Hi
I would imagine there are come creative investors here but also some very creative people with time management.
I currently live in Sydney and have moved from the Central Coast. I still have a family home up there (parents place) and as I know that area quite well and it fits within my investing budget I wanted to look at a buy, renovate and sell investment up there.
How do you manage to keep a 9-5 Monday to Friday job that isn't too flexible while attending the amount of inspections and project management time needed to go through the process of a buy, reno and sell?
It's a 90 minute drive for me to get up there outside of peak traffic and I can see myself dedicating 1 night every fortnight up there midweek with any weekends I need to give up.
What's a realistic amount of time I'm going to have to dedicate? I do have a few family members up there that I could call on for an inspection of a job here and there but I'm sure that will get old fast.
This will be just a cosmetic renovation ie; paint, landscape, new kitchen or bathroom.
Thanks,
Clint
Heya Clint,
Provided you no issues with finances and sharing your profits, you should consider teaming up with another investor who has a lot of time on his/her hands, and/or ask for a longer settlement date e.g. 6-12months
Regards,
Kong
Hi Clint,
When we first started out, we were working longer hours than 9-5 but every weekend for six months we were at the property supervising tradies, painting, etc. There were also some before-work visits to open doors for tradies but sometimes they’d just pick up the keys and access whenever it was convenient for them.
They were tough times but we got through it and it was well worth it – property doubled in value in 5 years and has always been rented. Was well worth the sacrifices.
Good luck!
So basically I'm dreaming if I think I can manage tradies from a distance? Surely there are investors that have managed to create a reliable team of tradies that they can leave a set of keys somewhere for.
I will be able to spend a lot of weekends up there but I'm not looking at DIY. I want to only do cosmetic renovations and it will be in an area where a lot of the tradies that I use are reliable (a lot of friends and used the family have a list of reliable tradies).
If managed well with reliable people is it really that difficult to hir a few tradies. Nail a few tasks during the week and then inspect the work on the weekend? Or is there something I'm missing?
Thanks,
There may be an easier way, but I'm not aware of it.
Getting 12 hours out of each day means just that.Having said that, I believe the best thing you can do is plan and budget properly.
If you have a plan before you, you have the ability to pre-book trades to suit their timing more so than yours. This will be reflected in the prices the quote for the work. They'll also be grateful for the lead time.
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