8 Steps to Renovating for Profit | BONUS Podcast

This week 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: -

1. Increasing the rental return and therefore yield of your investment property
2. Increasing the aesthetic appeal of the property and thereby attracting a wider tenant pool and often a better-quality tenant.
3. Increasing your depreciation allowances.
4. "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

1. Why – what is your reason
2. Preparation - finance & structures
3. Where? Research target areas–due location diligence
4. What - Find a property with value add potential – due diligence analyze
5. Purchase – at "wholesale"
6. Plan & Budget – consider your target market and end values
7. The renovation process – create a higher and better use
8. 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:

My Property Renovations and Development Workshop