All Topics / Help Needed! / Renovating Block of 3 units – need info

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of TyRandleTyRandle
    Member
    @tyrandle
    Join Date: 2007
    Post Count: 5
    January 29, 2007 - 11:55 am

    I’m looking to buy and renovate a block of 3 units.
    I’ve never done this before and wondering the pros and cons of this type of project.

    A strategy I’m looking to use is, 3mth settlement early access, renovate and sell one at a time.
    Or
    Have a longer settlement with early access, renovate all at once then sell just after settlement.

    If anyone has done a block of units, and if they don’t mind sharing their strategy (From buying through to selling)

    I will be working with my best friend, we haven’t invested together before but we both offer different things to the team which will help.
    Any information would be great.
    Thanks
    Ty

    Profile photo of celesteceleste
    Participant
    @celeste
    Join Date: 2005
    Post Count: 169
    January 30, 2007 - 1:34 am

    Hi Ty

    I am currently reno’ing a pair of duplexes, they have different settlement dates, one has settled, the other in a couple of weeks.(this settlement has been delayed because the tenant will not get out, so I have had to modify my plans a little)

    My plan is
    – to start one gut and prep.
    – when the other settles gutt it ready for any modification – electical / plumbing etc so I can get them done whilst working in the other one.

    My aim is to try a get things I do not do, done to both at the same time; to cut down tradies disruptions and trips.
    – all modification to elec, / plumbing
    – fences fixed
    – new carports
    Also, shopping for both at the same time – hopefully to get better discounts.

    So basically work on both at the same time to a point and then finish off one, put it on the market and then finish off the other and put it on the market. I think you will get a better price if you stagger the sales – if you put all on the market at the same time, you have the same buyers.

    I went to an auction once, 3 blocks of land side by side, the 1st got the best price, 2nd less, 3rd less again and that was at the top of perths boom.

    celeste

    Profile photo of crjcrj
    Participant
    @crj
    Join Date: 2004
    Post Count: 618
    January 30, 2007 - 10:48 am

    If the units are on the one title there might be additional costs to meet fire regulations

    Profile photo of TyRandleTyRandle
    Member
    @tyrandle
    Join Date: 2007
    Post Count: 5
    January 30, 2007 - 1:13 pm

    Thanks celeste and crj.

    I’ll be getting more information on the block in the next couple of days and i will be asking a lot of questions.

    i will be inspecting it later in the week. From what i’ve seen it looks quite good on the outside.

    The other option is to demolish and subdivide.

    I found out that it is a deceased estate so i have to put a offer and conditions that i want to try and win it.

    Is there certain conditions i should put on the contract which might make mine look better, than other investors offers than just price. eg Shorter settlement?

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.