[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

August 15, 2011 - 3:40 am

Hi Steve

I have a copy of the Complete Renovation System and I would say that I found it extremely worthwhile.  I used it recently to complete my first 'real' renovation project.

The case studies and presentations were excellent.
The checklists were helpful – although I did create my own, just used theirs for reference.
The spreadsheet template was also very helpful – once again, I ended up creating my own and used theirs for reference and some ideas – I just wanted to add some features and re-organise things in a way that suited how I work.

The formulas presented for assessing deals were invaluable to me.

If you did want to puchase it, though, I'd say that maybe you should consider buying it from the people who made it (www.propertysystems.com.au) or someone reselling it for them rather than buying a second hand copy – as they did the work to create the product and so probably deserve the remuneration.  Of course, that is just my opinion .

All the best with your renovation.

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

May 21, 2011 - 10:27 am

Thanks for the advice, Deb, we're just trying to insure for any tools/equipment or new things (e.g. a new air con, ceiling fans etc) that we have on site during the reno.

Scott-no-mates – is contractors all risk insurance available to individuals or only companies/organisations?

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

December 23, 2010 - 6:46 am

Welcome Kelly
This is a very active and knowledgeable forum, where you can certainly pick up lots of great information (I certainly have learned a lot) as well as share your own experiences!
Cheers,
Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

December 23, 2010 - 6:35 am

I've been involved in my first development project recently and have found the council that I am dealing with very helpful.  When it has come to getting advice, I always take everything told to me 'with a grain of salt' – after all, until it's down on paper it doesn't mean anything.  That said, they have been very helpful in explaining process and pointing me to resources to help me.
We also had a 'pre-meeting' to go over our proposed development which is a great idea to highlight any potential issues before you even lodge your planning application.
Cheers,
Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

December 23, 2010 - 6:14 am

Good on you for questioning it.  I recently changed property managers on a couple of different properties in different locations and so did the big phone around and fee comparison across a number of real estate agents and property managers.
A few things that I learned from my experiences:
– It is definately worthwhile to shop around as there are differences in the the fee structures in terms of what they charge you for as well as the amounts.
– Everything is negotiable, so if you're not happy with a specific fee or charge, speak up.
– Speak to someone who can make decisions.  Often the junior person will tell you the fees but has no ability to negotiate with you so it may be worth speaking to someone more senior.

I think the fee to find a new tenant is justified but the fee to sign a new lease for an existing tenant is a crock I think!

Another thing to watch for where I was overcharged – one property management company was sending me duplicate statements and charging me for them, despite me bringing it to their attention – never did get the money back, but I did change managers!

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

December 9, 2010 - 10:13 am

Hi Rebekah

I've recently been involved in my first development project.  Some things I have done/am doing to learn:

• read books (have the Ron Forlee book, that is quite good)
• went to a property development one day workshop – though the content wasn't anything earth shattering, it did do a lot to get me moving in terms of motivation
• spoke to people who had done it (both novice and professional)
• made myself a list and just got started!

For me, doing a project myself has been the thing that has made me most confident and taught me most.  If you have some contacts around with various forms of knowledge then you can use those people to sound things out with as you go.  I've made contact so far with council town planners, draftsperson, property development company, builder, mortgage brokers.
I think the key for me has been being organized and using the resources around me to solve the challenges as they come!  So far, it's going pretty well!

Good luck!

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

December 9, 2010 - 9:48 am

Hi there!

I'd be inclined to agree with the Terry and Dazz. 
If you wish to own your place then go for it.  I think when the government is offering some free money – i.e. FHOG, then you should take advantage! 
You could use anything potentially left over as well as equity to fund IP purchase(s).  That could mean one more expensive IP or several cheaper IPs.
You are in really good position to get yourself going with several properties here, so it's really worth the time and effort to think about your strategy and talk it through with an advisor or well educated (in investment strategy and finance) accountant or broker.

Cheers

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 30, 2010 - 10:54 am

Hi Guys,

I have been driving past two blocks of units next to each other up for sale in need of a cosmetic reno that look ripe for strata titling (am assuming they aren't already) for about a year and each time I drive past I think 'what an opporunity, wonder why they haven't strata titled'. 

I haven't been involved in any strata titling before, so what would be my first point of action if I wanted to investigate this possibility further – i.e. find out if they are/aren't strata titled already (?real estate agent, section 32), speak to local council re strata titling rules/regulations etc.

Any advice?

