Operation Cochrane

[willair]

Still Im having fun!

RJ

RJ, i hope it works out for you,and when you think after the state election
if they scrap s/d on property up to 300k then you may well see more
first home buyers come into the market,and with a quality reno like yours
you may just time it right.......
good luck willair.
not sure if this will help with the kitchen, but i was at the auctions last week and several euro style glass splash/backs were going for less than 50 bucks per panel.

 

[ok180]

well done mate, the kitchen looks fantastic!!

 

[Ace in the Hole]

Good job on the kitchen.

I can see you have 2 downlights, will you be putting anymore in or is that bright enough?


Good luck with the rest.

 

[rj]

Good job on the kitchen.

I can see you have 2 downlights, will you be putting anymore in or is that bright enough?


Good luck with the rest.

Theres actually 3. The other one is cut off in the shot. They look great but I have some concerns about the amount of light they produce. Also, they cast shadows which is a nuisance to work in.

RJ

 

[skater]

Downlights don't emit a lot of light. To get a really good effect you need to put a lot in. The ones I have at home I can adjust the angle so that I don't get any shadows.

 

[rj]

Downlights don't emit a lot of light. To get a really good effect you need to put a lot in. The ones I have at home I can adjust the angle so that I don't get any shadows.

Yeah these ones angle too - but still I have a feeling there is inadequate lighting.

RJ

 

[Mike F]

Yeah these ones angle too - but still I have a feeling there is inadequate lighting.

RJ

Won't matter so much when it is sold...

Mike

 

[skater]

Yeah these ones angle too - but still I have a feeling there is inadequate lighting.

RJ

Looking at your picture, I would have put in double (or more) the amount of downlights. I have to admit, though, I'm cheating a little, as Hubby is an electrician by trade, & if I don't like something I can just get him to redo it at no cost.

Mike is right, though. Since you are selling it, then it won't effect you, just something to remember for next time.

 

[GIDDO]

bump

From 4/7/06

"we" as in myself and my friend lyn. I cant do it all alone!

It will be a buy and onsell. 3 month timeframe (fingers crossed)

Thanks for looking!

RJ

Ok Duncan,
Here are some more accurate figures.

Stamp duty - $4000 (Stamp duty was reduced due to first time property buyer) PPOR
Legals - $1200
Buying/Selling costs - $3000
Renovation - $12,000
Holding costs - $3,600 (3 months at $300 weekly at 6.8%)

I have a close friend Lyn that works within the real estate industry hence the dramatic reduction in costs.

That equates to roughly $228,000 total expenditure.

If I cant sell this house for a profit, I will personally run through Brisbane Mall naked wearing nothing more than a smile.

I will stand by that comment too.

RJ

Hey John,

These posts are dated 4/7/06. Three months ago I think.
How is it going?

Maybe an update on the figures is now in order.

I thought you were very brave posting all the gory details on somersoft, but now it is time for me to find out just how brave you were??

 

[rj]

Hey champ,
Yes I have been a bit slack havent I?

Im still kicking **** down at the house. Ive finished the kitchen install, all of the lights are in, the internal walls painted. Everything in the bathroom is being prepared for tiling. Had to redo the bath frame as the new bath didnt quite fit the existing frame. That was fun!

Got the new bath in. Resheeted some sections of the bathroom with new villa board. Have now waterproofed and rebedded the bathroom floor as we are going a hopless shower.

Have purchased new taps and fittings including a new vanity which will go in once the tiling is completed. Had to get a plumber in to lift the floor waste to allow for the new height in the floor and also got him to fix some dodgy plumbing under the bath. I repositioned the floor waste in the shower to accommodate the new larger tiles and had a glazier in fitting new entrance glass and fixing some broken windows.

Were almost ready to rock and roll outside!

I havent bothered posting up any new photos as the stuff that has been taking place is pretty damn boring to be honest.

At this point our budget is probably just over having spent around $11,000. Not too bad though considering the inside of the house is almost finished.

Will post up some photos tomorrow for everyone.

RJ

 

[GIDDO]

Hey champ,
villa board. Have now waterproofed and rebedded the bathroom floor as we are going a hopless shower.

edited
At this point our budget is probably just over having spent around $11,000. Not too bad though considering the inside of the house is almost finished.

Will post up some photos tomorrow for everyone.

RJ

a hopless shower. - Sounds like an ordinary shower Johnny.

Good answers, and I look forward to the photos.

$11,000 sounds not too bad.

What will you need to sell it for to avoid nudeness in Queen St Mall??

 

[rj]

a hopless shower. - Sounds like an ordinary shower Johnny.

