where is that light at the end of the tunnel??

Well my intent was to buy a unit in a small group ie 4-6 units and do a quick reno.....

But as I was looking for a unit, I came across one title of a duplex for sale. It was what I was looking for, needed a reno to bring it up to scratch for revalauiton and increase rental potential, after questioning the real estate agent on a few things, I found out that the vendor owned both titles, so I put in an offer to buy both titles with a 4 month delayed settlement on the 2nd title. The deposit for the 2nd title is what was meant to be my reno funds.

So to fund this reno, I have to go pay check to pay check, so 4 months on and it just seems that it will never end, I know that I have got a good investment in the long run, plus owning a duplex I have full control,

I am starting on the street appeal, so far I have removed two of the largest tress plus a few smaller ones at a cost of $1800. Have removed by hand 5 X 4m3 skips on concrete ( There was no garden or grass ) at a cost of approx $800 including a jack hammer and concrete saw ( haha you need no gym member ship after moving that much concrete ).... Also have got 4 X split system a/c for the bedrooms at a total cost of $355 each after cash back offer, just waiting on install. Next is getting in a landscaper to level, top soil and turf where the old concrete was...

It just seems that this will take forever, plus with my job I always seem to be working away at least for 2 weeks every month, then I have my daughter on weekends, I just cant see any light at the end of the tunnel....

The duplex is on the same street as a small shopping centre with a Foodworks, Newsagents, Book shop, Bottle O, Hair dressers, bakery, Ice skating ring and cinemas just 100m walk.
 
Ah yes, many of us know this story well.

Just like with any project, you need a very thorough project plan. Map everything out - walk through everything in your mind, on paper and on your computer. Work out where there are issues, where you fall short in time, funding, experience etc - then work out solutions to those issues. - one by one. That is the only way to attack it, otherwise weeks become months, and months... well, you know the story.
Don't lose heart, sounds like you've got yourself a great investment. Good things can sometimes take time.

"Bite off more than you can chew... then chew harder"

FS..
 
It just seems that this will take forever, plus with my job I always seem to be working away at least for 2 weeks every month, then I have my daughter on weekends, I just cant see any light at the end of the tunnel....
Burty,just take one day at a time,nothing happens overnight just stick to the plan,and look at the upside,you have a job,your investing in your own way,you have your Daughter to love and care for what else does a "Man"
want,ever day at 5 in the morning when the sun is just starting to come
up i say to myself ,This is going to be the best day of my life,it does not always work out that way,but it's my day..stay happy..willair..
 
Hang in there mate. It will be OK in the long run. Remember the old saying: winners never quit.....and quitters never win.

You mentioned its near an ice skating rink......I guess you need that in Townsville, a cheap way to keep cool!
 
mate - you'll look back and forget about the pain and effort and see $$$ and why you did it in the first place.

there's no better reward than one you've worked hard for. whinging is fine, sometimes they don't pan out they way they used to - but then, maybe you're goals for the property are too high. pulling out trees? why not just a bluddy good prune?

stay the course. you're in too deep now to pull out. roll those sleevs up and break on through.... to the other side....break on through....to the other side.....yeah.
 
Thanks guys and gurls...

I know nothing ever happens over night, as much as we like it to tho lol...

The plan is slowly coming together, and I did expect things to happen a little fasted, I did plan this to take a while, but at this rate who knows when it will be done lol....

Its just a few things that that happen happen between settlement and now that have slowed things down quite a lot ie new partner with children, work tempo increased, car broken down every 10 mins and now have my daughter full time as apposed to weekends... all this seems to be taking my time up instead of working on the reno...

Now for all of them parents out there that have done a reno with young children, I have a 2yr old and my partner has a 2 and 5yr old. So 3 young children running amok in the place that im trying to do up, I spend more time cleaning and chasing kids around my house than fixing it up lol :confused:

But new plan is to move a few things back into my partners old place for a few months and stay there so that I can work on the place and not worry about the mud pies and endless cleaning that the kids make :D

Hopefully this will speed things up and lower my stress levels back to normal lol
 
Mate get a nice list of stuff that needs doing and just work through it. It feels good to cross stuff off the list. Helps the sanity.

Take heart, we have done similar, bought a large house with 2 kitchens, 2 bathrooms, 5 bedrooms. Floor plan just happens to look like a 2 bed house and a 3 bed house. split them at the garage, add a carport to the other end. It's taken 12months so far, just about to list the 2 bed unit with double garage. Missed out on $20k of rent. We thought the 2bed unit might list around $240 agents have come back around $265, depends on selling price but we might have made the rent back even though it has taken longer than expected. Just keep following the plan the end will be worth it, and might surprise you. Got council approval as well.:)

Cheers
Graeme
 
Get the new partner and her kids involved in it. Make it an extended family project. In that way you can all enjoy the process and bond through working hard together to deliver the outcome.

My wife and I built our PPOR on a battle-axe block with no street access. Had to carry everything up there ourselves. Got a builder to do it to lock-up then we did the rest. My 2YO son was actively involved at the time. Got some great photos of him "helping" me to lay the tongue and groove blackbutt throughout the house.

Was a massive ordeal but we DID get there in the end, and now that property is the backbone of our portfolio.

It'll work out and you'll look back fondly at how much you achieved and how much effort you expended to do so.

Cheers,
Michael
 
I feel for you too burty, but trying to reno with a couple of 2 yr olds running around the site must certainly treble the usual degree of difficulty. If you are holding a big mortgage to keep these properties then time is money. I suggest that you do make that "To Do" list but also write down how long some the stuff will realistically take you on your own. One lesson I learned from our first reno was not to underestimate the timeframe. It took me probably 3 times the time to do the tiling as it would have taken a professional & you know what? Sometimes it's not that exxy to pay people to do some stuff for you. Especially if you find a handyman out of the local paper. This could convert to months saved - and therefore $ in the long run. Be wary of false-economising. Good luck!
 
We've pegged just over 2 years for our big reno. We're living in it because the location is just too good to pass over, despite the market rent for it being considerably higher than the payments on both our mortgages combined. The bulk is done so the next year is almost entirely going to be outside landscaping (so the house still looks pretty ordinary from the outside and fantastic inside).

We are subdividing it entirely with our own money by saving about $1000 a month, which was *supposed* to be paid for by my old house selling. Which, of course, hasn't sold so now it is sitting up for rent ...

... should write an e-book on "extreme low budget investing and sweat equity 101" or something :D . And all this because I bought a house for $25,000 a few years back ...
 
There is a 95% mortgage on the place, but in the current market its cheaper to live here then rent at the moment, but it really does make it a lot harder to work on the house when you have up to 5 ppl in a 2beder unit lol....
 
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