[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

December 8, 2008 - 10:03 am

Hi,
Michael 888 – do you have any further details regarding bootcamp/your experience?

I'm currently planning for 2009 and am considering doing Carly Crutchfield's course.

I have been to the intro seminar but was not sold on the night…

Thank you Aureliana for your feedback. That is really helpful as i am "expecting" personal mentoring whether it be from her team or from her – i expect 24 hour response time hahah ..

Has anyone bought the Martin Ayles blueprint and done Carly as well to compare?

Be interesting to hear any feedback!

Vicky

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

September 19, 2008 - 11:08 am

H HI,
What's the motivations behind renovating the bathroom in the apartment?

Thanks.

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

September 3, 2008 - 1:12 am

Hi Swany,
Great initiative – my two bits and bobs:
1. Before doing anything – call up the town planner in the area and ask about doing a granny flat – they will either 1 direct you to the their Development Control Plan and say read it (and decipher it yourself) or they may be helpful and say what you need to do and what sort of approvals you might need. To find your council go to google- enter your suburn and type council and call up their number – this is the fastest/cheapest way to find out if it's even allowed to set up a granny flat before you get started.
2. Find out in your area if anyone else has a grannyflat – that might help you with precedence with council approval. How do you find out? Either by checking out realestate.com.au to see if there are any houses for sale with granny flats in the area.
3. Decide if they're going to have a separate entry and whether you'll have a fence from the first house to separate to the grannyflat (and factor that into your costs) example – if a fence costs $2000 to put up, how long/how much rent will it take to cover the rent?

Hope this helps (even the slightest!)

VStar!

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

September 2, 2008 - 4:21 am

Hi Pecko,
To answer your questions:
1. Nope – no renos prior to the course/toolkit
2. It has been hard finding the margins in renos. I've been looking in Sydney/City market, then i'm looking in Western Sydney (near Penrith if you're a city sider). I think i may have found one but still negotiating at the moment.
3. I have been looking in Sydney Newtown – there is definately no money to be made in renovations at first glance – one house on the street sells for $565k UNLIVEABLE, then the other across the street RENOVATED sells for $610k – where's the money there??

But to give you a brief rundown how Dean & Elise's numbers work so you can look at deals yourself:
Assumptions:
10% interest rate/annum
95% Loan
Buy Price 100%
Acquision 5%
Reno Cost 10% (of buy price)
Hold Costs 5% (based on 6 month hold of property)
Profit 10% (of buy price)
Sell Cost (4% of Buy Price for agents fees)

So if you looked at it as real numbers (examples only)
Buy Price = $200,000
A = $10,000
Reno = $20,000
Hold = $10,000 (6 months)
Profit = $20,000
Sell = $8000
Which means that after the renovation you have to be able to sell at (all these figures added together) = $268000.
Therefore, based on these figures, when looking at renovation "houses" ignore what they're asking for, ASK the agent what it can be sold for AFTER the renovation.

For example based on the above figures if the agent said after renovation it will sell for $220,000 – then there's no real margin if the asking price is $200,000 is there?

You need to look in areas where for a renovated house they're selling at least 1.35 times the unrenovated house. That is unrenovated is selling for $300,000 and the renovated ones are selling for at least $405,000. 

Like i've said – it's been hard to find those margins but it's a quick way to calculate whether or not a house you're looking at will be able to give you the profit you're looking for.

Dean & Elise were able to find these types of areas in Melbourne! houses on the same street – unrenovated selling for $200k and unrenovated for $300+ – good for them!!

For areas where the renovated/unrenovated houses are selling for pretty much the same – then perhaps renovation isn't the strategy and instead another strategy like "Subdivisions" should be used in the area to extract better value and a better strategy as the $$$ is in the land…

Also – we have not even delved into your deposit/LVR for your loan/Capital Gains Tax (if selling less than 1 year) and not in your name) etc…there's so much to learn!!!

Hope this helps!!!

