I came across your pot and it caught my interest because I have recently decided to buy/reno/sell as a property strategy.  It is not where my thinking started.  We (hubby and I) were thinking of a basic buy and hold strategy.  Then we saw this unit that we liked, but it needed to be renoed so we were then thnking…[Read more]

That is a great article. I do have one question, why not have multiple trade come in at one time to give a quote?

thanks. 

Well I never put in offer originally. Once she said there was an offer at asking, I said goodbye. If agents tell me there is on offer on a house, I say I am not getting into a bidding war. I immediately walk away.  First of all I don't trust agents so I assume the other bidder could be fake and I am not about to start bidding against…[Read more]

We built our home 4 years ago and I tell you that there are a lot of costs that are involved.  And what is included in a basic build varies from builder to builder.  As stated by others, there is a fact sheet that the builder supplies that will outline what is included in the build.  It gives all of the specifications.  A very…[Read more]

A few weeks ago we, hubby and I, had a second viewing on a property.  And surprise, surprise, surprise no less than a few hours after we viewed the property I was told another party was interested in it as well.  Then the very next day I was told the other party put in a bid at asking price and did I want to counter.  I said no…[Read more]

Can I ask why fixing a loan hurts serviceability?  Why is wrong to do?  I am still learning, so can you please explain.

thanks!!

Welcome and good luck in your investment journey!  I am at barely on the investment road, but I will get there one day!  When it comes to renovation there are others on this board that are far far far more knowledgeable than me.  Just reading through this thread you will see that Catalyst, JP Morgan and Christianb have all renovated…[Read more]

"The brave man is not he who does not feel afraid, but he who conquers that fear."

My knees were knocking together so loudly when we submitted our offer that I was sure the neighbours heard them!  I hope it gets easier. Funnily I had never considered Reno as apart of my investment strategy. But I am learning a lot as I go through this…[Read more]

Thanks for the advice Catalyst. I was terrified about the reno but a bit excited to see how could improve the place. This has been a big learning curve.  We evolved…[Read more]

You make some really good points. If you don't mind me asking, how were you able to get the house for $220?  The reason I am asking is because we made an offer, yes it was below asking, and the owner just rejected it. No counter, just a no.  

So buying well is really the key and Reno would be the icing.   I have seen dumps go for a…[Read more]

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]

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 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]

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]

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]