Has anyone successfully used the Reno Toolkit?

Hi Tina

We haven’t purchased the Reno Toolkit but we’ve found that it’s always a good idea to become an expert in the area in which you live especially if you intend to do most of the renovation work yourself.

Once you’ve identified two or three suburbs with good consistent growth this should narrow down your search considerably so you don’t end up wasting valuable time.

The more properties you look at the better you’ll be able to spot a winner. Well located properties purchased at the right price will always hold their value.

If your budget allows, look for property that has more than one twist and if possible that has development potential. We look for corner sites that allow for easy development or land subdivision and where we can add value by renovating the existing dwelling.

We wouldn’t personally renovate in states other than which we reside mainly because the cost of employing a local project manager ends up eating into our profit margin.

Make sure you do a proper market and financial feasibility BEFORE you start any project. You want to make sure that your project will be profitable from the start.

Hope this helps!
Adrian and Amber
http://www.RealEstateDevelopmentClub.com

If your not seeing a profit in the numbers after a feasibility study and due diligence of the project then it's good that you have been able to recognize that.

But when you do see a profit that is enough for you to want to pursue it then…have a go. Something small to start off with is probably the go and don't aim for an ego trip and think that you will just make money over night.

It takes time to settle on the property then Council Applications if needed and then the Reno can often take longer then most think and then the time it takes to sell.

It's really good that you can see projects that can't go ahead because there is not profit or whatever other hurdles. Because then when you see one that has got profit you will know to go ahead with it.

Don't expect to much profit go in there for the learning experience with something small first. That's my opinion.

Just like what I hear from most other investors of similar mindset "paying tax is a necessary evil".

Hi,
    Hopefully QLD007 can give you the specifics on that.

CGT can vary but they say in general you should not pay more then 30% in the dollar. So therefor can depend on the trust structure, time before selling, PPOR (Principle Place of Residence) etc. QLD007 is better qualified to answer these questions.

But this place might be able to help further also if you give them a call.
http://www.sro.vic.gov.au/sro/srowebsite.nsf/Contact_Us.htm

Not sure if you we're already aware of these. Knowing your exact strategy is better for tailoring a tax structure specific to your situation and every one is different.

I am doing one deal a.t.m that will make 25k and yesterday signed on another deal that will make i think up to 30-40k. I have another one on the radar but have not done much if any research on at all but these are in regional towns Victoria.

I never have a problem finding deals it’s always the problem of how to fund them. And then when it’s thinking of JV’s it’s more difficult as there is not as much profit to share. I have not done one of these yet.

I should not say NEVER as early days it was difficult to find a deal. It does get easier! I find ‘finding the deal’ the good part that i enjoy now..it’s a creative therapy for me like women enjoy shopping. I can drive around in a dream and looking at real estate for hours. I actually always enjoyed going out and creatively looking for deals it was the time span between finding ones that was difficult.

I can recap and give my thoughts now after actually being involved in and doing some now days.

hi jaffa and tina.
skype  – wayneclayton1
email- [email protected]
mobile 0411331225

there are some good bargains in frankston north, i have been searching out the whole of franskston for the last 4months and i can recommend plenty of good potentials and you'll get good cap growth and will do for a while. are you interested in j.vs?? i havn't done any but am actively seeking some interested parties as there are some good buying opportunities out there.

i am a fully qualified carpenter and have 8 investment properties( 5 that i've just bought in the last 2 months) 1 i actually bought via the internet in albury, without seeing, had building asnd pest and photos to go on only, and a lot of research….. but there are some good cash flow positive properties out there.

i would be happy to chat further on any of these topics and also j.vs if interested.

as regards to buying out of state and organising  trades and factoring in to costs, i think if you read margaret loamas 20 must ask questions book,there are some good buying tips and info regards this subject.  i did it with my albury property and have since seen it and was all as i was told by the rental managers and building inspection guy….  us tradies do have a bad rep, but were not all as bad as the few out there that give us this rep… so u have to trust your gut instinct and also get references from previuois customers, i recommend that you do.

look forward to replys from you.

hi tina,
i have no mortage on my ppor and its worth $435k so had a line of credit set up with comm bank for $200k and also have 2 other investment properties that are cash flow pos+.

am about to refinance with rams to up the line of credit to $300k as the comm bank wouldn;t at the time.

bought the 3 units on 1 title with 95% loan from comm and the other 2 houses on 80% with another lenderand am using the loc(line of credit)for the deposits and costs etc.

hope this clears this up.

also my wage has improved from the previous years. (self employed carpenter- banks generally don't like us!!).

I know this is a lttle off topic but I posted an article with no response so thought I would try in tis forum.

I am intersted to get anyones feedback regarding what they feel is a better learning forum if I am comparing Dean Parkers one day seminar to the Reno Toolbox offer online. 

For value for money it does not seem much different with approx $795 for seminar and $695 for toolbox although I live in Adelaide so there will be additional travel expeneses incured for me.

I am just starting out so if anyone has experience with both or has an opinion on the pros and cons of either or I would apprciate your opinion on which would be a better learning forum.

Thanks