Vicky

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

August 28, 2008 - 7:38 am

Hi Hi,
I went to the Melb seminar AND have the reno toolkit.
First things first – did you know that the reno toolkit is out of stock? The new version is coming out around December this year so i'd wait if i was you.
Basic Rundown of both:
Toolkit (the important bits) are: The reno control spreadsheet and the dvd case studies.
The reno control spreadsheet is a spreadsheet that allows you to go through every single room in the house and from top to bottom and note what needs to be changed, how many of each (for example light switches x 4 – input price for 1 light switch and it will calculate it all). Technically – if you're quite a detailed person and good with excel – then you don't need this BUT if your'e not – it's quite handy.
What  i found in value is really the DVD case studies. Dean and David go through 4 properties and talk about what they bought it for then go through room by room what they're going to do and then how much roughly what their reno's cost if that helps. It gives you ideas on what can be done – what you're not going to get your money back on and what are "great" returns on renos.

Seminar:
So in the renotoolkit you get a booklet about how to quickly work out  by numbers whether or not a property is going to return any profit. In the seminar this is fleshed out very well. They go through those calculations and more.
They go through 3 examples from memory on renovations they did – what they did and what they didn't do and how much they spent.
The real value i found is actually (from the advertisment) is the "templates" that they gave. It goes through thoroughly what you must know prior to purchasing the property – if you haven't filled out those templates – then technically you could be buying on "best case scenario" rather than buying on "worse case scenario – that still yields a profit".
These templates have allowed "after the seminar" with no hand holding and instead use these as a guide for a good renovation buy.

If you are to consider renovations as your strategy – then i would consider going to the seminar. The people that went varied – some had not done it before, some were builders that knew how to renovate but didn't have a systematic approach that hence went overtime and "lost" money so it doesn't really matter what stage you're at – it was still a good overall introduction for someone who's just starting and needs to get it right.

To date – having used their templates and after going to their seminar- i've looked at over 25 properties and think i may be on to one. But had i not had these templates – i might have just bought something just cause it "sort of could" make money which can be quite dangerous and that's why people lose money.

Another thing that i learnt which is really important is that – Dean & Elise STILL have problems with trades people. I think that imagined that everything for them is perfect from all their experience but it's not that way – it's just that they have the systems in place to make sure that when problems occur they have the processes in place to solve them quickly and still be on budget.

On another topic and sorry to drag you away from the propertyinvesting.com website – there's also renokings.com.au – who's strategy came from doing renos. I was considering going to this and this is for people who need the more practical and visual hands on approach – http://renos.com.au/best-and-worst/ – this is where they take 40 people on a bus and go around to Brisbane and look at 25 houses with different scenarios and tell you what has been done exactly to "fix up/renovate" the place.

So to end off (and i know it's quite a long post), if you're serious about renovations as a strategy and that it can work in the areas you're looking for do the figures course (Dean & Elise) which is very important to know you're making $$$ and then go for the bus tour to see how it's done.

Hope this helps.

Let me know if you need any further information (PM if you like).

Good luck with everything.

Vicky

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

July 18, 2008 - 6:53 am

Hi Tyson,
I remember going to one of these meetings a few years back and the point back then was that you were buying products that you used everyday anyway (toothpaste as an example) so you buy through them. Then i remember getting invited to jewellry parties blah blah blah…but always thought No WAY!

If it works for some people that actually use the products then good for them.
Otherwise it forces to you buy a lot of those products. It's a good business model for the person at the top of the pyramid.

But NUP!!!

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

July 18, 2008 - 6:19 am

Hi Kenton,
Are you by any chance considering selling your renotool box? Sorry your profile is not set up to receive Private Messages!

Thanks

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

July 17, 2008 - 12:29 am

Bump!

Anyone???

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

July 8, 2008 - 12:25 am

HI Matt,
Just to point out something else – if it was that easy then everyone would be financially free! You have to keep persisting cause one day you'll get there!

You're probably about to have a huge breakthrough because you're so fustrated and enough is enough and then you'll have a stroke of brilliance.

Don't give up – you and your family deserve better!