Cheers

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 22, 2010 - 9:08 am

Thanks – I think they are the sort of thing that I'm after.  Seems that no one has a generic name for it, just a bunch of proprietary names!

Cheers,

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 21, 2010 - 9:09 pm

Thanks – is blue board a cement sheeting?  

I spoke to a builder mate – who also didn't know exactly what it was called – but said there is a foam type product and an aerated cement type product.  He said not to get the aerated cement one as it's more expensive and hard to work with on an upper storey.

Any thoughts on that?

Cheers,
Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 15, 2010 - 7:21 am

Thanks for that, I've been sourcing info from a variety of sources and it seems that this is indeed the case.

The wall is most probably failing due too old age – it's made of old railway sleepers (wood) and is over 20 years old.

It seems though we have to tread to carefully with the neighbours as we want to sort it out without it getting nasty!

Thanks,

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 14, 2010 - 8:27 am

The retaining wall and fence are the same thing – it's like the retaining wall extends up beyond the ground level to form the fence – so the retaining wall and fence are leaning.

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 14, 2010 - 7:58 am

Hi Richard,

Thanks for your response, my error – we are not cross collateralized – as in we do not offer more than one property as security.
I will send you an email as I'd be interested to chat some more about the topic with you.

Cheers,

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 13, 2010 - 12:52 am

Congrats!

Just had a look at your blog also, great to read about what you've been doing with regard to the reno. 
Doing a cosmetic reno is next on my list as well!  Just need to finish the small development project we're working on first!
Good luck with the next one, can't wait to hear about that one too!  Really good to see people out and doing great things for their financial future!

Cheers,

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 13, 2010 - 12:44 am

Hi,

This is a really interesting topic.  Having multiple properties purchased using equity from other preoperties we do have some degree of cross collateralisation in our loans in order to achieve that.

I'd love to hear some of your strategies on using equity to purchase investment properties whilst steering clear of cross collateralisation if you wanted to share them?

Cheers,

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 4, 2010 - 5:43 am

Hi Kimberly
Welcome to the forum, good on you for making a start!
Suggest that you spend a little time on the education side of things so you can be confident with what you're doing.
There are quite a few good books that talk about positive cashflow property including Steve McKnight's books and also Margaret Lomas has some good books about it too.
Check out the starting out threads here as suggested and maybe think about subscribing to a property investment magazine or attending a property investment type focus group in your area.
If you are itching to get started now and don't want to wait, maybe consider finding a good investment advisor who understands the positive cashflow strategy to help you through your first one.  But definately get the self education process underway – it'll put you in a much better position to go forward!
Good luck!
Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

November 4, 2010 - 5:36 am

Hi Sjostrom

A couple of other things you may want to think about in addition to comments of others, for this property or just in general:
–  Agree, the rental return on the outlay is nothing special
–  Depreciation Schedule – you can depreciate renovations that have been conducted, so although depreciation on a newish house would be better, still look at getting a depreciation schedule drawn up whatever you go with
– You can pay cash – use as little of your cash as you need to make the deal work.  Use other peoples money where possible!

Cheers,

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

October 26, 2010 - 12:39 am

Hi Maltrevers,

As illuminati points out there are quite a few things to consider.  As much as we want to hold onto our properties there can be times when it is reasonable to sell.  It is really important to evaluate the considerations:

–  What is the driving reason for wanting to sell?
–  Is it a time sensitive reason and therefore the sale needs to be now?
–  How is the property performing?
–  Also what external factors in the location will be having influence and when (e.g. the council changes you mention)
–  Is the property performing in a manner that is consistent with your strategy or are you looking at changing strategy?

In my mind I lose money when I sell something, so the reasons need to be compelling and offer greater benefit to me in the long term – this is the filter that I run a decision like this through.

I hope some of those questions/suggestions are useful.

Kind regards,

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

October 26, 2010 - 12:29 am

Yeah, that's a tough one.  Personally I wouldn't be keen to live close to big powerlines but as an IP – well, someone else might be ok with it.  Sure you'll purchase it at a 'bargain price' – but that will be the same for when you want to resell down the track and you need to sell it at a bargain too!

If your plan was to hold it long term and you could get a decent return then worth considering.  Comes down to the numbers and your intention with the property.

Cheers and good luck!

Kaz

[Kaz YoungParticipant@kaz-youngJoin Date: 2010Post Count: 25]

October 26, 2010 - 12:23 am

Hi Joez,
can you share a little more context to help people respond to your query?
Kind regards,