They succeeded once. Now they're trying it again in today's market.
In 2014, Russell and Heather took on their 1st renovating for profit project in Melbourne (prior to this they had put off investing for over 25 years).
The result: Over $62,000 of profit in just 16 days!
Now it's time for #2. They are trying to repeat their good fortune, this time in Brisbane. Follow as Russell attempts to transform this rundown property in under 6 weeks with a budget of only $15,000!
An Introduction To The Project
Today we got underway and found a few problems straight away. I have had some asbestos was removed by specialists which was good to get out of the way early. We had the plumbers come in and reroute the pipes so we could prepare to get ready to tile and redo the bathroom soon.
The floorboards have now been stripped in the main bedroom and the painting has started. And the horrible green wallpaper was removed from the kitchen. We also noticed the walls were yellow because of smoke, but that will soon be fixed.
Problem With Splash-back In Kitchen
The kitchen is reasonably new, but the splash-back between the two cupboards had masonite sheeting... so I can't tile over that.
I was going to cut this out and use wall sheet, but unfortunately I don't time to do that... so I will need to use an acrylic splash-back instead.
Lots Of Debris To Dispose Of
There are a couple of trees outside the house we don't like, and these will need to go. So we are starting to cut them down.
We also noticed we've ended up with a lot of debris that will need to be removed as well. Luckily the neighbours have offered me some tip tickets to dispose of the rubbish. Otherwise it would have been quite expensive.
Graffiti In The Basement
There is a room under the verandah, which I guess you could call a basement. The problem is the kids that lived there previously have left a lot of graffiti in there, and it will need to be cleaned off.
Bookmark this page. Each week a new post from Russell will be added.
Russell did it once in Preston in Melbourne and now he is doing it again in Boondall Brisbane. So how to he find out where to buy? What areas would have the best chance of capital growth for his renovation? Learn how to systematically find, buy, and profit from investment properties in high growth areas.
Links to all posts in this Real Life Reno series:-
Blog Post #1 (you're here!)
Blog Post #2
Blog Post #3
Blog Post #4
Blog Post #5
Blog Post #6
Blog Post #7
Blog Post #8
Blog Post #9
Blog Post #10
Blog Post #11
Blog Post #12
Real Life Reno: Completed!
Real Life Reno: Photos from the finished project
Can you afford to buy in this suburb? Find out how much you can borrow
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