See my video. The property was valued at $325K four weeks before starting renovations and sold for $415 with $20K of expenses and fives weeks of full time work. How else can you earn $70K in five weeks?
Great job Joel, the end result was excellent, especially with the hired furniture.
Thanks, Robert. I really believe that you need to package it up. A furnished house makes such a difference and is well worth the return on investment. People buy on emotions and empty rooms sometimes just don’t cut it. I’m looking forward to my next one now, I have the bug!
Would love to see videos or even photos of anyone else’s renos!Joel, Excellent job, the final product looked great. I haven’t done any renovations in Aus, however my wife and I are keen to get cracking. We are busy with our research, and we are reading a lot, but the day will come when we need to put down the books, not permanently though, and take up the tools. I have a question, when you bought the property did you do it in your own name or in a company or trust? How do you minimize the capital gains tax?
Thanks,
JacoGreat job Joel looked like you roped in some family members to help. I did think the property looked pretty good at the start. The furniture made the house look loved and lived in. I have brought two properties in such a state when I showed my friend she ran out and vomited on the front lawn because of the terrible smell. Where did you get the idea for the kitchen? I started at bunnings looking for a new kitchen and ended up just painting with a special laminate paint. I found the costs associated with buying and selling plus capital gains made holding on to properties more sensible. I may have made $50,000 in three weeks, which I thought was pretty good. I took a big risk and brought sight unseen on the advise of a local agent. I was the second buyer because first got cold feet. Did you have much trouble finding your property?.
Great Video Joel,
Just some feedback for you.
Rain – Use a tarp with four tent poles over work area
Panning video – Try and do a slow smooth movement of the camera rather than rapid jerky movements.
Removing Rose bush and moving stones you could have hired a dingo for speed versus cost.
Continuity Mistake- You state you are off to your first reno property when in fact you dropped into the essential one stop shop !
Wife / female partner – You didn't introduce her on the video !I'm sure your next video will be even better than this well produced video . Great work Mate !
Jsvande wrote:Joel, Excellent job, the final product looked great. I haven’t done any renovations in Aus, however my wife and I are keen to get cracking. We are busy with our research, and we are reading a lot, but the day will come when we need to put down the books, not permanently though, and take up the tools. I have a question, when you bought the property did you do it in your own name or in a company or trust? How do you minimize the capital gains tax?Thanks,
JacoThanks for your comments. Although this was my first reno it’s not my first investment property. I have a trust account which I try and distribute profits between my wife and family. However Capital Gain is simply a bitch you can’t avoid, only minimise it a little. I can’t comment too much as I have a business in the mix of things, it’s worth every cent to find a good accountant. For your renos, reading books are a great help but there’s nothing like getting stuck into it to really learn. Good luck with your project and please keep us posted when you finish.
kazwood wrote:Great job Joel looked like you roped in some family members to help. I did think the property looked pretty good at the start. The furniture made the house look loved and lived in. I have brought two properties in such a state when I showed my friend she ran out and vomited on the front lawn because of the terrible smell. Where did you get the idea for the kitchen? I started at bunnings looking for a new kitchen and ended up just painting with a special laminate paint. I found the costs associated with buying and selling plus capital gains made holding on to properties more sensible. I may have made $50,000 in three weeks, which I thought was pretty good. I took a big risk and brought sight unseen on the advise of a local agent. I was the second buyer because first got cold feet. Did you have much trouble finding your property?.Thanks for your comment. Absolutely get family involved. Make it fun too, we drank a lot’s of wine whilst painting to music. Just stay sober with machinery or anything dangerous. I’ve also bought at least 4 properties sight unseen, it is scary but sometimes when the market’s hot you simply need to buy.
I ask a lot of questions and never had a problem to date. My biggest mistakes I’ve ever made was not to buy due to cold feet and regretted it ever after. We all go through it and it’s a horrible feeling to ask yourself if this the property that will send you broke.I almost lived at Bunnings and also decided to keep the original cupboard doors. I sanded them, lime washed them and varnished them. They looked pretty damn good and saved heaps. Same incident with the carpet, tenants had dogs and snakes! It smelled like a zoo crossed with a brewery! That’s why it couldn’t be sold as is. I think finding a property is easy. Some people say you need to see at least 100 before you buy. I believe you miss too many opportunities this wat. They are still looking and I’m already receiving rent. Just know the area you’re buying in. Good luck!
Thats awesome joel….I got one my brother and I finished recently. enjoy
http://www.youtube.com/watch?v=eqwR5AplUrU&feature=player_embedded
Niice work Matty, what were your expenses on each and how much of the work did you do yourself?
My brother is pretty handy…so we tried to do most of it ourselves to save on costs. $17k for inside (one duplex) $10k for both, on the outside. eg. rendering (professional) All painting, landscaping, light fittings, blinds, timber fence, done by us. Brother helped the install of kitchen and bathroom to save costs.
mattyg_10 wrote:Thats awesome joel….I got one my brother and I finished recently. enjoyhttp://www.youtube.com/watch?v=eqwR5AplUrU&feature=player_embedded
Fantastic guys! I love to see results like these, it’s so inspiring. A lot of work, you totally gutted the place.
So you made $113K plus kept one, thats awesome, how much did you spend and how much did you do yourselves?
Thanks for sharing!Hi all. I just loved both videos. I think that you are dong a great job and really inspired me to stop reading and start doing. It is little hard to make the first step in property investment and i fell that i am not ready for it, many loose ends. Any advise for a starter??
Again, congratulations to you both!
Lucho
Lucho,
My advise is just do it! There’s never a perfect time, I did the same and wasted time and always found an excuse not to get started. It’s simply fear. So feel the fear and do it anyway. I did and never looked back since. Once you sign your first contract you will also be scared and worried and probably won’t sleep that night. We all do it, it’s part of the process. The perfect time is today, go for it mate and later share with us your successes. My advice is just go and look at a lot of properties and get a feel for the area your interested in. Set yourself a time to buy, plan it, and do it! Thanks for your comments.
Hey Lucho,
My advice is the same….just do it!!!! It’s the best way to learn. My first reno was when I was 21. I didn’t have a clue. I did most of it myself on this little dump of a place. It was a shocking reno but I still made of great profit.
Property is great because you can’t go too far wrong. Look at lots of properties, on line, paper or with an agent to know what the values are. Make lots of offers that you think is reasonable but would be awesome to get it at this price and you will find someone that is desperate to sell or will just accept it because its been on the market for too long. Add a little value. It does not have to be perfect…Stick to a tight budget that you can afford. Worst case scenario is you hold the tax deductible asset that WILL grow in value over time. In fact thats a bloody great scenario anyway.
Trust your judgment and go for it.Matt
Hi Joel,
Can you tell me what state you are in and the general area you did the reno in, I just want to draw a comparison with a like area in Sydney. Just about to dip toe in the water.Cheers
SteveSteve,
I’m in Victoria and the suburb was South Frankston.
Good luck!
Joel – fantastic video, my roommate and I just purchased first IP not long ago. Next venture, to buy, reno and sell, make a quick profit and generate some cash flow.
We both watched your video, and got a whole lot more motivated again! I am sure many appreciated your upload onto youtube, how great!
Did you do alot of research prior?
Eg. Location, builders, valuers, wholesalers/fixtures & fittings etc etc?
Or did you just tackle it head on with little research? I have heard both ways, just going straight in with little worry, and also heard to limit the guessing/estimating, no guesswork!What are your thoughts?
What a great job! Thanks for sharing…. just one question, what did you end up doing with the old shower screen?
Love the video Joel ..well done! Congrats on all!
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