Hi all
I'm looking to buy my first IP soon and in the current climate am thinking a small reno to build some fast equity will be my plan, to enable me to build my portfolio sooner rather than later. I've got 2 questions:
1. To ensure i buy the right property im wondering whether i should invest in some education. Ive seen other posts on the site that "you can get all the education you require for free" BUT if I was to do a course, what would you recommend? Im currently looking at Momentum Wealth and The Property School. I've also just signed up for the Property Women Diamond Membership.
2. When I do find what I think might be a good property how do I work out what my return will be ie. if I was to spend say $5-$15k (on a $350k approx) house, how do I ensure that it adds enough value to the house to give me enough equity to do it again? Say on another $350k house?
Appreciate any advice that comes my way,
thanks
hello Kals,
I'm sorry i can't answer the first question, however i believe you will learn a lot more for free by regularly chatting on these forums.
As for question 2- ideally you should be looking at a ROI of $2 -$3 for every $1 spent.
Different areas will require different things done to the property, as there willbe different class of ppl looking for particular items.We tend to do a lot of high end fitouts and renovations but we do have extensive experience in property presentation as well.
If you are just begining, i would suggest going to as many open houses as you can and speak to the RE as to what they believe will help add value. This is just a start.
good luck
Adrien
Hi Adrien
Thanks for your reply. I like the $2-$3 formula. I'll keep that in mind. I'm also planning to regularly attend opens and inspections and have set up realestate.com.au alerts too.
Kaia
You must be logged in to reply to this topic. If you don't have an account, you can register here.