Good answers, and I look forward to the photos.

$11,000 sounds not too bad.

What will you need to sell it for to avoid nudeness in Queen St Mall??

Err the shower doesnt have a base? As in a frame. Not quite sure what you are getting at there?

Im not going into figures at this point yet. Its still too early.

RJ

 

[Merovingian]

Hiya,

I'm curious as to how the renovation numbers were calculated, when analysing the deal.

i.e. Did you use any of these methods?

Did you envisage what the property would be worth once completed, (whether you're selling or letting it out), and subtract the property price, purchasing costs, renovating costs, holding costs during the renovation, to come to the potential profit margin?

Did you calculate the profit margin you wanted to achieve, plus all the other costs including the potential renovated property value, to derive the purchase price to aim for?

Or some other method?

Just curious as to how you, and others, do it.

 

[rj]

Hiya,

I'm curious as to how the renovation numbers were calculated, when analysing the deal.

i.e. Did you use any of these methods?

Did you envisage what the property would be worth once completed, (whether you're selling or letting it out), and subtract the property price, purchasing costs, renovating costs, holding costs during the renovation, to come to the potential profit margin?

Did you calculate the profit margin you wanted to achieve, plus all the other costs including the potential renovated property value, to derive the purchase price to aim for?

Or some other method?

Just curious as to how you, and others, do it.

I cheated

Just kidding. No its a JV with a good friend of mine Lyn. Guess what? She works in realty - has sold properties in the area for over 8 years. She is very knowledgeable in the areas of Springfield Lakes, Camira, and Springfield.

As for analysis, it was calculated on the back of some junk mail in the kitchen using a Nikko pen.

Ok $205,000 for the house, approximately $15,000 for renovations - mate this house could sell in the high $200's

We kept it simple, saw an opportunity and went for it.

Thats it.

RJ

 

[Jamie]

It will be a buy and onsell. 3 month timeframe

Now its past the 3 month timeframe and you're still renovating, whats the backup plan?

Interested to see how you go.

Jamie.

 

[rj]

Now its past the 3 month timeframe and you're still renovating, whats the backup plan?

To keep renovating.

RJ

 

[rj]

Moderators either close this thread or delete it. With the constant cynical comments and discouraging remarks made on this site I have made the decision that I am no longer interested in sharing any further information about this renovation.

RJ

 

[Peter Spann]

RJ – for the moderators to do what you ask would be silly of them and counter productive. It would bring to an end a thread that has been entertaining, educative and very interesting.

For somebody who has come into his fair share of criticism in here I suggest to you that you take Donald Trump’s advice - think of it as an accomplishment – if people didn’t find you interesting enough for public consumption they wouldn’t be taking the time to criticise you.
He goes on to suggest the following approach:
▪ Keep critics in perspective
▪ Consider the source – should this person’s opinion even matter?
▪ If it does matter – what can be learnt?
▪ Consider the basis of their criticism – is it…
▫ Emotionally based – emotion is rarely useful in the area of success;
▫ Based on their past failures;
▫ Lack of understanding (of your outcome goals or processes);
▫ Conventional thinking – innovators will always be criticised…
▪ In which case you should ignore it, or is it based on…
▫ Logic (which is not always useful in a creative environment);
▫ Realities of the situation
▪ In which case you should…
▪ Consider your (emotional) response – is this appropriate and proportional to the criticism
▪ Look for the nuggets (what learning’s there are for you) – discard the rest

Do not allow yourself to be intimidated by “experts” or others’ opinions – never be afraid of looking stupid and stop asking questions because of it – don’t give away your power.

And finally a saying I repeat to myself often… “Your opinion of me is none of my business.”

 

[Bandita]

Hi RJ,

I know you may be frustrated, but please don't stop posting your experiences!! I've been following your thread with great interest, and think it's fantastic when you (and others) post all the knitty gritty of reno's - such great learning for everyone!

Your reno might be taking longer than originally anticipated - but who's doesn't!? Your posts have been a real eye-opener into whats really involved in a reno!

Keep it up!!

Cheers,
Jen

 

[ani]

Hi RJ

It is your first reno and you said yourself that you were doing it mainly for the experience. For people that have never done a reno this thread is a good learning tool.

What you are taking as cynical and discouraging comments, I'd take as constructive advice from people that have done a few renos.

Do you want us all to say "Great RJ, you will do it in half the time, sell it easily and make heaps of money" ?

Would that help anyone?

Holding costs have increased since you are over the 3 months planned. I think it is a fair question to ask what the plan is now. Do you have a revised finish date?

Don't take it personally!