Forum Replies Created
Hughski,
People can use the room as a fourth bedroom, a rumpus room for the kids or a home office … It is actually quite a versitile space. The trick arranging the doorway and the walls inside the room to reflect its intended purpose.
Have a great weekend.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Hughski,
It is funny what Suavemachanic said about the position of the door … I completely agree.
We currently have a renovation project at Nerang on the Gold Coast where the 4th bedroom use to be a garage underneath the roof line. It to had a hugh archway into the room from the lounge and it looked stupid as it wasted alot of the wall space in the lounge.
HAVE A LOOK … So that you can shee how we did it … if you are on Facebook, goto our Boston West page or just follow the link http://bit.ly/cEpcYU … and look at the videos on Nerang Reno Update (Day 26) and Nerang Reno Update (Day 56). You will see how we resized and repositioned the door to one side. It looks alot better now. One other thing we did this time was to render the internal walls of the 4th bedroom.
Well, I hope this all helps!
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Ha Jodee,
It depends on what property strategy that you are interested in. There are many out there, simply tell us what strategy are you interested in pursuing.
Talk to you soon.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Anthony,
Rather than seeking the sliver bullet answer, in my experience I have found it more benefitical long term to understand how to properly analysis an area of interest if your strategy is renovations. For example, if I said a suburb to you, you would not understand my rationale or the lead indicators I used to come to that recommendation.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi there,
I have no experience in this, however for me to resolve this issue I would contact a town planner and ask them over the phone was is the usual way this can be done and they should be able to steer you in the right direction.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Omiy,
You are not talking about a major renovation here … just an air conditioning unit and built ins … I personally think it comes down to personal comfort … If those items would improve your standard of living today then go stick them in … If you were doing a major renovation such as painting, new kitchen, new bathroom & new flooring my opnion would be to wait.
That is my 2 cents worth.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Drandis,
I would say it depends on what you are trying to acheive …
1. Rental Properties … Durable and low maintenaince … lino and carpet
2. Buy, Reno & Sell … First impressions and the WOW factor … tiles and carpet
All the best …
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Michael,
We are based in Brisbane and have 4 renovation projects on the go at the moment. To answer your questions:
1. The best way to learn: Get a mentor who has a current track record in doing renovations … get educated in the basics buying well, project management and people management … and above all else get started.
A Mentor … Some of our best mentors are builders and project managers. There are people who love talking theory about renovating and then their are others who just go out and are doing it. Find the people who are actively doing renos all the time.
Education … Dean & Elise Parker website and educational products at http://www.propertysystems.com.au/ Their systematic aproach to doing renovations was really impressive.
Getting Started … Theory is good … action is better. Just for the initial few properties you might want to Joint Venture with someone to minimise the risk of doing a deal and also to have a running partner. Long term … I prefer doing them myself. My opinion is make sure you know all your costs and make sure you buy really well.
AN IDEA … if you are on Facebook, become a fan of Boston West at http://bit.ly/cEpcYU … You can follow all our property / renovation projects as they happen and see some of the results of the different renovation techniques that we use … Check it out.Well I hope that is of some help to you ….
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Jonathan,
We are based in Brisbane, done well over 100 properties and have 4 renovation projects on the go at the moment as well as a number of flips (just acquire and sell them no renovation work required). From my experience I will share with you the following …
1. Our model is that we buy extremely well … This goes along way to our success
2. We outsource the renovation through hiring trademen … You do not have to do the work yourself
3. Building a strong team … It taken us 2 years to build a reliable strong trade team … Get real estate agents to refer you reliable tradesmen, ask to drive past recent work they have done etc.
4. Project manage the renovations … that is what may brother does in our business … Real skill and we are constantly getting better at it … Can meet people onsite or monitor progress before and after work … This would suit someone like yourself
5. It does take time
6. How do you build a property empire … one house at a time … Joint Venture with someone if you want to minimise the risk and share the experience with someone … Just get started … school of hard knocks is a great teacher.
My thoughts are talk to people who can show you [1] how to negotiate to buy houses well, [2] project manage a renovation and [3] building and leading a team of people, as that is in my opinion are more valuable skills than working out how to physically put in a vanity unit into a bathroom.
AN IDEA … if you are on Facebook, become a fan of Boston West at http://bit.ly/cEpcYU … You can follow all our property / renovation projects as they happen and see some of the results of the different renovation techniques that we use … Check it out.
A GREAT RESOURCE … For education on renovations check out Dean & Elise Parker website and educational products at http://www.propertysystems.com.au/ Their systematic aproach to doing renovations was really impressive.
Well I hope that is of some help to you ….
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Keiko,
Shot we an email and I can email you one.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Keiko,
The the information below from the Department of Fair Trade website. I also checked a copy of the listing agreements and I think you have no cooling off period. Read below anyway.
Exclusive agency appointment
An agent with an exclusive agency appointment can get an agreed commission upon sale whether or not they actually sell the house.
If the seller sells the property, they must still pay the agent’s commission. If another agent sells the property, the seller may also have to pay them a commission. Potentially the seller may have to pay two commissions.
For all sole and exclusive agency appointments, the agent must give the seller a notice stating:
- the proposed term of the appointment
- whether the appointment is under a sole or exclusive agency
- the difference between sole agency and exclusive agency
- the consequences if the property is sold by someone other than the agent during the term of the sole or exclusive agency.
