Welcome to Renovating Made Easy, where I teach frustrated property investors to gain the confidence to Renovate for Profit.
I’m on a mission to take the fear out of renovating - to make renovating fun, profitable and easy.
I understand the anxious feeling of thinking you're paying too much for a property, which can turn into paralysis that you're getting it completely wrong.
So I’ve made it my mission to help others “get it right” through my LIVE renovation workshops, my Online Flipping Houses Course and this RU-vid channel.
Browse through the videos here on the channel for free tutorials on Suburb Research, carrying out Feasibilities, choosing What To Do in Your Renovation, and so much more!
Remember to ask questions in the comments to receive insightful answers from me.
To download your FREE “Finding Your Flipping Patch” Roadmap, click here. www.renovatingmadeeasy.com.au/freebies/
Hi Stephen. Do you mean, when you search on realestate.com.au that you can't find any properties listed for sale in that suburb? Yet, there were a number sold over the past year in the magazine data? If so, perhaps contact the local area agents directly, to see what they might have coming up. It sounds like a suburb that would be in hot demand...
@@stephennjuguna315 Great question. Once you've found a suburb that's of interest to you, introduce yourself to local agents, let them know that you're a serious buyer and tell them what you're looking for specifically. You will need to have done your suburb research first, so that they know you're willing to put in some effort yourself. Then you can ask more educated questions, based on what comes up for you in your suburb research. So, there's no standard set of questions. Just practice having the conversations and you will start to learn what feels right. 🙂
Unfortunately things change quite quickly online. This video is 4 years old now, but hopefully still gives you some ideas about keyword searching to help you find your next project 😊
Thank you. I'm sorry but I don't offer project management services. I could potentially help guide you if you wanted to purchase an investment property in Perth. Otherwise, my online "Renovate for Profit" course will be available next year. Let me know if any of that is of interest to you.
@@renovatingmadeeasy543 Thanks for reply, I have bought investment properties in Perth, one need full cosmetic reno next year around September. So take the course is best option?
@@gegary3519 Yes, I think doing the renovation course early next year will help you to get very clear on what you need to do in your renovation and how much you should spend. That way you can guide your project manager (or trades, if you manage it yourself remotely) to get the best financial outcome. I'll keep you posted once the course is live.
Julie, I watched every video on this project and thoroughly enjoyed it. I have not seen this level of detail in any ILRE video, tv show, or YT video. Well done. I think you have a talent for presenting this type of info for an Aus audience. I say that because I was engaged the whole way through.
Do you think Jurien bay will grow in 10-15 years' time in price and population and do you know if the masterplan they have for jurien will go ahead, from what i have heard they are trying to turn this into the likes of how Dunsborough is down south into the future, I was thinking to buy to hold and buy 2 blocks of land
Hi Mark. I don't think people can accurately make long-term predictions right now. Any property purchase needs to consider your own financial situation, your risk profile and your longer-term goals. I like to include my gut feeling into that list too. Jurien is a beautiful spot so it could be great for real estate prices if that masterplan went ahead. But who really knows 🤔
Thanks for the video. We brought a block of land in O'Connell St Hamilton Hill at the end of 2017 for an absolute bargin for a 300m2 block. We are Tasmanian's who are currently living in South Hobart, Tasmania (beautiful area) and we are just about to relocate to Perth, Western Australia. We intend on building a house in the next 12-18 months on our block of land in Hamilton Hill. It is a beautiful area and we are looking forward to living there in the future!
Hi John. Good question. By forming good relationships with local real estate agents, you often find out about people who are in mortgage distress. It could be a good idea to tell the real estate agents that you can help the property owners improve the value of the property, therefore creating a higher sales commission for the agent and a better outcome for the seller. If you want to take over their mortgage, you will want to make sure you have very good legal documents in place. You can then view the court lists to see if a bank is taking an individual to court but, as I said, your legal team needs to be good. I hope that helps.
@@renovatingmadeeasy543 Thanks for the info ,,DG institute states great results from mortgagee homes but of course they limit information unless you pay 6,500 ,,,have you heard of them and there strategy,, reviews are very good
@@johnsmiley3671 Yes, as far as I know, Dominique is the only one in Australia who teaches this strategy. If you can, see if you can make contact with any students to ask their opinion, as I haven't personally done the course.
Thanks for the information I've tried using the census stats before but now that we've just recently completed a 2021 census the information will be more recent. It's hard to find quality free sites to do market research on of course if you pay you can get good information. The two indicators I was told to look out for in the census was population growth and wage growth. Keep up the good work 😷👍
Great video! I have subscribed :), what I would have liked to know is , what actually is the benefits of a mortgagee sale vs traditional sale? More leverage with the bank who had possession? Thanks
Great question Michael. Sometimes it's possible to purchase a mortgagee in possession property under market value, particularly if the bank is keen to move it on. This can work in your favour when there is less competition in the market. In a hot market, there might not be any benefit of buying a mortgagee vs a traditional sale as there are plenty of buyers competing for properties. It's always a matter of gauging the market and looking for opportunities...
Thanks for sharing that with me im interested to try this when buying my next investment property. On average how much of a discount can you get from market price? Are there any special requirements the seller wants as far as financing is concerned? And I am assuming that when I go to the bank for money that would treat this like any other property is that right? I hope I'm not bothering you with too many questions
Hi Steve. Great questions! There is no average discount on market price as each property is individual and it really depends on the condition of the property and the competition from other buyers. I can only comment on what I've seen in Perth but usually the auction terms are $10,000 deposit and settlement within 30 days. They are usually sold on an as-is, where-is basis at auction, so you can't really add in your own terms. Sometimes the mortgagee sales are sold by private treaty where you can add whatever terms you like - you just need to be mindful that your best chance of securing the sale is to give them what they want in terms of a quick sale, or large deposit, etc. Yes, if you are borrowing to purchase the property, the bank would do a valuation as per any other type of property purchase. The main benefit with searching for mortgagee sales is that they are often not appealing to owner occupiers and the auction terms can limit the competition. If there are no other offers on a property, your chances of purchasing it for the price you want, are greater. Hope that helps!
@@renovatingmadeeasy543 awesome thanks for answering my question and giving your time. Are you finding W.A. has some good buying opportunities atm? Is this due to the mining slow down?
@@Apriliasteve1 It depends on your strategy. If you're wanting to buy and hold for future capital growth, there's some bargains in great locations to be had. If you're wanting to flip in the same market, it's a bit trickier. Yes, it's due to the mining slow down and alot of people moving away from WA. Some areas are definitely starting to pick up now though, but you have to do your due diligence.
@@renovatingmadeeasy543 thanks for the tip if I was going to buy over there I would need to get a buyers agent. I am more focused on cashflow properties atm of course it's great if you can get capital growth as well. Are the strongest cashflow properties in the city and are rents increasing with property prices?
I don't understand. How is it a better deal? Doesn't the auction just sell to the highest bidder and the bidders are the same as for non-mortgagee properties?
You're right, the auction does sell to the highest bidder and the bidders are the same as for non-mortgagee properties. In Perth, most properties are sold through an offer and acceptance contract as many buyers can't meet the auction terms. If you are in a position to purchase at a mortgagee auction, and the property does not look appealing to owner/occupiers, you have a much better chance of being able to pick up a bargain as there is less competition. Naturally, everything would need to fall into place for you to achieve that but targeting mortgagee properties can be a good place to start.
