I have renovated a number of properties in Melbourne’s north but looking to the east around Ringwood area. Looking for some input into whether this part of Melbourne would be suitable for such a strategy??
Ringwood – good luck and look for a heavy pricetag – Ringwood has exploded in last 3 years for the following reasons:
1. Costco
2. Shopping centre expansion
3. Eastlink – infrastructure
4. Chinese investment – the chinese have been buying land here to redevelop close to schools – 900sqm blocks are going for around a millionBetter places to go but depends on the extent of your reno
Cheers Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
Email Me | Phone MeSMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
thanks Ivan. I am looking for places needing new kitchen/bathroom and cosmetic updating. What about other suburbs further east of Ringwood??
I have been wanting to start my own ‘flipping’ for some time now. I money to start, extensive knowledge in certain areas but certainly not in renovations ( I only know a little) and that is my drawback. I would love to know whether I can find a business partner who knows and is able to do reno work and/or share costs and profits equally.
Any ideas where I can find such investors to work with me?
Hi Suzi, I’m also in the same position sort of, except I run a maintenance/Reno business for the last 10 years. I’m trying to build a property portfolio and also get away from my work and get in to flips.
I’m not sure what I’m allowed to post on here in regarding my number or website etc but feel free to contact me for any questions. I love talking property!
PatPat | 24 Hour Property Services
http://www.24hourproperty.com.au
Email Me | Phone Me24 hour property maintenance and renovations, Victoria
Hi Pat,
I’m not sure what I’m allowed to post on here in regarding my number or website etc but feel free to contact me for any questions. I love talking property!
Like many business people on here, you may include contact details, website, in your signature. Do not promote your business via any link in the post – but if anyone wants to make contact, your sig points the way.
Benny
Thanks Benny
Pat | 24 Hour Property Services
http://www.24hourproperty.com.au
Email Me | Phone Me24 hour property maintenance and renovations, Victoria
Hey Pat,
Just keep in mind that if you sell a property within 12 months, you will be liable for a full capital gains tax. so make sure you take that into consideration when you calculate for your net profit.
If you are planning to build up a property portfolio, consider keeping the property and doing equity releases instead.
Buy a run down property – do cosmetic reno – order a new valuation and tap in to that increased value of that property. Just a basic outline but there will be so many things to take into consideration with this.Cheers,
JerryJerry | Mortgage Station
http://mortgagestation.com.au/
Email Me | Phone MeFinance Strategist - Active Investor - Serving clients Australia-wide - Based in Sydney / Melbourne
Hi Jerry, that is also my plan, but I’m finding at best around $50 positive cashflow per week at 4% interest only and are regional, also focusing only buying if these houses are on large blocks for future development. So my plan is to flip some properties in melbourne for cash flow, these would be most likely be negatively geared anyway, and then buying more of the ones to keep long term.
thoughts?Pat | 24 Hour Property Services
http://www.24hourproperty.com.au
Email Me | Phone Me24 hour property maintenance and renovations, Victoria
I agree With OP Ringwood gone nuts
I am developing in Croydon, plenty of properties where you can add value however this area has also risen. Try Ray White Croydon they seem to be an agent that under sells….hint hintMarisa
MTR:)While in most instances that is so it is NOT necessarily the case if you have the benefit of Smarts… contact me if you want to be able to sell your properties in under 12 months and avoid the brunt of being taxed at income tax rates
regards
Dean
https://www.linkedin.com/in/eurotrade
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