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Hi Renov8r, I am looking at trying to accomplish the same thing! I am also a tradie and project coordinator and have been working on houses as a side project for years…breaching that gap and launching into it full time is bloody hard! I am not sure there really is any simple solution but I agree the juggle of working full time and renovating full time is certainly taxing on the body, mind, lifestyle, family etc.
Some of the problems that I am still trying to get around include:
– keeping a borrowing capacity within the first few years (as mentioned above)
– Maximizing the profit if possible and maintaining cash-flow
– factoring in tax, stamp duty, agent fees etc – it all seems to add up and eat into profit!Just a thought if you were willing to look at options for the first few years to get yourself started. Perhaps you could consider JV’s? Its the path I am travelling down
Anyways goodluck and keep us posted on your journey
Rach
HI Richard, can you please explain a little about “put and call” options. I haven’t heard of this and would like to gain a better understanding
Kind regards
Rach
