- michaelr01Member@michaelr01Join Date: 2010Post Count: 3
I have been reading different forum discussion for quite a while and found them very interesting however i know i still have a long way to go.
I am very interested in property investing from a renovation point of view (buy, renovate and sell asap). Just wanted to ask what people thought was the best way to learn. I think a really good way to learn would be to have a mentor showing me the ropes rather then just reading material. Can anyone recommend a company or person to contact about this.
I have found a few people selling information on this field of investing has anyone got any of this information and would recommend buying or have more to add to my list-
Renovating for profit stephen tolle and cherie barber
Sam Vannutini's Renovate For Profit
Dean Parker and Elise Jackson renovation toolbox
I appreciate any assistance you can provide.
MichaelProperty TraderParticipant@property-traderJoin Date: 2002Post Count: 111
We are based in Brisbane and have 4 renovation projects on the go at the moment. To answer your questions:
1. The best way to learn: Get a mentor who has a current track record in doing renovations … get educated in the basics buying well, project management and people management … and above all else get started.
A Mentor … Some of our best mentors are builders and project managers. There are people who love talking theory about renovating and then their are others who just go out and are doing it. Find the people who are actively doing renos all the time.
Education … Dean & Elise Parker website and educational products at http://www.propertysystems.com.au/ Their systematic aproach to doing renovations was really impressive.
Getting Started … Theory is good … action is better. Just for the initial few properties you might want to Joint Venture with someone to minimise the risk of doing a deal and also to have a running partner. Long term … I prefer doing them myself. My opinion is make sure you know all your costs and make sure you buy really well.
AN IDEA … if you are on Facebook, become a fan of Boston West at http://bit.ly/cEpcYU … You can follow all our property / renovation projects as they happen and see some of the results of the different renovation techniques that we use … Check it out.
Well I hope that is of some help to you ….miikeParticipant@miikeJoin Date: 2008Post Count: 111
The best way to learn is by taking action and engaging people in the know.
Yes you will make some mistakes along the way, but this will be for the better and in the long run will pay off with experience.
I have gone to a few seminars and renovations to make profits is a strategy that is dependent on many factors and is best performed in a bull market.. My view is that the current market is very volatile and is a higher risk on any strategy you implement, so be aware of what kind of renovations you make to increase profits. i.e; outlay rewards based on aesthetics vs structural changes.
I definately recommend spernding some time reading a few books on different renovation idea's. I would also go to the Renovating for profit stephen tolle and cherie barber Seminar. I went to this a few years ago and some of the tips I gained from it was quite valuable, however I do not see it worth going through with there mentor program.
Another thing to realise when it comes to renovations it to target your audience, i.e. no point renovating for a target of a 25-35 demographic if the area is in demand by 50+ age group. Also, check your area for what kind of properties are having larger returns based on types of renovations / styles, generally property managers and real estate companies will be aware of this and can give you some tips and recommendations.
Hope this all helps,
Good luck and remember, most of the profit will come from research and making the right decisions, not how much you invest in your renovations.
MiikeJane – HotspaceParticipant@jane—hotspaceJoin Date: 2010Post Count: 69
I agree with Mike and Jason – get a mentor (who specialises in renovations) if you can as you go through the process.
I have also heard that Stephen and Cheries course is very good. I have a number of clients who have done this and say it is very thorough.
The other option is Ana Stankovic from Winning Formulas for Success. She has a workshop (Brisbane and Melbourne) + does one-on-one mentoring which is an excellent idea for when you are up and moving… http://www.WinningFormulasForSuccess.com
In terms of other research you could do – I have written a number of renovation articles (specifically focussed on renovating for profit) and these are posted on my website (www.HotspaceConsultants.com – and click the articles tab at the top of the page). I would definately get on there and have a read – there's a real variety of info to learn from. I have been designing and in the construction game for 17 years and invest in property myself too (including a number of 'flip' deals) so have a really broad range of knowledge to share.
Hope that helps Michael
Janemichaelr01Member@michaelr01Join Date: 2010Post Count: 3
Thanks very much for all your idea and thoughts, i certainly think a joint venture/ mentor would be a good way to get started and learn the ropes.
I think the service that Ana Stankovic offers looks really useful however I'm based in Sydney so location is a problem. What do you think the best method of finding a mentor would be? I could easily find renovation companies to learn that side of it but there is much more to learn about buying property, estimating cost etc.
