Hi,
We're looking for someone who has renovated a few properties for profit and ideally done most of the job themselves, not through an agency i.e. has hands on experience, learning a lot along the way.
We are keen to share the knowledge through a face to face course so please feel free to contact me if you would like more information.
Many thanks,
Nadine
Nadine, I just finished renovating a recent purchase of mine. Doing the work yourself means more profit. My renovations included: New kitchen, New bathroom, New blinds, repolished floor boards, tiling in kitchen, laundry and bathroom, front landscape, New paint job inside and built in robes to all bedrooms. All up cost by doing it myself: $6000 exact.
$6k is fantastic. Where did you source the kitchen from?
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
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You can pick up cheapies from any of the hardware stores.
Or if you want to save some cash, if the carcass is in good condition – you can replace the doors, handles.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Actually I did cheat a bit because I’m a cabinet maker. Bunnings kitchens aren’t really that cheap. Your just saving on installation costs.
I thought so! Bunnings is actually quite expensive as there are much cheaper flatpaks. HAving sai all that its still quite amazing that you did all that for $6k.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
The thing with doing it yourself is you save money but eats up your time.
Completely agree – I have tried renovating and working at the same time and it just doesn't work so I took 2 months off with the last reno and just got things done more efficiently.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Nadine what do you mean by- "We are keen to share the knowledge through a face to face course"?
We have fully renovated several properties ourselves. We do most of the work ourselves and typically spend 5 weeks in and out (with working as well).
We haven't sold any though. We renovate, giving us increased equity (revaled some to withdraw equity) then rent as they are then CF neutral or positive.
Catalyst wrote:Nadine what do you mean by- "We are keen to share the knowledge through a face to face course"?
We have fully renovated several properties ourselves. We do most of the work ourselves and typically spend 5 weeks in and out (with working as well).
We haven't sold any though. We renovate, giving us increased equity (revaled some to withdraw equity) then rent as they are then CF neutral or positive.
Catalyst, just wondering where you purchase most of your properties? Do you purchase regional or closer to the CBD? I'm guessing you target run down properties that can give you instant equity once renovated?
Yeah. A few in Mt Druitt (but not most). Mainly the reno ones. Ex DOH. Instant equity (well after 5 weeks) and our portfolio is costing us nothing to hold.
When we move into buy/reno/sell we will look elsewhere though.
Catalyst i've purchased a few ex DOH but don't think i'll purchase any more as it is hard to find good clean tenants. Even though the property is fully renovated, the neighborhood is still a bit "dodgy" which scares away decent tenants.
Although like you said they do wonders to boost your equity.
You are obviously not doing your DD. There are good and bad areas/streets in Mt Druitt. I don't buy in the dodgy areas. I only buy in streets where there are not too many DOH houses left.
I'd be interested to know where you purchased. PM me if you like.
We have AMAZING tenants in our Mt Druitt houses. Can't fault any of them. Pay on time, keep the houses immaculate and we only here from them if something is REALLY wrong. Some of them are WAY better housekeepers than me.
We are VERY picky because they are newly renovated. We have lots of people wanting them as we do quality renos. We have rented them all straight away. No-one has moved out. .
The problem i have is not so much with the quality of tenants, its the time finding one. I end up finding decent tenants but after 2 -3 months.
The area i purchased the commision homes (used to be owned by the government) is in Laverton, Melbourne. SImiliar area to MT Druitt. It's a suburb slowly getting better, and the beauty about it is that it's only 20km to the CBD.
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