在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m
Im new to the forum so I welcome anyone who can pass on some threads that will let me know some reading I can do.
I have been working for a company for 3 years and 15years before that another company. Im sick of playing puppet to other people when Im sure I can do better things with my time for our future.
I have a very good knowlege of the building trade and have many many trade contacts and have reno 3 houses to date.
I have read many books etc, and my wish in the future is to go fulltime property investment and renovating.
I have a home we live in.
We have an investment property
Im looking to buy another investment property (or I might PPOR) that Im thinking I may buy and reno to sell to make some $$.
How do people fund the reno and purchase of the property EG wouldnt the Banks want a fulltime job to aprove finance??
Im looking in to going full time renos and property investment in the coming months/years, so long term if anyone has any experience with being full time doing this type of stuff love to hear your thoughts.
Have you done the numbers on your idea? Monthly cashflow, profit on flips, etc.
And yes you may struggle with finance unless you've got good cashflow from other sources.
For many of us having a job or business is what provides the cashflow for the investments.
Dont get me wrong this is along way from hitting real world yet, there is lots and lots of number crunching to come yet! Im just wondering how others have done it? Basicly making the transition from part time to full time investing and renovating for your prime income.
At the moment I would finance quite easy as I have fulltime employment but I know I can make better $$$ investing and renos.
Mooney73 said: ↑
Dont get me wrong this is along way from hitting real world yet, there is lots and lots of number crunching to come yet! Im just wondering how others have done it? Basicly making the transition from part time to full time investing and renovating for your prime income.building equity through property to invest into incoming producing assetts which creates your serviceability.
At the moment I would finance quite easy as I have fulltime employment but I know I can make better $$$ investing and renos.Click to expand...
btw i am not talking about me, this is what I have seen people do.
one of them posts on here keithj
Calling KeithJ !!!!!!!!
Does anyone know any threads, websites, books, I can start reading on this subject?
Try here for starters.
I've got this one bookmarked ..
Learning by doing
There are a lot of excellent books out there on property. Margaret Lomas has excellent ideas on cash flow. The Peebles Principles is an inspirational read on what you can do with drive and focus.
Then there’s the 1960’s classics How I Turned $1,000 into Three Million in Real Estate in my Spare Time by William Nickerson. And the 1980’s classic by Albert Lowry How You Become Financially Independent by Investing in Real Estate. There are many more recent books that are based on these two books.
Bottom line is that to do well you need select an area that really grabs you, a niche; then find out as much about this area as possible. Maybe it’s renovating terrace houses in a section of Melbourne or green field residential subdivisions in a specific location or industrial development.
Read every book & magazine you can get your hands on in the area of your interest. Talk to people that are doing what you want to do, attend seminars, hang out with like minded people. There are heaps of resources out there. Some are excellent, some not so good. Remember you are not after information, you are after knowledge & that’s a big difference.
Most of all be clear about where you are doing & take consistent action in that direction. Learning by doing is an excellent teacher. Don’t just dream & sit on the fence. Jump in & live the dream.