Forums / Property Investing / Value Adding / Flipping properties in Melbourne's east

Viewing 11 posts - 1 through 11 (of 11 total)
  • Profile photo of maxygmaxyg
    Participant
    @maxyg
    Join Date: 2016
    Post Count: 2

    I have renovated a number of properties in Melbourne’s north but looking to the east around Ringwood area. Looking for some input into whether this part of Melbourne would be suitable for such a strategy??

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Ringwood – good luck and look for a heavy pricetag – Ringwood has exploded in last 3 years for the following reasons:
    1. Costco
    2. Shopping centre expansion
    3. Eastlink – infrastructure
    4. Chinese investment – the chinese have been buying land here to redevelop close to schools – 900sqm blocks are going for around a million

    Better places to go but depends on the extent of your reno

    Cheers Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
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    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of maxygmaxyg
    Participant
    @maxyg
    Join Date: 2016
    Post Count: 2

    thanks Ivan. I am looking for places needing new kitchen/bathroom and cosmetic updating. What about other suburbs further east of Ringwood??

    Profile photo of SuziSuzi
    Participant
    @ambitious4life
    Join Date: 2009
    Post Count: 2

    I have been wanting to start my own ‘flipping’ for some time now. I money to start, extensive knowledge in certain areas but certainly not in renovations ( I only know a little) and that is my drawback. I would love to know whether I can find a business partner who knows and is able to do reno work and/or share costs and profits equally.

    Any ideas where I can find such investors to work with me?

    Profile photo of PatPat
    Participant
    @patg
    Join Date: 2016
    Post Count: 10

    Hi Suzi, I’m also in the same position sort of, except I run a maintenance/Reno business for the last 10 years. I’m trying to build a property portfolio and also get away from my work and get in to flips.
    I’m not sure what I’m allowed to post on here in regarding my number or website etc but feel free to contact me for any questions. I love talking property!
    Pat

    Pat | 24 Hour Property Services
    http://www.24hourproperty.com.au
    Email Me | Phone Me

    24 hour property maintenance and renovations, Victoria

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,366

    Hi Pat,

    I’m not sure what I’m allowed to post on here in regarding my number or website etc but feel free to contact me for any questions. I love talking property!

    Like many business people on here, you may include contact details, website, in your signature. Do not promote your business via any link in the post – but if anyone wants to make contact, your sig points the way.

    Benny

    Profile photo of PatPat
    Participant
    @patg
    Join Date: 2016
    Post Count: 10

    Thanks Benny

    Pat | 24 Hour Property Services
    http://www.24hourproperty.com.au
    Email Me | Phone Me

    24 hour property maintenance and renovations, Victoria

    Profile photo of JerryJerry
    Participant
    @jerry_o
    Join Date: 2013
    Post Count: 46

    Hey Pat,

    Just keep in mind that if you sell a property within 12 months, you will be liable for a full capital gains tax. so make sure you take that into consideration when you calculate for your net profit.
    If you are planning to build up a property portfolio, consider keeping the property and doing equity releases instead.
    Buy a run down property – do cosmetic reno – order a new valuation and tap in to that increased value of that property. Just a basic outline but there will be so many things to take into consideration with this.

    Cheers,
    Jerry

    Jerry | Mortgage Station
    http://mortgagestation.com.au/
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    Finance Strategist - Active Investor - Serving clients Australia-wide - Based in Sydney / Melbourne

    Profile photo of PatPat
    Participant
    @patg
    Join Date: 2016
    Post Count: 10

    Hi Jerry, that is also my plan, but I’m finding at best around $50 positive cashflow per week at 4% interest only and are regional, also focusing only buying if these houses are on large blocks for future development. So my plan is to flip some properties in melbourne for cash flow, these would be most likely be negatively geared anyway, and then buying more of the ones to keep long term.
    thoughts?

    Pat | 24 Hour Property Services
    http://www.24hourproperty.com.au
    Email Me | Phone Me

    24 hour property maintenance and renovations, Victoria

    Profile photo of MTRMTR
    Participant
    @marisa
    Join Date: 2004
    Post Count: 663

    I agree With OP Ringwood gone nuts
    I am developing in Croydon, plenty of properties where you can add value however this area has also risen. Try Ray White Croydon they seem to be an agent that under sells….hint hint

    Marisa
    MTR:)

    Profile photo of deandean
    Participant
    @goldfx
    Join Date: 2016
    Post Count: 2

    While in most instances that is so it is NOT necessarily the case if you have the benefit of Smarts… contact me if you want to be able to sell your properties in under 12 months and avoid the brunt of being taxed at income tax rates
    regards
    Dean
    https://www.linkedin.com/in/eurotrade

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