Forum Replies Created
Hi kstarh3,
I completely agree with you. But I would also add a solicitor to that mix
Kind Regards, AnaHope you have good insurance coverage to cover the works and loss of income while it gets repaired!
Make sure you have a good property manager to start with so they do thorough screening of potential tennants and regularly visit the premises and provide you with condition reports and photos.If you have wooden floors, why wouldn't you sand and polish them?
ps. After the work you do, make sure you get your depreciation schedule updated to cover all the changes.
Kind Regards, Ana
The things to be aware of is which and how many of the lenders will provide finance to purchase something in those aras at the moment and also what kind of coverage the insurance companies will provide and how much that will cost. Some of them are charging really high costs at the moment to cover new purchases in those areas..
Cheers, Ana
Hi noddy7,
I'd always first start my search by looking for a good property accountant and then seeing where they are
We have had James speak at a couple of our events and I wouldn't hesitate to send one of my clients to him. He runs House of wealth but is also an investor himself. His contact details are: http://houseofwealth.com.au/index.php/our-team/james/
Cheers, Ana
For anyone interested, RenovateAndProfit.com combined forces with the Reno Kings and Property Women to put together a Quick Guide for anyone who is renovating after the floods. You can download it free at: http://www.renovateandprofit.com/FLOOD-RENOVATIONS
Like most of the guys who have replied I agree that it comes down to really doing your research. If you know what those types of properties in the area are worth, you will know if they are asking too much or offering it at a discount.
And then it comes to looking at your strategy and doing the profitability analysis. For example, I have paid $10,000 more than the asking price to secure a property that was going to be a quick turn around renovation project and net us over $100,000. Would I do it again? You bet.
If it's worth it, it's worth paying the money.Hi, with the question regarding whether Hervey Bay was affected, it really wasn't affected much. The only thing really was that it was cut off, as the roads from Maryborough/Gympie were flooded, but the bay itself only experienced minor flooding. Hope that helps.
We've had some volunteers helping up there and there has been quite a few cases of people ripping out wall lining not realising that it is asbestos, especially in bathrooms and laundries. If you are not sure, get it tested and get it removed by a licencsed professional.
We have also been putting together a 'Flood Renovations – Quick Guide' together with the Reno Kings and Property Women. One of the things that Geoff emphasises is 'asbestos can handle exposure to water without damange. You can clean with just one side off or remove a section to clean'.
Basically, the worst thing you can do is start ripping it off in sections and worse, what we saw some people do is, then just throw those sections into the water lying around and piles of rubbish.
You also probably don't need to remove all the plaster, just the damaged sections and then replace those sections of plasterboard and stop (wet plaster) the joins..
For anyone interested, we will be releasing the Quick Guide in the next few days which goes through all different aspects of renovating during flooding, from how to deal with insurance, what you can salvage, heal and safety, etc
We get a company discount with them. If you would like, send me an email and I'll give you our form to use with them so you get our discount.
I have to start by saying that I am not an accountant, however we had a similar question come up at our last seminar and the accountant specialist that I had on the panel of experts told the investor that:
If you move out of your primary place of residence (PPR), and don't purchase another PPR but instead go to rent, you can for all intents and purposes still recognise that property as your PPR even if you are receiving rent from it for up to 6 years. This means that if you go to sell it in that time frame, you will not have to pay capital gains tax.
Hope this helps.
Also, self leveller is recommended to be used on concrete and is meant to fill only very small differences such as 5mm. Have a read of the manifacturers instructions and check if they say it's ok to use on timber flooring.
That sounds like a lovely plan, to travel around Australia. We just got back from our honeymoon travelling in Mexico and Cuba and it was wonderful. We've been talking about taking a campervan around NZ at some stage too because that is where my husband is from.
Maybe have a think how to monoterise your goal… work out how much you want to make per annum from your investments in order to be able to finance that dream and go from there.
p.s. I know what you mean about renos. I absolutely love it, this is my passion and dream and I get to live it every day, but its not everyone's cup of tea. I have clients who want to be involved in the whole process and I also have clients who call me up and say 'we've got another one' and then leave us to renovate it for them and just give them a call when it's nearly over for handover. There's a strategy out there for everyone
All the best!
Hi,
I think it's really important to first sit down and have a think about what your investment goals are and what you want to achieve and then see if and how a potential mentor can help you with those. At the end of the day it will be up to you to get the legwork done but having the right people behind you can make a huge amount of difference and speed up your journey with access to valuable information, templates their advice and support.
I run a renovation company and http://www.renovateandprofit.com and a number of my clients have also been coached with Simon and Breandan and I have personally met both of them and they have really looked after my clients in the same way I like to look after them in regard to renos.
Have a chat to any potential mentor and their clients and see if their area of expertise meets what you want to achieve.
Best of luck with your investing journey, Ana
Word of mouth is great which is why you often see questions and comments on forums. Also, ask to see some of their case studies of what they have done or what they have helped their clients do. Preferably some of those should already be on their website, but if not, ask to have a look at them, most importantly the numbers.
Best of luck with your investing, Ana StankovicHe, he. You are funny Francine, the articles and radio interviews are about renovating for profit
Kind Regards, Ana
I can help, our teams do this all the time. Give me a call at the office on 03 9005 7992 and we can organise from there.
The biggest add value will come from changes that purchasers can emotionally connect to. Generally speaking those types of changes, that they can't see, they won't connect to as much emotionally as a kitchen, bathroom, floor covering, first impression, outdoor living, etc.
If you are looking at renovating to resell repeatedly, my advice is to keep it simple, get to know the target maret of who you will be selling to and target your renovations towards meeting their needs and then throw in a couple of wow factors (that won't cost you much, but will leave a lasting impression with them).
All the best with the renos!If you are planning on holding on to your property and renting it out, where it is likely to suffer wear and tear and have hot items being placed on it and water, the paint is just not going to be as durable long term as replacing it.
I second that. We tend to do the middle of the range bathrooms for $11k-$14 for clients (around Melbourne). Just make sure they list all the inclusions. And also it's really worth while for you to ask to receive a plumbing and electrical certificate for work performed too. We always give these to clients and it not only gives them peace of mind, but assists them with re-selling, insuring, etc going forward.
All the best!
By the way, if you did have trouble removing the tiles in a different reno you can rent from any of the building supply rental companies (Coats, Kennards, etc) an attachment for the jackhammer which is specifically used for removing tiles (helps get under them easier to lift).
Wishing you every success, Ana Stankovic
