How I had a house fully renovated in 7 days for $7,000.

[Nathan]

This is a house I bought some while ago (18-24 months). The tenants left the house and its time for a renovation. What does it need? Holes patched, walls painted, kitchen replaced, flooring replaced, bathroom updated, exterior painted.

What is the time frame? 7 days.

What is the budget $7,000.

Did it come in on schedule? Yes.

What is the result? An increased rent of $50pw and a newer looking product. This means $2500pa on a $7000 investment or a 35%pa return on investment (renovation).

My video is ordinary as I did not get a good night sleep with 1 degree weather and my builders who took all the blankets in a cold room. But were here to see the house so thats all good.

The video was half way through the reno but new pics will be uploaded soon.

Pictures -
http://binvested.com.au/7000-renovation-in-7-days-adding-50pw-extra-rent/

Video
Before - http://www.youtube.com/watch?v=luU-NJVHbYU&feature=related
After - http://www.youtube.com/watch?v=vD-RHYOZ59M

 

[china]

who is your builder?

How is this possible unless you are providing all the labour yourself?

Most reputable builders will not get out of bed for $7000. I would love to know who does all the building and manual work for you.

 

[Nathan]

Hi China,

Like any successful venture it all comes down to putting in the hard yards. I have a fluro jacket on that day, but dont be fooled, it is nice and clean because I didnt do any work at all

I had two labourers there and I paid them $2,000 each for the week this = $4000

Now looking at breif materials;
Kitchen $750
Tiles & Adhesive $178
Paint $110 x 3 + $40 = $370
Flooring $1000 (polished boards)
Misc $300
Vanity $180


These are approx prices, but as you can see materials and labour are two seperate things. It is a matter of purchasing your labour well and structuring your reno to maximise your value for money.

1 x day strip out
1 x day prep walls
3 x day paint paint paint
Downtime from paint tile
1 x day install kitchen
1 x day spare.

In same time frame the flooring guys polished the boards

 

[terrence]

Thought about re-sizing those photo's? haha

Nice work, thanks for putting up the breakdown of costs.

 

[reno]

Awesome Nathan, first time I've seen one of your videos.
I'll definitely be watching a few more!

 

[Nathan]

Thanks for the feedback everyone.

 

[sash]

It is certainly doable...about have an entire house renovated...the numbers follow:

1. Outside and inside painting
Labour - $3500.00
Paint, plaster, etc - $600.00

2. Kitchen
Cabinets, benchtop, kickboards - $2700.00
Appliances (range hood, oven, stove top) $800
Labour - $1500

3. Floor coverings (includes labour) -
Materials $2000
Labour - $1200

4. Light fittings, fans & electricians (includes stove connection) -
Maretials - $600.00
Labour - $700

5. Bathroom
Fittings - $1000
Labour - $ 2500

6. Outside clean, gardening, and rubbish removal - $1000.00

So all up about 19k. I bought the house for 207k....stamps and other costs are about 10k ....so all up about $238k.

After reno the house should be worth between $280-300k and rent for about $350pw.

Unlike Nathan...I am really lazy....I don't do any of the work myself. I only thing I do is swipe credit cards and transfer money.

How is this possible unless you are providing all the labour yourself?

Most reputable builders will not get out of bed for $7000. I would love to know who does all the building and manual work for you.

 

[Nathan]

But I dont touch the tools though Sash.....

I built 1 carcas for the kitchen set because I felt awkward standing around for a couple of hours I was there...

 

[BuildingBlocks]

Nathan, onto my ignore list you go. Every time I read one of your threads I feel lazy!

Good work mate

 

[Aaron_C]

Looks good.

 

[jonesy427]

just wish property investing was my full time job so i could be able to do this stuff.
and/or that my IPs were anywhere near me...

 

[Aaron_C]

well property investing is a bit of a catch 22 - most of the time you need a payg job to support your investment but having the payg job restricts what u can do

 

[Melbournian]

yeah you need to ge materials cheap.. and good labour too.

well done nathan.

 

[Melbournian]

well property investing is a bit of a catch 22 - most of the time you need a payg job to support your investment but having the payg job restricts what u can do

story of my life.

 

[Aaron_C]

dw man you will come out of it