Renovation information and courses

[ChrisA1]

Hi everyone

I am in a bit of a dilemma with moving forward in renos and as such I am looking into renovation courses and information.

From my reading, I have found that Dean and Elise Parker have a comprehensive pack available, Cherie Barber has her information packs and courses and Jane Slack-Smith has (had??) books and courses available (I am not sure if Jane is still selling her packs and/or holds courses as she appears to have moved into the brokering game - http://yourpropertysuccess.com.au/your-property-success-products/).

I am interested in Dean’s renovation pack as it takes the reader through all steps from sourcing the deal through to the renovation and Cherie’s courses sound excellent. What I am thinking towards is a renovating ‘mentoring program’ to learn the fundamentals through the information and on-site seminars etc, then have ongoing contact so I could discuss options and walk through other renos to see understand their thinking processes (a three day course is great to get you fired up initially, however what happens two months down the track when looking at your own reno?? )

Appreciate any advice and comments, including how others developed their knowledge around what and how to renovate, including how to source sourcing materials and tradies to come out in front.

Has anyone bought Dean’s pack or attended Cherie’s courses – comments??

Many thanks,

 

[esh]

I have not attended Cherie Barbars, but a friend who has loved it. She provides step by step instructions, notes etc. Also provides all the templates, specific appliances, accessories,paint etc she uses.

I have heard some negative things about her but from what I have heard from this friend- course was great and well worth it. Maybe even check out some youtube videos of hers to get a feel of the things they may learn. Not sure if that helps.

Goodluck!

 

[Made_Man]

we have attended one of the classes at

http://www.theschoolofrenovating.com/

they are a husband and wife team and seem to know how to get things done. i found the day quite interesting as it gets held at the current property they have just completed. they show you photos of how it was and what it cost them to get to the finish stage. what i also find quite good is that they are more than happy to pass on any information they have.

the house we attended is
http://www.theschoolofrenovating.com/results/

the figures for the whole job not including holding costs, stamp duty, legal fees blah blah blah are: (just going to provide approx figures as i cant remember exactly what they are):

purchase price $850k
renovation cost: $220k
sell price $1.2xxM

 

[Rolf Latham]

I think you will Jane Slack Smith has been broking for a little while

www.investorschoice.com.au


ta
rolf

 

[alex9050]

we have attended one of the classes at

http://www.theschoolofrenovating.com/

they are a husband and wife team and seem to know how to get things done. i found the day quite interesting as it gets held at the current property they have just completed. they show you photos of how it was and what it cost them to get to the finish stage. what i also find quite good is that they are more than happy to pass on any information they have.

the house we attended is
http://www.theschoolofrenovating.com/results/

the figures for the whole job not including holding costs, stamp duty, legal fees blah blah blah are: (just going to provide approx figures as i cant remember exactly what they are):

purchase price $850k
renovation cost: $220k
sell price $1.2xxM

That sounds like a terrible renovation

 

[Made_Man]

That sounds like a terrible renovation

Really, can you explain why? i thought is wasn't to bad

 

[NickZed]

PP = $850k
SD = $33k
Legals = $2k
Reno costs = $220k
Int costs (on 80% LVR from Oct to May at 6%) = $20.5k

Total Costs: $1,125,000 ...BEFORE selling agents fees

Sale Price: Assume $1.25m.
Agents fees (at 2%) = $25k

Profit = $100,000.

Return on Costs = 8.88% [i.e. $100k/ $1.125m]...

Umm.....I would have thought something in the order of 20% Return on Costs would be worth the financial risks

 

[Made_Man]

PP = $850k
SD = $33k
Legals = $2k
Reno costs = $220k
Int costs (on 80% LVR from Oct to May at 6%) = $20.5k

Total Costs: $1,125,000 ...BEFORE selling agents fees

Sale Price: Assume $1.25m.
Agents fees (at 2%) = $25k

Profit = $100,000.

Return on Costs = 8.88% [i.e. $100k/ $1.125m]...

Umm.....I would have thought something in the order of 20% Return on Costs would be worth the financial risks

wow, i never really looked at the overall costs. they did speak about making 20% but i never sat down to work out if they did.

 

[ok180]

wow, i never really looked at the overall costs. they did speak about making 20% but i never sat down to work out if they did.

And that doesn't take into account the amount of physical time theh would have had to waste on the project, better off trying to buy under market value and flip it rather than do all that.

 

[Lost.Nomad]

And that doesn't take into account the amount of physical time theh would have had to waste on the project, better off trying to buy under market value and flip it rather than do all that.

NikZed/OK180, you make good point about the 8.8% return. It is indeed a very large investment for such a risk. But you also make finding a property that you can flip for a 20% return so easy to find.

How many properties have you been able to flip for such a great return?

Sometimes people have to go for the low hanging fruit, and at the end of the day it is still a 100k profit.

 

[Serendipitous]

NikZed/OK180, you make good point about the 8.8% return. It is indeed a very large investment for such a risk. But you also make finding a property that you can flip for a 20% return so easy to find.

How many properties have you been able to flip for such a great return?

Sometimes people have to go for the low hanging fruit, and at the end of the day it is still a 100k profit.

I guess it depends how much money you have and how well you can find these high yield projects. If you only have enough money for 1 reno a year, you would probably want to take the time to find a high yield project, making the biggest bang for your buck.

However if you have enough money to do many projects at one time, you probably wouldn't mind to take on lower yield projects as you will have enough money for other projects that have good returns anyway. I personally would still aim for high yield projects, regardless of how much money I have, unless all other options are exhausted.

 

[Dave - OGD]

If people are struggling with the 'what to do' part of their reno (as opposed to how to source the property etc.) then they could look at getting a Renovation Action Plan as a solution. I know Jane Eyles-Benn​ett of Hotspace Consultants offers custom made renovation guides offering site specific renovation guidelines to help you.
Cost is approx $1600 from memory.

Another option to consider.