I admire anyone who can do most all of the renovating themselves…..and good on anyone willing to go into private deals to purchase a great property.
Thing is, can some profit still be made for those not doing all of the work after purchasing a (hopefully) good buy through an agent?
Hmmm…..
Bronte x
Dear Bronte,
Providing you source, negotiate and secure and investment in the right place at the right time it is possible to achieve high returns and high growth without needing to renovate.
Kind Regards,
Mark Leith
Property Advocate
Global Buyers Agent
http://www.buyersagent.com.auI say good on anyone who can do that!
Thing is, I although I understand the bottom line is about making money…..I really love renovating houses. Giving something neglected and unloved some dignity back is a driving force for me. This endeavour needs to be really enjoyable for me to devote my time to. If it was entirely about making deals or collecting rent my interest and therefore my energy would soon be lost.
I suppose everyone has different things they want to put in to and take from this caper!
Bronte x
Hi there, in my opinion, those that do the reno work themselves are not investors. Divide the profit you make in the hours you put in doing all the work yourself, and very likely you are doing a $15hr job. Now, I can understand if you like the solitude of being in an empty home, listening to JJJ while you paint, knock down walls, etc, but I would not call this an investment. I would call this a job.
If I would have picked up the tools, and do all the work myself, well, I would not have been able to do any renos, as I don’t know how to tile, do electrical stuff, plumbing, plastering, etc, etc. I think it would have been safer and more $$$ if I would have kept my day job.
Imagine if you can make it work just by creating a good team around you (tradies, handy man, etc) and manage from home while you concentrate on looking for more deals, etc.
Just a thought, happy investing
Hi Bronte,
I agree with mark here. i personally had the experience of not needing to renovate becasue i bought the IP at the right place at the right time which was also positvely geared!
the place i bought the property was in Port Augusta in SA which 3 years later all the experts are voting the place to be the next place invest! they are right however i gained most profits as a result of buying them at a right price of $84,500 for two maisonettes which returned $120 one side and $110 the other!
Make sure you do your homework and buy in the right place at the right time! Renovations should not be your focus here as the return will never be great if you bought them in the bad area or at the wrong time!
hope this helps.
michael
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