Hi,
I'm teetering on the edge of property investing and have been for some time now. I like the idea of this 'value adding' notion, not only as something to make a buck but also for personal enjoyment. I recognise however that I am moderately 'skills poor' when it comes to reno work. I was wondering if there is anyone in the Canebrra area who is currently or may be soon looking to renovate their IP (or home) who would like an extra pair of hands for a few days in return for passing on some reno skills and answering a lot of questions. I work full-time so could only help out on the weekend, but I figure this may be a good way to learn some skills, make some contacts and pick up a few bits of wisdom.
Of particular interest to me are bathrooms, kitchens, tiling but I am also keen to learn anything else that people think is useful when reno-ing. All except painting that is – I think I am ok with that.Oh, a bit of info on me. I am 27yo male. Work in an office. Reasonably fit. Un-skilled but enthusiastic.
PM me if you are interested.
I wish i had those sort of offers here down south!
I could show you some tiling in the next few weeks. How to install bats though there is not much to it. I could show you a basic bathroom upgrade and tonight some plaster hanging and this Saturday the beginning of stopping up of the plaster (filling the gaps and sanding smooth for painting). Then obviously painting. Then skirting. Kitchen upgrade.
I usually get fired up at night 6-7-8-9-10 o'clock at night and plod along to do little bits at a time and or various time during the day but enjoy it more at night! A lot of things are not to hard to do just need to think things out and often get great advice at the shop you buy materials off while buying things for that next job.
If there is something else need to know often can find informative videos on the Bunnings videos web site online DIY or YouTube. A construction course at TAFE can be handy to pick up some skills and tools.
Hi Jonathan,
We are based in Brisbane, done well over 100 properties and have 4 renovation projects on the go at the moment as well as a number of flips (just acquire and sell them no renovation work required). From my experience I will share with you the following …
1. Our model is that we buy extremely well … This goes along way to our success
2. We outsource the renovation through hiring trademen … You do not have to do the work yourself
3. Building a strong team … It taken us 2 years to build a reliable strong trade team … Get real estate agents to refer you reliable tradesmen, ask to drive past recent work they have done etc.
4. Project manage the renovations … that is what may brother does in our business … Real skill and we are constantly getting better at it … Can meet people onsite or monitor progress before and after work … This would suit someone like yourself
5. It does take time
6. How do you build a property empire … one house at a time … Joint Venture with someone if you want to minimise the risk and share the experience with someone … Just get started … school of hard knocks is a great teacher.
My thoughts are talk to people who can show you [1] how to negotiate to buy houses well, [2] project manage a renovation and [3] building and leading a team of people, as that is in my opinion are more valuable skills than working out how to physically put in a vanity unit into a bathroom.
AN IDEA … if you are on Facebook, become a fan of Boston West at http://bit.ly/cEpcYU … You can follow all our property / renovation projects as they happen and see some of the results of the different renovation techniques that we use … Check it out.
A GREAT RESOURCE … For education on renovations check out Dean & Elise Parker website and educational products at http://www.propertysystems.com.au/ Their systematic aproach to doing renovations was really impressive.
Well I hope that is of some help to you ….
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Jonathan – the other way to look at it is to not do the reno work yourself, but educate yourself on how to manage others to do it for you (maybe this is what you're thinking of?). This way, you can have several jobs on the go at once or you can carry on your day job (if you want to) and do reno's on the side.
I work all the time with property investors who are renovating and it's the ones who pay others to do the work for them that make the most money in the end. DIY is fine if you are living in the property or if it is tenanted (by a very tolerant person!) and you don't need to worry about holding costs (mortgage repayments while the property is unoccupied and not bringing in any income).
There are a few handyman and renovation type magazines out there that will teach you the theory – but it's true you can never learn as much than when you do it yourself. It is important to have an understanding of what is being done to your property (so you can talk the talk and deal intelligently with the tradies) but it is not necessary to be able to do it yourself in order to make money. I have renovated a number of properties myself and have made some lovely profits – but never done any of the work myself other than a small amount of landscaping when I first started out.
I have written a fair few articles about renovating for profit and a number of these are posted on my website – http://www.hotspaceconsultants.com/Articles
Good luck whatever you end up doing. You're doing the right thing hanging out at forums like this and putting yourself out there! Well done.
