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$25,000 profit from a 16 day renovation! “We are on fire!!!”
For Russell and Heather from Victoria, the jump into becoming successful property investors took some time, over 25 years in fact… In today’s episode we explore their breakthrough strategic renovation in Melbourne and hear valuable tips for investing faster using renovation…
SHOW NOTES
1:40 Meet our episode guest, Russell
2:35 A practical application of the Trident strategy
3:18 How a change in mindset played a crucial role in taking action
4:35 On location: Russell on choosing the suburb and property
4:50 The Dot Map and the other criteria Russell used in choosing a property
5:50 Russell’s first impression on the property and how he underwent an attitude re-adjustment.
7:30 The ups and downs of the offer process
9:06 How the local industry in an area affected the value of a property
11:00 The property inspection and work that needed to be done
13:00 DIY to save costs and knowing when it is time to hire for help
16:30 Walkthrough inside of the house and description of work carried out
17:11 How to use a false ceiling to cover cracks
18:40 Restumping a floor that was damaged by a water leak
21:21 How to deal with lath and plaster
24:15 Renovation decisions on a dated bathroom
29:11 Russell shares how they finally got their first investment property and what prevented them from doing it sooner
29:50 The fears and the worries that prevented Russell from taking action
30:25 The tipping point
30:55 How educating yourself first plays a crucial role in your property investment journey
33:00 The figures!
36:00 How low vacancy rates help in acquiring tenants faster
36:55 Ray’s advice for someone starting out today
37:30 Jane and John recap
“We look, never commit. We were just too scared to do it.” – Russel Berndt
“Enough is enough. We’re going to change and we’re doing it now.” – Russel Berndt
“I don’t know what I was scared of before, but now we’re ready to get a go on it again. We’re on fire!” – Russel Berndt
RESOURCES AND LINKS
- Russell and Heather renovation feature in API magazine
- Description of Lath and Plaster on Wikipedia
ALSO MENTIONED
- Jane’s renovation case study in Australian Property Investor Magazine (August 2016)
TWEETABLES
[bctt tweet=”$25k profit from 16 day renovation! “We are on fire!!!” says Russell”]
[bctt tweet=”A lovely story of an ordinary couple on their first property investment…“]
