Hi all first post.
Ive worked for myself for 20 years in the home improvement industry. Bought and sold 2 homes and made a dumb decision 10 yrs ago to rent and live well instead of invest. Due to medical stuff I havent had an income for 12 months so a loan isnt really an option. Im a carpenter with extensive skills in renovating, basically I can and do, do it all from gyprock, tiling to metal roofing and everything in between. I generally work to a higher standard but basic, if you know what I mean. When I do a reno my goal is to get the house to the standard of your basic project home, I often see renos where the people just paint over 50 years of old paint on skirting edges etc where I would rather just spend the extra couple of hundred dollars and a day or so replacing the skirts.
Im fully aware of building costs but also know how to buy materials very cheap. So I guess im asking how do you work out the finished sale budget so you have a better idea of what should be your initial purchase price. I have no drama working out my reno cost but its my initial and sale price im nervy about.
Also am I dreaming if I think I can do it with 100k and no banks.
Sorry for long post but background is important lol
So im looking into buying dumps and fixing to resell with the view of building wealth. I would be looking at using a portion of profit to pay life bills, which are small and the remainder of profit to continue growing wealth by buying selling increasingly higher value properties.
So ive got 100k cash as my start up and have been looking around at rural towns, wellington in paticular
Ive worked for myself for 20 years in the home improvement industry. Bought and sold 2 homes and made a dumb decision 10 yrs ago to rent and live well instead of invest. Due to medical stuff I havent had an income for 12 months so a loan isnt really an option. Im a carpenter with extensive skills in renovating, basically I can and do, do it all from gyprock, tiling to metal roofing and everything in between. I generally work to a higher standard but basic, if you know what I mean. When I do a reno my goal is to get the house to the standard of your basic project home, I often see renos where the people just paint over 50 years of old paint on skirting edges etc where I would rather just spend the extra couple of hundred dollars and a day or so replacing the skirts.
Im fully aware of building costs but also know how to buy materials very cheap. So I guess im asking how do you work out the finished sale budget so you have a better idea of what should be your initial purchase price. I have no drama working out my reno cost but its my initial and sale price im nervy about.
Also am I dreaming if I think I can do it with 100k and no banks.
Sorry for long post but background is important lol
So im looking into buying dumps and fixing to resell with the view of building wealth. I would be looking at using a portion of profit to pay life bills, which are small and the remainder of profit to continue growing wealth by buying selling increasingly higher value properties.
So ive got 100k cash as my start up and have been looking around at rural towns, wellington in paticular