Cheers,
JaneJane – Hotspace | Hotspace Consultants
http://hotspaceconsultants.com/home
Email Me | Phone MeRenovating for Profit specialist
Johnathan, hi I have been a buyers agent helping people secure property for the past 8 years. I also do renos for many of these clients once they have earned an income from their investment for a short time. I have one client where I went with her to Tassie for one last year and we did the whole house in 8 days.
That's her and I doing the prep work and painting and me coordinating all the other trades and services needed. With the house equity going from a $122500 purchase for a completely trashed house to $165k with new kitchen, updated bathroom and new toilet, new carpets and lino, new curtains and the removal of a non council approved front deck. Total reno cost $14,500.
The rent went from $145/wk to now getting $200/wk. When did you want to do some training Johnathan????
DD
Thank you all for your replies. I have only had time to glance through the links you posted so far but hopefully I will have sometime before next weekend. A number of you mentioned the value in contracting the work out to those already skilled to do it for you. This also seems to be the view point commonly expressed in many books/seminars I’ve attended. “Pay for someone else to do what they can do a lot easier/quicker/cheaper than you can. Spend your time finding the next deal”.My coldly logical side agrees that this makes perfect sense. The other not-so-logical side is terrified of buying a lemon I have no idea how to fix. My not so rational thought process is to purchase a place I can fix up mostly by myself, making a few mistakes and learning. At least if the problems are of a scale that I can correct, at least I’m only losing my time. Money is a little tighter for me at the moment.
My current plan to get into the property game is to use the first home buyers which should save me close to 20k in stamp duty + grant and then spend the subsequent 6 months doing it up myself.Jaffasoft, that is exactly what I’m thinking about. I have been keeping my eyes open at Bunning’s recently as they also offer in-shop training sessions on simple, discrete tasks. I’m not what the training to sales pitch ratio but any knowledge is up from where I am currently.
DD, I am looking for training any time (immediately/2-3 months out). I have some family commitments so some notice is helpful, but any time. If you’ve got anything on the horizon (in the Canberra area) please let me know.I am currently looking for my first property/project in Canberra. It is a little deflating how fast everything is moving. I know that we[you] property investors are meant to make our money on the way into a sale and that we should be taking the emotion out of the sale. Buy the problem, deliver the solution (see I read books). It is just disheartening that all the problems are even disappearing before I can more than catch a glimpse of them in the distance. I inspected a place this afternoon. It was a problem. One of the exterior walls was ‘out-of-plumb’. Apparently that’s builders talk for toppling over. I have decided it was beyond my meagre repair skills. I have just had my finance (re)pre-approved though and will now start contacting agents and doing more ‘walk-throughs’ in my desired suburbs.
Well thanks again for all of your comments. They are all appreciated. As I said I will go through and checkout the links over the next week.
Cheers,
JonathanHi Jonathan,
There are Canberra property like-minded people that meet together every 3rd Wednesday in the month at Fyshwick.
The next one is tomorrow night with a range of people with different skill sets and are willing to share and learn.
Here's the link with details which may be of interest to you https://www.propertyinvesting.com/forums/community/heads-up/4331532Connecting people together with a common interest!
Might see you there.
Cheers
Snowy | Cre8tiv Home Styling
http://cre8tivhomestyling.com.auJonathan67 wrote:Hi,
I'm teetering on the edge of property investing and have been for some time now. I like the idea of this 'value adding' notion, not only as something to make a buck but also for personal enjoyment. I recognise however that I am moderately 'skills poor' when it comes to reno work. I was wondering if there is anyone in the Canebrra area who is currently or may be soon looking to renovate their IP (or home) who would like an extra pair of hands for a few days in return for passing on some reno skills and answering a lot of questions. I work full-time so could only help out on the weekend, but I figure this may be a good way to learn some skills, make some contacts and pick up a few bits of wisdom.
Of particular interest to me are bathrooms, kitchens, tiling but I am also keen to learn anything else that people think is useful when reno-ing. All except painting that is – I think I am ok with that.Oh, a bit of info on me. I am 27yo male. Work in an office. Reasonably fit. Un-skilled but enthusiastic.
I am in the situation like you except I was at Melbourne and free most of the time. I intend to do some garden work and replace old kitchen. I got a kitchen quote from Bunning yesterday. I really appreciate I could get some renovation skills so I can start on my house.
PM me if you who would like an extra pair of hands for a few days in return for passing on some reno skills
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