Viewing 17 posts - 1 through 17 (of 17 total)
  • Profile photo of jmsracheljmsrachel
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    @jmsrachel
    Join Date: 2012
    Post Count: 711

    I have posted about my latest Reno on another forum if you are interested.

    http://somersoft.com/forums/showthread.php?p=1161623#post1161623

    Steve / admin – Don’t get upset I tried for hours working out how to start a new thread with photos. Ended up pulling my hair out.

    Profile photo of JpcashflowJpcashflow
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    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Hey well done
    Looks nice:)
    The only question I had is even though you have spent 20k + 585 for house if u add stamp duty is it fair enough to day u broke even at least?

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    $645 is a very conservative valuation. A similar house around the corner on a main busy road sold for $620k. It also needed a lot of work.

    The profit in this property will come when I build a rear unit at the back. Three bedroom units are selling for around $480k in the area.

    Profile photo of JpcashflowJpcashflow
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    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Cool if you need a good builder let me know :)

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Actually I will soon.

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Looks awesome Joe. Wish I could get away with paying $20k on that sort of reno. Just had half the amount of work done on my place and it cost three times as much :-(

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of JpcashflowJpcashflow
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    @jpcashflow
    Join Date: 2007
    Post Count: 575

    Sweet, I think from memory u bought in laverenton?

    Units are very popular down there good move

    Jpcashflow | JP Financial Group
    http://www.jpfinancialgroup.com.au
    Email Me | Phone Me

    Your first port of call in finance :)

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Close jp, it’s in Altona.

    Profile photo of henrymelbournehenrymelbourne
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    @henrymelbourne
    Join Date: 2013
    Post Count: 6

    That is amazing for $20K.I am considering to change from current suburb (Sunshine, melbourne) to a suburb a bit nearer the city center for a few years. Due to limited budget, I could not afford it. If I could have your skills and knowledge, I think I could make the move soon: Just find a property and renovate to good condition. Then move in. Any tips to pick up the skills and knowledge?

    Profile photo of jmsracheljmsrachel
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    @jmsrachel
    Join Date: 2012
    Post Count: 711

    It really depends on how handy you are. Once you start getting trades things can get expensive. A good way to learn is watching the pro’s at work. I find I learn quickly when watching someone else do it.
    Which suburbs are you looking at?

    Profile photo of henrymelbournehenrymelbourne
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    @henrymelbourne
    Join Date: 2013
    Post Count: 6

    Hi, Jmsrachel: Where to watch the pro’s work for learning? I have painted a 3 bed old house interior before and installed kitchen cabinets bought in Bunning. The kitchen cabinet installation took me very long time as I learned piece by piece. Still the finishing is not up to good standard. I have been looking at altona north last year and bought a old house on an already subdivided land last July as I have limited budget. For investment, My next target is to buy an inner city old apartment in small block and create equity by renovation. Then hold it long time. For own living, I wish I could buy a bit closer to city like spotswood/Seddon.

    Profile photo of tom123tom123
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    @tom123
    Join Date: 2013
    Post Count: 91

    jmsrachel,

    How much did it cost to re stump? what was involved? and how long did it take haha

    I’m looking at a place atm that might need a re stump but have no idea how to do it.

    also what do you do for work? are you in the construction industry?

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Off memory cost me around $500. All up changed just under 50 stumps. If you get someone to do it allow around $10k. A lot of Cowboys in this trade so be careful. I’ve seen a lot of shonky work.

    It’s hard and dirty work. The soil being sandy didn’t help. Expect sore hands and sore back.

    I’m a cabinet maker by trade.

    Profile photo of tom123tom123
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    @tom123
    Join Date: 2013
    Post Count: 91

    whats involved in doing it? like how do you actually do it haha. and how long did it take you to do 50 stumps?

    also when looking through the property how would you know all 50 stumps have to be replaced? or do you just rely on the builders report?

    Profile photo of jmsracheljmsrachel
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    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Hi Tom,

    The 50 stumps took me around a week and a half. If I had more bottle jacks I could have done it in under a week. You don’t need builders reports, a quick glance at the stumps will tell you if they are in need of replacing. Also when you walk through a property you will be able to feel where it dips. This is normally an indication the house needs jacking up. (Normally the stumps under the load bearing walls will drop down the most.)

    As for how you do It feel free to PM me and I’ll give you my number. Too much detail to write.

    Having said that, if you are not sure then don’t do it. Last thing you want is a house collapsing.

    Profile photo of tom123tom123
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    @tom123
    Join Date: 2013
    Post Count: 91

    what do you look for when you look at the stumps to see if they need to be re stumped? will the beam thats sitting on it be bowed?

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Yeah the bearers being bowed is one of the signs. I just walk inside and you can instantly feel if the floor dips. If the house is 50 years old and on timber stumps it will most likely need re stumping.

    You can even use a spirit level to see where it needs raising.

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