Thanks Jac!  All goods points again. Once again, I am saying to hubby, "Jac suggested", lol. Well I may not to get to put into practice what I have learned just yet. The owner rejected our first offer, which is not a big surprise. But they seem insistent on not moving on price. The unit went to auction and was passed in, that was 2 months ago. We…[Read more]

Hello Derek,

I have looked at post value and set targets realistically. So for every $1 invested the value will increase by $2.  It is certainly quite achievable for the area. The unit value would sit within the average range.   We are not trying to renovate and make the unit the most expensive around.  I also have taken a conservative approach…[Read more]

Hello,

Yes, Nathan I have picked up a lot of info and I am very grateful to everyone!  Yes, we have to get it assessed to determine if it is load bearing.  We have a reno "Must do" list and "Nice to do".

Derek,  thanks for posing some great questions.

I will start with saying my research started at state level and drilled down to suburb.  The…[Read more]

I feel like a kid in a candy shop!  Everyone has given such great advice. 

I want to get this reno under my belt to see if it something that I like doing.  If it I think I want to do more renos then I will spend the money because it would be worth it in the long run.

Sorry for any confusion,concerning the rent.  The rent would go up if renovated…[Read more]

Thanks DWolfe!  I have been looking at auctions and bargain shops to get a feel for prices.  Everything costs more than I initially thought!  But by poking around I have been able to get a better grip on prices. 

I have been looking at prices of renovated houses.  After renovating, our new rental price would put us back at the same yield as it…[Read more]

Hello again

Thanks for the quick responses!  Just to clarify, I thought you could get a clause in the contract that the purchase was subject to a satisfactory building and pest report. So if that is part of contract and I have the report done and then decide to pull out, do I still lost the part of my deposit?

Nathan, thanks for recommending the…[Read more]