20% return sounds good to me. So if I was to invest $100k with you, in 6 months i should have $120k (principal plus interest)?
How will I as the investor have security over the deal? Not saying you will vanish midway through the project but I would want to be protected.
Also what happens if the deal blows out from 6 years to say 2 years?…[Read more]
jmsrachel replied to the topic Tasmania – Setting up structure – Need Accountant/advisor/mentor in the forum Legal & Accounting 5 years, 9 months ago
Just to prove you don’t need professionals living in the same state as you, I recently used my mortgage broker Jamie who has posted above to refinance my loan. I’m from Melbourne and he was in Europe at the time!(normally from canberra). Process was easy and quick. If he didn’t tell me he was overseas i wouldn’t even have known.
This wouldn’t…[Read more]
Yeah the bearers being bowed is one of the signs. I just walk inside and you can instantly feel if the floor dips. If the house is 50 years old and on timber stumps it will most likely need re stumping.
You can even use a spirit level to see where it needs raising.
The 50 stumps took me around a week and a half. If I had more bottle jacks I could have done it in under a week. You don’t need builders reports, a quick glance at the stumps will tell you if they are in need of replacing. Also when you walk through a property you will be able to feel where it dips. This is normally an indication the…[Read more]
Off memory cost me around $500. All up changed just under 50 stumps. If you get someone to do it allow around $10k. A lot of Cowboys in this trade so be careful. I’ve seen a lot of shonky work.
It’s hard and dirty work. The soil being sandy didn’t help. Expect sore hands and sore back.
I’m a cabinet maker by trade.
It really depends on how handy you are. Once you start getting trades things can get expensive. A good way to learn is watching the pro’s at work. I find I learn quickly when watching someone else do it.
Which suburbs are you looking at?
jmsrachel replied to the topic Recommendations on builders in the SE suburbs of Melbourne in the forum Help Needed! 6 years ago
Hey jp can you pm me the contact you have
Renovation is a funny thing. During the renovation you find yourself cursing at the world and asking what you have gotten into. Promising yourself never again. Once it’s all done you get withdrawals and start looking for the next one!
Jp, which suburb did you buy in to get a positive cash flow IP in Melbourne?
My achievement was completing my reno on the Ip. Icing on the cake was on the weekend when next door to my Ip sold for $722K. Same house as mine except it has a pool. Mines a lot more modern.
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