Jason are any of your projects in Sydney? Or do you have any contacts in Sydney or people doing the same thing?
Miike your comment on the current market is interesting at this stage I'm not even sure if this method of quick value adding is suitable for the current market or if more profit can be made using a different system all together eg buy and rent (positive cash flow property)
Jane thanks for the information i have actually read some of your information already after reading some of you previous comments in the forum. Very good information.
MichaelJane – HotspaceParticipant@jane—hotspaceJoin Date: 2010Post Count: 69
I have a fantastic property mentor contact in Sydney. He will help you with your property investing strategy and guide you through the process. He does not specialise in renovations necessarily but an excellent person to talk to with a broad range of knowledge. They also do free group info evenings (all over Australia actually) with really helpful guest speakers. http://www.PositiveRealEstate.com.au
Duncan Yeld is my contact there. Well worth a call – 1300 365 886.DDMember@ddJoin Date: 2004Post Count: 508
Sam Vannutini and I with the Reno Kings were the 4 main contributors for May 2005 API cover story on 50 top tips to increase your rental yield. I was also profiled in that issue.
I am a buyers agent and do renos for clients who buy property and don't want or have the skills to renovate themselves.
Happy to chat or make suggestions for you to help you get your feet wet.
DDAnaParticipant@anaJoin Date: 2004Post Count: 79
I know you mentioned your location Michael, the 1-on-1 program that Jane is refering to I run completely virtually. I've coached people from all over Australia including a couple in Canada and the UK. The idea is that you can get all your reading, listening, templates, tools, etc through email and than I speak to every person each week (over phone or skype) and give them homework in between on how to practice everything they are learning practically on real life examples. I'm more than happy to have a chat and and answer any questions you may haveMrElmoParticipant@mrelmoJoin Date: 2010Post Count: 30
Would you be interested in selling me your Renovating for profit stephen tolle and cherie barber manual and dvd's.
Mr ElmolookingforsezzMember@lookingforsezzJoin Date: 2011Post Count: 1
Mentoring advice for Property Renovators!
I am currently setting up my own renovations company and have personally undertaken the following training…
- Steve McKnight's Property Apprenticship Certificate IV
- Cherie Barber's Renovating for Profit
- Dean & Elise's Property System training
- Sam Saggers Positive Real Estate mentoring (introduction only)
Cherie Barber's 'Renovating for Profit' training and mentoring program kicks the rest in to oblivion as far as i'm concerned. The level of detail is outstanding, the free templates, contracts and budgetry software are invaluable, and they offer lifetime support which includes everything from a friendly chat on the phone to double checking your architects drawing and so on. The process is made dead simple and takes the mystery out of it all. I was 100% satisfied and feeling ultra confident after just the 3 day course. The rest of the training was either not specific enough for renovators or still left huge question marks and a lot of guess work.
I confirm i am an independent of all the aforementioned people and their products and 100% unbiased.
Good luck all, SarahChrisA1Participant@chrisa1Join Date: 2011Post Count: 172
I am interested in your comments here. Have you (or are you currently) doing these courses? Any other comments greatly welcomed!
Persistence is 'to keep on keeping on, no matter how hard the going may be'OsmanDesignpacMember@osmandesignpacJoin Date: 2013Post Count: 7
You have had some good advise in another blog from "Property Trader" with linking in with a mentor, who will help you to get you up to speed without reinventing the wheel. Not all projects are best suited for renovations and an on-site design meeting to design a concept plan from which an estimate from a builder is good start before you get too deep financially into the project.
As a rough rule of thumb, budget on $2000 a sq.m. for renovations and or extensions. Naturally the size of the project, access and the standard of fittings will affect the final outcome Of the several hundreds of renovations we have designed for clients, the estimates we have obtained from builders at the concept stages needs an extra 10% and a another cost review at final design stage add approx 3% to 5% from past history.
Our fee to undertake an on-site concept design to get the ball rolling varies from $375 (2 hrs on site ) to $500 (3 hrs on site) which includes an hour or so back in the office to tidy up the drawing and organise an estimate for you. We will also check out any Town Planning issues that may affect the site as we can cater for that also as well as Survey and Engineering Visit our web site for the link called "The Process" Regards, Jeff Osman