Hey, I’m 16 and my parents are willing to help me out with my first investment with a deposit and help with the mortgage. Basically im limited to the area where I live in Vic. It’s a good capital gain area in the Western Suburbs.
My plan is to give out flyers in mail box’s offering a lower price for their house with no agents and a high deposit. I’m hoping I will find at least one willing seller from this and i will save at least 15% off value (+ deposit).
Now my questions are:
If I had a property like this what would be the best option?If I held the property and rented it out, what would be some renovations or things I can do to increase the rent of the property?
If I decided to renovate and sell what would be some renovations thaqt would increase the value in an area like this?
Or if I decided to get a long settlement period so I could pass on the deal to someone else and make the difference from what they are going to pay and what I got it for, how the hell would I set it up?
As well could yous refer any books which ‘specialize’ only in these areas, that would be helpful, Thanks Jamie.
For renting improvements visit the local real estate agents who manage rental properties and ask what their clientelle want in a rental property. Think like a renter, what would you want – OSP, secure garage for extra storage,real clean bathroom and toilet, adequate lighting, adequate space in kitchen for dining, adequate food preparation space, bedroom BIRs, secure and safe access. What type of renter do you wish to rent to?
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Hi Jamie,
You might be lucky enough to grab a deal where you don’t need any or much improvement. Don’t overindulge in spending doing it up if it isn’t needed.Remember the type of area will dictate the max rental return you are likely to achieve. If it is a family area you also need to consider things like a fully fenced yard, will you accept pets and aim for that sort of tenant. Nordicskier comments for my money are right on the mark particularly with bathrooms and kitchens which the wife will take issue with. If they are rundown you can re-tile and re-paint pretty cheaply and that gives a whole new look.
Haven’t done a flip but I know of some who have. Hard work to do renos and on sell in a short period for a big margin in today’s market-but never say die if you get the right property at the right price.
And your 16-fantatic
Happy Hunting
m
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