All Topics / Value Adding / Reno strategy – would love some advice

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  • Profile photo of kalskals
    Member
    @kals
    Join Date: 2009
    Post Count: 7

    Hi all

    I'm looking to buy my first IP soon and in the current climate am thinking a small reno to build some fast equity will be my plan, to enable me to build my portfolio sooner rather than later.  I've got 2 questions:

    1.  To ensure i buy the right property im wondering whether i should invest in some education.  Ive seen other posts on the site that  "you can get all the education you require for free" BUT if I was to do a course, what would you recommend?  Im currently looking at Momentum Wealth and The Property School.  I've also just signed up for the Property Women Diamond Membership.

    2.   When I do find what I think might be a good property how do I work out what my return will be ie. if I was to spend say $5-$15k (on a $350k approx) house, how do I ensure that it adds enough value to the house to give me enough equity to do it again? Say on another $350k house?

    Appreciate any advice that comes my way,

    thanks :)

    Profile photo of Eco BuilderEco Builder
    Member
    @eco-builder
    Join Date: 2008
    Post Count: 47

    hello Kals,
    I'm sorry i can't answer the first question, however i believe you will learn a lot more for free by regularly chatting on these forums.
    As for question 2- ideally you should be looking at a ROI of $2 -$3 for every $1 spent.
    Different areas will require different things done to the property, as there willbe different class of ppl looking for particular items.

    We tend to do a lot of high end fitouts and renovations but we do have extensive experience in property presentation as well.

    If you are just begining, i would suggest going to as many open houses as you can and speak to the RE as to what they believe will help add value. This is just a start.

    good luck

    Adrien

    http://www.mametconstructions.com.au

    Profile photo of kalskals
    Member
    @kals
    Join Date: 2009
    Post Count: 7

    Hi Adrien
    Thanks for your reply.  I like the $2-$3 formula.  I'll keep that in mind.  I'm also planning to regularly attend opens and inspections and have set up realestate.com.au alerts too.
    Kaia

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