in and start work on it. If you get a 90 day settlement then you have 60-70 days to work on the property on their money. Just make sure you put into the contract you want it vacant from a certain date and that you want access to complete minor works on the property. This will give you a chance (if you can get it together) to do reno on their money. Just make sure you can complete the contract because if you need an extension then they may say no and have a free reno.
Things to think about……..Enjoy
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