Had enough! Sick of renovating!

Discussion in 'Renovation & Home Improvement' started by Johnny Cashflow, 3rd Jan, 2016.

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  1. bob shovel

    bob shovel Well-Known Member

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    Abn etc probably needed, along with 2 years story telling
     
  2. balwoges

    balwoges Well-Known Member

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    I have never owned a residential IP, and never will, I like commercial especially when they are made of concrete blocks, colorbond roof, metal side doors and roller doors. Over 20+ years I spent $8,500 on painting and $10,000 for a new fence and that was only because I was selling ...
     
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  3. robboat

    robboat Well-Known Member

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    Renovation, building and adding value.....just like therapy for me....I find I can do most work reasonably well and anything I do not know I can learn or get a skilled trade to do.
    Plenty of online information about how to make things easier.
    Keeps the brain and body active.

    Make a plan, write a job list, set a deadline then get into the productivity zone and make it happen.

    I often forget to add drying time for concrete, adhesives and paints....but that makes time for "important" coffee breaks & playing with my 1yr old son.:)
     
  4. Johann_

    Johann_ Well-Known Member

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    When we renovate properties most of the profit is generated by buying a property below expected market price. Did a project in Deer Park Melbourne. Just remember when flipping, buying for a lower price is the key... renovation on increase the value + make the sale look more attractive.
     
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  5. MTR

    MTR Well-Known Member

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    Also found where the money is if you buy when the market is starting to rise, you just capture the growth, it can also work the other way. Important to buy undermarket value as you mentioned.
    Its the governments charges that kill you ie stamp duty and CGT
     
  6. Johann_

    Johann_ Well-Known Member

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    Exactly!!!
    As for government charges there is nothing i can do about that :(... but the way I see it if I am paying some sort of tax it also means I made some money.

    We have just finished a development site and we are settling in FEB we are so lucky!!! to have gotten the project done. Building materials have increased and if 15% GST kicks in thats a 5% increase on everything.
     
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  7. Biz

    Biz Well-Known Member

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    Said it before and I'll say it again:

    In this game you make money with your head, not your hands.
     
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  8. Sackie

    Sackie Well-Known Member

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    Absolutely agree.
     
  9. MTR

    MTR Well-Known Member

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    Learnt this one the hard way, that's why we don't touch renovation projects, too much hard work for too little gain
     
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  10. MTR

    MTR Well-Known Member

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    Great, keep us all posted on this:)
     
    Last edited: 5th Jan, 2016
  11. bob shovel

    bob shovel Well-Known Member

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    Can't say I've ever seen a head sign a contract before :p
     
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  12. bob shovel

    bob shovel Well-Known Member

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    Or counterfeit money for that matter
     
  13. Sackie

    Sackie Well-Known Member

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    i'm just too much of a lazy bugger to want to sweat too much.....:oops:
     
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  14. MTR

    MTR Well-Known Member

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    Same
    Good on JC for giving it a go.

    its just a hard slog and where the big money with renos is usually the higher end stuff, but then you have much more risk ie holding costs, smaller pool of buyers etc. Different strokes for different folks

    Marisa
     
  15. Sackie

    Sackie Well-Known Member

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    @MTR yeah from what people who do a lot of renos tell me.. the bigger money they reckon is more so in structural renos. Generally those type of properties have a much higher buy in price, close to or above the 1mil mark and inner ring type stuff, or so they tell me.
     
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  16. Joshwaaaa

    Joshwaaaa Well-Known Member

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    It's great for someone like me with little cash backing and just trying to get my start. The past 2 years of working my ass off has paid dividends for me.
     
  17. Johann_

    Johann_ Well-Known Member

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    Will do MTR - What part of Australia you live in? Last OCT we saw building cost...
     
  18. Tim86

    Tim86 Well-Known Member

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    Unfortunately sometimes you need your hands when your head screws everything up :)
     
  19. Sackie

    Sackie Well-Known Member

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    Yeah..they can provide some relief...
     
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  20. Biz

    Biz Well-Known Member

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    Think to yourself...what would Stephen Hawking or Frank Williams do?