I think one thing to keep in mind when you’re renovating is to know your values, what makes you tick, and what gets you excited.
So what gets me excited is buying a crack house or a dump and seeing the value in that that other people don’t see, being able to renovate that on an absolute budget and make a profit. So I love to buy in the low end of town, it’s affordable, it’s doable, the risks are low, the costs are low and the holding costs lower.
So my strategy is to turn it down into a livable safe home. Doesn’t have to be the high end of town. Doesn’t have to be the most expensive fixtures and fittings, but it needs to be clean and safe to weigh their rent out to people for the income or to sell, to make a chunk profit.
Yes, You Can Renovate Without Spending A Lot Of Money
The thing I love about the most is that many of our projects we purchased under $200,000.
So people say you can’t do this. You can’t do that.
Actually – Yes, you can!
You just have to be willing to take on. Bernadette Janson is right in saying it comes with time and experience.
I just always try to stress to people, everyone thinks you have to have a perfect house, post-renovation. When in actual fact most people live in a second-hand home. Most people have one kitchen. It’s not normal to have a brand new anything.
So even if you buy your second-hand kitchen, you can go into Bunnings and get an oven cabinet, for example, or an extra, you can make it work.
You just have to keep your mind open to possibility.
You don’t have to spend a lot of money.
Get Educated To Prevent Making Renovation Mistakes
I think the thing is number one, get educated obviously. Join The School Of Renovating’s program because education is really important. You can save hundreds and thousands of dollars by having a mentor, having someone that can help prevent you from making mistakes.
I wished in hindsight that I had mentors earlier than I had, but you don’t know what you don’t know until you don’t know if that makes sense. Definitely get amongst the group. So obviously being in this group is wonderful, but don’t be afraid to join other groups, make your own group. The more people that you surround yourself with that are involved in investing, the more you can learn.
I also like to think outside my state. So meet people, interstate overseas, doing different adventures, just keep learning and keep learning.
And obviously, the biggest thing is to take action.
You can learn and learn, but until you make that phone call to buy that house, put in that offer, you’re not going to make, change your life.
To learn more about Michelle Lewis success story, listen to the podcast episode 109 – Michelle’s Crack House Reno.