Hi All Just thought I would touch base with fellow PC members regarding this and perhaps ways that may assist others if renovating/developing interstate?? and my experience. Happy to hear from others and their experience I am from Perth but have had ongoing projects in QLD, Melb and Syd and at times has been challenging trying to manage these from Perth. Minor Renovations - upto $25,000 (Syd and Qld) I have used the assistance of property managers with these projects. They have provided quotes from various trades and then reviewed the work and emailed photos at various stages. I have also used a project manager for one project, unfortunately he underquoted the project. In future I would always get more many quotes/opinions etc Photos are always emailed, but for the price of an airfare I would recommend flying over to view. My Current Development North Melb - $1M+ I have engaged a builder, signed fixed contract, which includes liquated damages, which highlights estimated dates for stages. Have set up 1 day per week where I chat to my builder regarding any issues I need to discuss, this to date is working very well. Builder is emailing photos to me on a weekly basis, once again working very well. Went to Melb 2 weeks ago and made all the necessary selections tiles, etc. and spent a couple of hours with the builder discussing the project. Employed a qualified builder, who was recommended by my architect. The builder will provide a written report on all the critical stages of the build and also photos. Met up with him on my last Melb trip, he plans to visit the site often as he is in the area frequently. This is at a cost of $400 per site visit and $600 on final visit (4 critical stages). I will receive a comprehensive report and payment to the builder will only be made after I receive this report. Another option would be to employ a project manager, however this would of course be more costly, but I would also expect there would be far more hands on with a project manager. Development - Melb East - (Plans and Permits) This is an easiest by far.. Currently have my architect drawing plans for 5 townhouses to submit to local Council, this requires very little input on my part. The basic idea is to find the right designer/architect so you can maximise the potential of the block. We have had surveyor, and an arboriculture report to date and basically all I need to do is pay the various professionals. Can't get away from that one. Once the drawings are completed then I view them and perhaps get some input from local real estate agents, PC and then progress via Council. Hopefully this should be a relatively simple process. Basically employ the right people and you probably have a good chance of achieving a great outcome. I plan to fly to Melb over the next 6 months to catch up with various people and view my build, and of course will be enjoying the food culture while over there. So what has been your experience, or do you have any tips to share MTR
Nice work MTR. Seems like this property investing stuff is keeping u busy! I wish I could do this stuff full time...
