BONUS: 8_ Steps_ to_ profitable_renovations .mp3
Property Investment & Wealth Creation Australia | The Michael Yardney Podcast · Michael Yardney 894074
August 7, 201730m 9s
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Show Notes
In this special podcast I explain How to Profit from Renovations in the current property markets.
Listen as I discuss:
- My 8 step process for profiting from renovations.
- 5 tips for successful renovations
- Why renovations make sense in today's property market
- The one thing that many renovations courses teach that is patently incorrect.
I explain the 4 big benefits of renovations: -
- Increasing the rental return and therefore yield of your investment property
- Increasing the aesthetic appeal of the property and thereby attracting a wider tenant pool and often a better-quality tenant.
- Increasing your depreciation allowances.
- "Manufacturing" capital growth thereby increasing the overall value of your property, even in a flat market.
I also walk through my 8 Step renovation process
- Why – what is your reason
- Preparation - finance & structures
- Where? Research target areas–due location diligence
- What - Find a property with value add potential – due diligence analyze
- Purchase – at "wholesale"
- Plan & Budget – consider your target market and end values
- The renovation process – create a higher and better use
- Post Renovation – my preferred strategy is lease, refinance and repeat
Watch out next week for the second of this 2 part series where I discuss the 9 Step Property Development Process
Links: