This is also what making $50k in 2 months look like.....
Is it still possible to make money in the current real estate market?
YES! And not to blow my own whistle but those who have read my FB posts, blogs or spoken to me will know that I see real estate as a wealth creation tool, and I get pretty excited about it – whether it’s someone else or myself doing it!
Property Wealth creation is like any other wealth creation journey, you do make a few mistakes along the way however the most important aspect of property is that you have more control over its value then say shares (ask me, I have those too!)
When purchasing property to renovate (and therefore make money), it’s important to be honest with your capabilities but also be willing to take calculated risks. Let me explain;
· When I first started buying property 20 years ago, I couldn’t hang a door or build a fence however I knew this was along term journey so I’d hire guys to build fences in those early years that would let me help on the job – fast forward and now I build my own fences.
· Let’s talk about kitchens, I know I’ve still got lots to learn so I keep getting the professionals in to build those parts of the renovations.
· We only look at cosmetic renovations and nothing structural ‘cause that’s not in my capabilities therefore likely to blow up the budget – so take a risk on painting the property or building a garden!
Purchased in June 2021, right in the middle of the property market going a little crazy, this duplex is located in the upper area of Woree.
· Purchase price = $385,000
· Total Renovations = $40,000
· Revalued on completion = $475,000 (a paid service by a valuation company)
Total profit = $50,000
You may think that I knew about this property, but I want to let you in on a fact – Nope! I had to line up like everyone else, put in my best offer, get knocked back and then have another crack when the property fell over with the other buyer.
The main reason for writing this article is to share not only the journey, but that I play on the same field as you. I’d love to share my formulas and what aspects I look for when it comes to making money in property.
It’s a cracker this one – fun to work on such a blank canvas!