The notice may also state that at the end of a sole or exclusive agency, the appointment of the agent continues under an open listing, which the agent or seller can end at any time.
All the best.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Subzero,
Love your question … Why crawl like a snail when you can sprint like a cheater. I have done well over 100 property transactions and the ones we like are …
1. Acquire properties under valued and flip the property for a quick profit (30 – 60 day time frame)
2. Buy, Fix and Sell (Renos) for a quick profit (150 – 180 day time frame).Now in saying that … you now need to read (Steve McKnight's new revised book), research to find out how to do these types of transaction well and then set yourself up to do them with resources (funding requirements etc) and a team around you.
All the best
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Richard,
In relation to your comment … "Sorry i dont see anything crazy about that as it is the lenders risk if he has to execute his right of possession and his sale options are limited because of a prevailing tenancy".
All the banks have to do is issue a "Notice To Tenants By Mortgagee Requiring Vacant Possession" notice and the tenant has to vacate the premises or be removed.
I deal alot with preforeclosures and this notice was issued to 3 properties last week.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi There,
We usually replace the whole kitchen in all our renovations, however if you are doing it on the cheap think about the following:
1. Replace the cupboard door only to get rid of the blue and get a more modern look.
2. White tile over the blue check one.
3. That space at the back looks odd.About the kitchen having a washing machine … try to think about putting the washing machine is another area of the house. Entertaining friends while they see your dirty washing … its not so appealing (my opinion only).
If you are going to sell it invest in some bar stools as they look fantastic … the house we sold last week the buyers wanted the 3 bar stools thrown in with the house. The paid over $400,000 for the house and the stools cost me $130 all up.
If you get stuck on the design see an interior decorator … We use one on all our jobs and they are fantastic.
Well enough said … I hope this helps.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Ryan,
It is always great to see someone give something new a go as the first time, as it is always the hardest and you learn so much from doing instead of talking about it.
Be careful when buying rural properties … I had one offered to me in Feb 2010 for $50,000 that rented for $150 per week. Research showed me that I would spend a large proportion of my weekly rent constantly repairing the house due to the demographics that lived in the area.
Paul Dobson is a seasoned vendor finance operator with a large number of deals under his belt … It might pay to check out the other 428 posts that he has written to see if there are any more gold nuggets in there for you.
All the best …
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Thanks Jane …
Finally someone has been able to quantify the results of staging a property and I tend to agree with those numbers. I have not staged any of our renovated properties that we have sold and we can still sell them within a 14 day time period and get a premium price for the property. We are heading towards staging 2 of our 4 renovations we have on the go at the moment.
My opinions on the subjects are as follows …
1. The Display Home Effect: I do not know about anyone else but when I would into a display home I can usually imagine myself living in one .
2. The Google Ranking Effect: It definitely helps if you have a fully renovated, staged home to be at the top of a short list of desirable houses in a given area. Which makes it sell quickly especially if you are in a down market.Things to consider:
1. Staging can be expensive and can eat your profitability.
2. The moving (knocking it about) and storage of the furniture is an operational consideration.Like everything we do … Give it a go … sort out the teething issues and then do it all the time.
Thanks for your insight Jane.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Ha Clint,
We have done over a 100 property transactions and when I saw their live stage presentation in Sydney and their study pack to follow, it was the most thorough and professional kit I have seen in a long time so much so we purchased it. They are great at systemising the property business. Well worth the investment.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Ha Melinda,
The Interior Design we now use has just launch a new book and that is working wonders for her. You can check Karen Devereux out on her website at http://www.kddesign.com.au.
The stock standard things you could do to showcase your work are:
1. Get onto Twitter
2. Get a Facebook fan page
3. Get onto GoogleProperty Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Hi Alex,
Have you ever considered being a Private Money Lender providing the financial backing for an experience property investor … if not you should check it out. Follow the link below … it is a 3 minute video clip on Youtube that give you a quick general idea of how it operates. It is a bit cheesy (American Style Selling) … but it does cover the main components of private lending.
Video Clip: http://www.youtube.com/watch?v=XyaGVGHQkeY&feature=related
From your posts you are looking for …
1. A positively geared opportunity – These opportunities offer 9% – 12% ROI … Great in this stage of the property market.
2. You are risk adverse – Your money is secured by a registered 1st mortgage on title over the property.
3. You are risk adverse – Based on a 80% loan to value (LVR).This might be something to investigate further. If you want to know more about how they work shoot me an email or call me for a quick chat.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Matt,
I have been doing wrapping for about 5 years now full time and during that time I have done a significant number of property transactions. I have done most of the vendor finance techniques during that time.
What have I learnt during this time … wrapping was a starting point in my wealth plan and as time has passed you learn a hell of alot and experienced a hell of alot as well. As a result you transform from a poor earning student to a well paid professional / business owner.
INITIALLY … When I started my monthly cashflow / profit share was $140 per month per property with the potential backend profit of $10,000 – $12,000 with significant acquisition, holding costs and management headaches.
NOW … My monthly cashflow is now $450 per month per property with the potential backend profit of $20,000 – $30,000 with low acquisition and stress free property management.
As time progresses in gets easier and easier with you doing more and more.
You must commit time and be willing to work hard to build it. It has not been easy along the way, however it is well worth it in the end.
Sorry if this does not answer your question directly … I just wanted to encourage you to get started.
Regards,
The Property Trader
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