Good luck

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

July 2, 2008 - 7:13 am

Hi,
I did a quick search on google for Perth. Hopefully these help:

http://www.homeimprovementpages.com.au/professional/11940

http://www.mrcupboards.com.au/

http://www.flatpackitchens.com/ (they ship to perth)

http://www.kitchensperth.com.au/

http://www.kitcraft.com.au/

Hope this helps you along your way!

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

July 2, 2008 - 6:59 am

Hi,
I haven't done a subdivision but also love to here the end results of subdivisions. Please let us know how you go.
In the meantime check out this post:
https://www.propertyinvesting.com/forums/property-investing/help-needed/4323451?highlight=subdivision%2Ccosts
They're based in Brisbane but they posted their costs – maybe this will help you.

Hope this helps! If not i hope someone else can help out!

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

July 2, 2008 - 6:50 am

Hi Hi,
I'm going to the course this year! After hearing him speak at the 3 day mega conference he sounds awesome!

Here's a link to the blueprint that is sold out https://www.propertyinvesting.com/resources/products/36

Good luck!

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

June 24, 2008 - 5:01 am

hahaha i did manage to find this link which is always great as something free:
http://www.propertyhorizons.co.uk/total_self_confidence_in_seven_days.pdf

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

May 12, 2008 - 1:52 pm

Ooh exciting!!! I'm so excited about it – my partner signed up with R.E.S.U.L.T.S after the 3 day mega conference. I joined Source Wealth (momentum mentor program) this year in January so we're both keen jellybeans hoping to get the best out of both worlds!!!

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

May 12, 2008 - 1:49 pm

HI Mooki,
What do you want to get out of it and how much do you want to spend?
What about R.E.S.U.L.T.S? The one run by Steve (owner of this website in case you didn't know) or http://www.sourcewealth.com?
I joined sourcewealth Momentum Program in January this year – $7k and my partner is starting with RESULTS this year (june 2008). Both have different strategies and both have their pros and cons – depends what you're really looking for.

Email me if you have any more detailed questions!
Good Luck

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

April 29, 2008 - 12:46 am

Hi there,
A few questions:
1. Wow!!! Where did you get a $450k apartment with no debt??? Congrats!!!
2. What would be the repayments on the $300k place be? What i'm trying to get at there is could you buy the $300k (say for eg) and rent that out and rent somewhere else that is cheaper then the repayments for the $300k place?

Just a thought!
Sounds like you're on to a raging start!!! Congrats

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

April 29, 2008 - 12:46 am

Hi there,
A few questions:
1. Wow!!! Where did you get a $450k apartment with no debt??? Congrats!!!
2. What would be the repayments on the $300k place be? What i'm trying to get at there is could you buy the $300k (say for eg) and rent that out and rent somewhere else that is cheaper then the repayments for the $300k place?

Just a thought!
Sounds like you're on to a raging start!!! Congrats

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

April 29, 2008 - 12:40 am

Hi Kunyuk,
Dean and Elise's have now developed their own website http://www.propertysystems.com.au – just to let you know – they have sold out of renovation toolbox at the 3 day conference.

They did say that though that they are currently planning to release the new version of the toolbox in the next 2 months – so you may want to consider holding off to get the newer version – i know i'll be

They're also holding renovation workshops this year!

I know i'm selling them quite a bit but after seeing them at the 3 day conference i think they're awesome!

Good luck

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

April 20, 2008 - 1:58 am

Thanks to you both for the comments!

[VStarParticipant@vstarJoin Date: 2004Post Count: 48]

April 18, 2008 - 12:53 pm

Or Option#4 – Keep the house on there for the rental income and get plans drawn up and approved by Council and sell the land/house with plans to a builder?

Like Nejas suggested ,crunch some numbers. That is what are the holding costs especially if you hold for 1 more year if you go with option#3? How much would you have to sell the place for Option#3 to recoup buy costs and/or holding costs plus agents selling costs? Would the area's market be buying that price? Could you find a better deal if you took option#1 and got the cash up front?

Just some questions that i hope helps you find your answer !