Renovating from another state

[new2this]

Hey Guys,

I am new to property investing and am currently looking for my second IP,
I have found a bargain property that i believe is in a good regional area with economic vibrancy and a bright future.
The problem being it needs new kitchen, Bathroom, Floor coverings and a paintjob.
I can purchase the property and have renos done and i believe will instantly gain me 40k equity towards my next IP.
My problem is that i work in Arnhem Land and i wont be able to physically visit or supervise the renovations so im seeking advice from someone whos done this themselves as to things i should watch out for or just not do this at all.
any advice would be greatly appreciated.

Thanks for your time

 

[Propertunity]

Many interstate investors overcome this issue by finding a good Property Manager (PM) who wants the management of your property once renovated.

You can hire the PM to project manage the reno for you and he/she can use their own tradies that they use for all the other properties they manage.

 

[Giuseppe]

I have, remotely, renovated 3 properties in Hobart from Melbourne. The first was a Federation house. I went to hobart for 2 days after initially phoning trades people to cue up appointments and quotes. Once I decided on my tradies, the work began. I had to go down there every 4-6 weeks to check on progress as it was a complete renovation. It took 3 months and very nice results.
The second project was the development of an old (1835) convict built stable. I met with some architects whose work I respected and then decideded on one based on "vibe". The project went flawlessly: great architect, great builders and great results. It's do-able. And you can deduct 2 trips a year off your income!

 

[new2this]

Many interstate investors overcome this issue by finding a good Property Manager (PM) who wants the management of your property once renovated.

You can hire the PM to project manage the reno for you and he/she can use their own tradies that they use for all the other properties they manage.

Thanks for the advice, on ringing around several "property managers" I have found none that have actually done this before nor willing to try, do you have a name of company/companies you know that will?

Thanks again

 

[tgan]

Thanks for the advice, on ringing around several "property managers" I have found none that have actually done this before nor willing to try, do you have a name of company/companies you know that will?

Thanks again

Ask the property manager who will manage your property to help you source the trades. I am just in the middle of cosmetically upgrading a property that I settled on recently and the property manager from the same agency who sold the property was more that happy to get quotes on my behalf. I didn't just rely on her contacts only. I simply googled the trades I wanted in the area my property is in and organised for them to quote. Tradies are happy to pick up keys from agency and then return keys. Also you will find some tradies, eg, carpenter may have a mate who is a plumber and onother who is a tiler, and all of a sudden half your trades are organised and they can then work together. Good communication is the key and a good property manager who is aware of your plan and will offer support, but not necessarily co-ordinate it. Doing it remotely should work out if you have a good plan of action and time line and communicate this to all your trades.
Good luck,
Tegan