In this captivating episode, Bernadette Janson, founder of The School of Renovating shows how problem solving helped her close a recent deal that generated an impressive profit of over $700,000. Not only that, she took this seemingly impossible deal to its culmination in just 30 days, without the need to carry out a development, or get any finance!
The tale starts with Bernadette’s purchase of a house and granny flat on a large block in Western Sydney, as part of a land-banking strategy with the intention to develop at a later date.
Because the long-term rental return wasn’t satisfactory, Bernadette researched the property’s potential for short-term rental. Although the property was neat and tidy but otherwise unremarkable, she listed it on Airbnb. Because of its size and location it did very well – even accommodating a number of Olympic sporting teams.
When it came time to develop the property, Bernadette found that the rules had been changed by Council, rendering her project impossible.
Bernadette describes her thought process. If she could convince the neighbour to sell his property to her, she would have two blocks side-by-side, ideal for a development. Despite her experience, Bernadette sensed that the help of male negotiator would help her get the deal over the line, so she engaged a professional.
When the neighbour agreed to sell, Bernadette worked furiously with specialists to find a developer to buy both properties before she even had to settle on the neighbour’s house. As the episode unfolds, the deal comes to its nailbiting conclusion with even more twists and turns.
Listen to this episode and be inspired as Bernadette demonstrates the power of creative thinking, a positive attitude, and wisdom to get a very big deal over the line.
Watch the Episode on Video:
EPISODE HIGHLIGHTS:
- 00:00 Intro
- 03:05 Bernadette Janson’s background and experience
- 05:32 The Importance of Taking Action to achieve results.
- 07:18 Downsizing and increasing income
- 09:00 Investing in Airbnb
- 10:00 Using Airdna to analyze property income potential
- 17:05 Seeking the help of a seller’s advocate and ringing local agents
- 18:04 Receiving three offers and deciding to accept the third one
- 20:31 T he numbers and costs involved in the seal
- 21:12 Tips on getting into the property game and building a brain trust
- 22:46 Importance of conducting due diligence
The council specified I needed a frontage of 22 metres. Now most properties in that suburb have frontages of about 18 meters, so that put an end to developing it into townhouses unless I bought another block. I pride myself on being able to turn lemons into lemonade.
Resources
Renovate Your Retirement Workshop https://members.theschoolofrenovating.com/renovate-you-retirement-workshop-may-2023
The School Of Renovating
https://www.theschoolofrenovating.com/
Airdna
https://www.airdna.co/
Airbnb
https://www.airbnb.com/
