Hi does anyone have a set routine on talking to real estate agents about looking for problem properties. Have been thinking maybe a 3 or 4 bed room house under $180,000 that has been on the market for longer than 3 months. Is there anything else I should specify to the real estate agent??
Yes, clarify if you’re looking for a place that mainly needs a cosmetic upgrade or whether structural problmes are fine. If you’ve got building experience you may be happy to sort out structural problmes, ifyou’re not, then it may be best to start with a cosmetic makeover first.
PK
Hi
Just remember that any cosmetic work done before your initial tennants move in, will not be tax deducable. You have to have had tennants in the have “caused wear & tear” that needs repairing.Regards
Patrick
The dumbest question is the one you don’t ask.
Barnsey is spot on, I’ve assumed you were doing a renovation and then selling to take the profits, however even if you are renting it, cosmetic may still be easier for the first one.
hey thanks for the replies guys
yeah I want to renovate a property and then sell it for quick profits so I can buy positive cashflow properties. I think cosmetic upgrades are best for me.Hey – you guys should read the Book by Peter Spann – he renovates and holds and then with increased equity buys the next.
He used to renovate, sell, then buy the next. Then he realised he would have been better off if he held them instead of sold them.
Anyway worth a read.
Regarding renos, saw on TV last night that 2/3 of houses built before 1987 has dangerous asbestos in it.
So do be careful all you reno-kings !
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