Hi all!
My Father and I are sick of working for other people and would love to reno on a full time basis, as a business.
Is this viable?
Will it work?
Is anyone doing this and succeeding?
If so, how do we begin and how do we structure?
Do we sell as soon as the house is finished or hold?Any advice would be greatly appreciated!
Thankyou
DO you have a trade background? Would you be doing the renos yourselves or would you employ others?
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
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FREE subscription http://www.metropole.com.auHi DJKM,
sounds like you need to write out some goals with your dad and then work out the best way to acheive them.
Is this viable?Renovating for a living is viable but how much you need to turn over in profit to put food on the table is something you need to sit down and work out.
Will it work?The age old (and overused) quote, failing to plan is planning to fail. You and your father are the people who will effect the eventual success or failure of your venture. What personal qualities / skills do you need to pocess in order to run a profitable enterprise? What will be your target market? What tools / contacts will you need to make in order to find and source the best deals.
Is anyone doing this and succeeding?Absolutely, try reading up on people like the Reno Kings.
If so, how do we begin and how do we structure?Begin by educating yourself to the market. Read books and talk to people who are successful within the industry you hope to break into. Speak to a good accountant before you make any decisions reguarding the structure of your business.
Do we sell as soon as the house is finished or hold?Refer back to your goals. Whether you sell or hold will depend on where you want to be in five years time.
Best of luck,
E x
Thanks guys,
We would be doing the renos ourselves.My dad is a chippy and between us we have done a fair bit of renovating in the past.
We just don’t know how to start off.Who do we need to speak to, to find out?
We already have a business that we have used previously and all the tools neccesary to carry out the work. Its just a matter of being pointed in the right direction by someone who has already done what we are hoping to do.
Thankyou
Is your father a licenced builder? If so you could purchase a property then get more finance to renovate the place using your father as the builder with a fixed price contract. He could then employ you this way you have a cash flow to live on and an asset at the end.
All I can say is go for it! Of course, after you have done the R & D.
I am a full time renovator now. Though I am currently starting a business up in Data and communications to give me a second option, hopefully it will ramp up quickly and I can get someone working for me so that I can get back to focusing on property.
It’s much better if you have qualifications behind you as suggested.
Best of luck.
J.
Establish what type of reno’s you want to do. I.E. Do you want to subcontract for somebody and get paid to complete their reno, or do you want to do your own development of your own property?
Once you work out what you want to do, just get out there and get amongst it!!
Learn, Love, Strive. Make a difference!
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