Looking to partner with another motivated property investor

Discussion in 'Introductions' started by Lisalisalisalisayeah!, 28th Nov, 2019.

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  1. Lisalisalisalisayeah!

    Lisalisalisalisayeah! New Member

    Joined:
    28th Nov, 2019
    Posts:
    2
    Location:
    sydney, castle hill
    Hi guys

    Looking for someone who wants to go 'halvies' in a home renovation job, or would like to motivate and support each other in our separate ventures, encourage each other, i dunno, anything you like really, just to help me/and possibly you? get going

    I don't like working alone on my investments. I have great ideas and have been very successful but I still always psych myself out from taking new opportunities. So this is me putting myself out there to try to stop this cycle and hopefully, help someone else out there that needs a support network too.

    My husband is studying/not investment-minded so I can't work with him on this stuff, he's pretty cool though so i guess i'll still keep him :)

    Experience/training
    I have an adv dip in interior designing and just finished my MBA, worked in business for almost 20years.
    I've bought/sold 2 rental properties in Sydney before so i'm comfortable with the whole loan/buy/sell/market process. Haven't renovated before but have helped with some, studied it/general understanding of the basics and i'm the type that will try anything :) Obsessed with researching city plans and potential growth areas.... um yeah hopefully that's enough? lol.
     
    Codie likes this.
  2. Sackie

    Sackie Well-known cafe bum of the East Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    22,655
    Location:
    Vaucluse, Sydney.
    Welcome to PC Lisa. Lots of folks here have inspiring stories and journeys. Stick around and you'll learn lots and others can also learn from you.

    As an interior designer, do you have a favourite design style? :)

    Cheers
     
  3. willair

    willair Well-Known Member Premium Member

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    Location:
    ..Hong Kong Garden..HK..
    It's a pity you cant work with your Husband sometimes the best teams are formed one takes the lead the other follows ..
    Because the end after tax returns will be quite different in a 50/50 split ..Then from legal exit clauses upwards
    just to cover all the plan ''B'' that always surface hidden in every reno..
     
  4. The Y-man

    The Y-man Moderator Staff Member

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    18th Jun, 2015
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    Location:
    Melbourne
    You need to put a firm business/investment case up for "halves" thing (more formally a joint venture ~ JV). @willair has hinted at some of the complications - eg how will the project be funded, what sort of project it is etc etc etc,

    For example will it be:
    • buy/reno/sell
    • buy/reno/hold
    • just a reno job on someone else's property
    How will the work/costs/profits be split?
    What if one partner wants out early due to family emergencies?
    What if one partner goes bust and can't pay costs any more?

    The Y-man
     
  5. The Y-man

    The Y-man Moderator Staff Member

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    Location:
    Melbourne
    This one is a lot easier - this forum is a great place for that.

    The Y-man
     
    Lisalisalisalisayeah! likes this.
  6. KateSydney

    KateSydney Well-Known Member

    Joined:
    2nd Jan, 2019
    Posts:
    194
    Location:
    Seven Hills
    Welcome to the forum, Lisa.
    My husband is pretty cool also so I've kept him for 30 years.

    But I put the IPs in my name (tax!)

    You'll be lifted/motivated just from being on here, in my experience.
     
    Beano and Lisalisalisalisayeah! like this.
  7. skater

    skater Well-Known Member

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    Location:
    Sydney? Gold Coast?
    I'm trying not to be a downer here, but renovating and making a profit can be a hard task. Of course, it depends on what sort of project you are looking for, but from your post, I'm guessing that you would be employing tradies to do the work, which will eat into your profit. You also need to factor in your buy/sell costs, which can be quite high. Studying, and having a general understanding of the basics won't get you far & you say you have no experience. Interior designing is great, but it won't get the plumbing or the electrical done. It won't even help with the painting.


    Then there's the above from Y-Man. These are serious things that need to be considered before you run out with good intentions and sink money into a property.

    Why not start by renovating your own house? Get some hands on experience. Learn some skills so that you can do a good job on smaller items without having to use a tradie. Often the best skill to learn is to paint. Painting a house can make the world of difference if you can do a good job. Here's one we recently completed:
    https://www.realestate.com.au/sold/property-house-nsw-emerton-130727398
    https://www.realestate.com.au/sold/property-house-nsw-emerton-131579998
     
  8. Lisalisalisalisayeah!

    Lisalisalisalisayeah! New Member

    Joined:
    28th Nov, 2019
    Posts:
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    Location:
    sydney, castle hill
    Thanks everyone, awesome ideas i wasn't fully clear on, i understand why everyone gets turned off working with someone they don't know even with the best intensions.

    I guess from here i need to find someone who would let me work for free labour in exchange for me getting learning the skills to do things myself. Painting is key! yes i agree.

    maybe i can find someone on here that would let me do some work experience with them??? :) Otherwise with my husband out of the game, my only other option is to research upand coming areas and buy/hold
     
  9. TheRayTracer

    TheRayTracer Well-Known Member

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    21st Jun, 2015
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    Location:
    Melbourne
    It would be inspirational if you created an investor story post (even at the high level) with things such as what you looked for when starting this project, and some high level numbers, what where the sub projects - painting, mowing the lawn, light bathroom and kitchen refresh, and new floors to name a few. It's great to see a cosmetic reno reward you in just a few months.
     
  10. robboat

    robboat Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    172
    Location:
    Sunny Queensland
    Hi Lisa. Welcome to the forum.
    Lots of good experience here....that means people have actually "done it"...not just talked about it.
    Success and failures all add to experience - especially the failures.
    Read a lot of posts and learn from the experience...

    As @skater , @The Y-man and others have said - it's all often bloody hard work and you get half of what exactly....???
    Hard to get the balance between skill, funding and experience right...and then make a decent profit.

    You have already motivated yourself to post this - especially at 12:25am.....:p - so my suggestion is to spend time on Utube learning some basics of project planning and then all the little parts that follow to get the job done....it takes thought, planning, time and commitment.
    (If you have lots of money you can pay other people to do this part for you...but you learn little.)

    And then you can go looking for a project.....;)
    Good luck!
     
  11. KateSydney

    KateSydney Well-Known Member

    Joined:
    2nd Jan, 2019
    Posts:
    194
    Location:
    Seven Hills
    @skater has given us quite a few details over the years. I love this example because its an illustration of what people could be doing if they could see the potential in cheap places

    You can't make money in Western Sydney.
     
    Sackie, skater and TheRayTracer like this.
  12. skater

    skater Well-Known Member

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    Location:
    Sydney? Gold Coast?
    Thankyou for your kind words @KateSydney . There are a number of threads of things that you can do to cheaply get 'bang for your buck', from several posters. I usually target the low priced areas & don't overcapitalise. If you can learn to do a good (and I mean GOOD) paint job, you are halfway there.

    With the latest reno's we've sourced some free building materials as well. I got a pallet of tiles free off of marketplace, some floating floorboards as well. A friend's mother likes to potter around in the garden & we got a heap of established plants for free as well.
     
  13. VanillaSlice

    VanillaSlice Well-Known Member

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    7th Jul, 2017
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    Location:
    Melbourne
    The painting looks great, especially the exterior paint over the brick work !!!

    The light shades also look very good ! Where can they be purchased ?

     
  14. skater

    skater Well-Known Member

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    18th Jun, 2015
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    8,667
    Location:
    Sydney? Gold Coast?
    Thankyou, the ligts were from Ebay! Very cheap.
     

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