Remotely renovating for profit - possible?

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nice1
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@nice1
Join Date: 2015
Post Count: 1
May 2, 2015 - 12:03 am
Is anyone successfully using a buy/renovate/sell strategy to make consistent profits, but doing so remotely? In other words:
1. Using a buyers agent to source properties at a discount with value add potential. Specifically properties that would benefit from cosmetic renovation without the need for structural changes. This isn’t as simple as just buying any old rundown property. Experience is needed to know which areas, streets and property types provide the best returns for cosmetic renos.
2. Engage a renovation specialist to:
a) design the interior and exterior work that will deliver the most value for a specified budget (eg no more than 10% of the purchase price)
b) arrange labour and materials
c) project manage the job to completion
d) stage the renovated property to maximise impact and sale price
Or is it unrealistic for a remotely-managed flipping strategy of this kind to succeed due to the added costs of the buyers agent and renovation specialist?
Can anyone recommend any companies who are helping their clients succeed with this strategy?
Caroline Vass
Participant
@caz
Join Date: 2010
Post Count: 3
May 5, 2015 - 6:01 pm
Hi it’s definately possible to make profit from quick flips remotely. Its just important you factor the project management cost into your renovation calculations prior to purchase. We know from our clients feedback that having a specialist service project manage the rennovation and or subdivision has saved them time and money
Caroline Vass
Smart choice property development
http://www.smartchoicepd.com
Caroline Vass | Smart choice property developments
BuyersAgent
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@knightm
Join Date: 2005
Post Count: 338
May 16, 2015 - 10:24 pm
It is possible but as you identified the choice of area and property are key. Most renovators (houses) don’t have much profit in them. You need to target areas (within your budget) that have potential metrics and good property styles for good returns. If you can do that then the rest is logistics. Depends on how much time you want to invest and how much you want to trust someone. I ran a 25k reno in WA over the phone before, no project manager, it took twice as long as it should have but the jobs got done and the profit was enough. Lots of ways to skin a cat.
- This reply was modified 8 years, 11 months ago by BuyersAgent.
BuyersAgent | Precium
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RE Freebies
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@refreebies
Join Date: 2015
Post Count: 5
June 6, 2015 - 10:00 am
Probably best to speak with experts in that field like Cherie Barber or Jane Slack-Smith to name a few. Happy hunting!!
Andrew
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