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Hey Lucho,
My advice is the same….just do it!!!! It’s the best way to learn. My first reno was when I was 21. I didn’t have a clue. I did most of it myself on this little dump of a place. It was a shocking reno but I still made of great profit.
Property is great because you can’t go too far wrong. Look at lots of properties, on line, paper or with an agent to know what the values are. Make lots of offers that you think is reasonable but would be awesome to get it at this price and you will find someone that is desperate to sell or will just accept it because its been on the market for too long. Add a little value. It does not have to be perfect…Stick to a tight budget that you can afford. Worst case scenario is you hold the tax deductible asset that WILL grow in value over time. In fact thats a bloody great scenario anyway.
Trust your judgment and go for it.Matt
We recently did 2 duplexes side by side for $4900 thats the cheapest we could find. About the size of a four bed home. Is it a low set house? because it will a lot cheaper. Expect to pay $6-8k though.
My brother is pretty handy…so we tried to do most of it ourselves to save on costs. $17k for inside (one duplex) $10k for both, on the outside. eg. rendering (professional) All painting, landscaping, light fittings, blinds, timber fence, done by us. Brother helped the install of kitchen and bathroom to save costs.
Thats awesome joel….I got one my brother and I finished recently. enjoy
http://www.youtube.com/watch?v=eqwR5AplUrU&feature=player_embedded
You would only get a valuation if your going to refinance and draw out equity. You will probably need one of the banks valuers as well. I recommend getting an accountant that specialises in property. Getting a depreciation before you start renovating I found out recently could have got me $4000 tax deductions. Its worthwhile getting great advisers. Good luck. Keen to hear how it goes.
