Finally Bough First IP

wrexter

wrexter

Hi All,

Finally purchased our First IP in Carlisle thanks to Kent Cliffe @ Momentum Wealth.

Duplex pair situated in Carlisle on a 895sqm block with potential to build on the back. Secured at Auction!

Settlement is on the 12th Aug and hoping to renovate it and give it a facelift quickly and get tennants in so if anyone has any reccomendations on trades, greatly appreciated.

Plans are

- Full paint to both units (walls, ceiling, trimming, doors) - Gloss white to trimming, White ceilings, and light grey to walls?

- New Carpets to all bedrooms (current ones are disgusting)

- New timber laminate to lounges/kitchen

- Split system Air con to both

- New Kitchen & Vanity to rear unit (water damaged)

- Sealing and re-grouting to both showers (megasealed?)

- Electrical repairs in ceilings

- New blinds throughout (order likely from iseekblinds.com.au)


Hoping to have all that done within 2 weeks. is that doable?


Thanks for any advise.


Adrian
 
Last edited:
depreciator said:
Pretty ambitious getting all that done in two weeks. Do you have people lined up now to help?
Click to expand...

Besides ripping out carpet and the kitchen all other works will be done by pros, just have to schedule and manage it well to make it happen.

Heading to the USA for 6 week holiday 3.5 weeks after settlement so keen to get it done and tenants in before we go. Didn't plan on finding this property so close to our trip haha
 
Can you get access before settlement to do some stuff?
If not, try and get the tradies in before settlement to at least see the job so they don't show up on that day you have them lined up and say, 'Oh, so that's what you want done. We're going to have to go away and get some more gear. Might see you tomorrow.'
 
depreciator said:
Can you get access before settlement to do some stuff?
If not, try and get the tradies in before settlement to at least see the job so they don't show up on that day you have them lined up and say, 'Oh, so that's what you want done. We're going to have to go away and get some more gear. Might see you tomorrow.'
Click to expand...

Tried desperately to get access for works prior to settlement but vendor disapproved, fair enough.

Should of made it a requirement on contract. Lesson for next time

The REA has been good in allowing access for trades for quotes so that will be getting done from now till the 12th Aug

Have got a schedule done so that things can get done in appropriate order with minimal downtime. Can update this thread as we go if people like seeing progress.
 
westminster said:
Yay - awesome to hear that you have found something! Well done
Click to expand...

Well we sure weren't getting anywhere by ourselves, a bit of first time investor paralysis but very happy overall with the work Kent & David & Momentum Wealth did for us.

Its all systems go at the moment to turn these two units around and get them tenanted, next focus would be to re-strata to raise some equity, build on the back (if possible) and turn into a positive geared property before looking for our next purchase.
 
Grats on your purchase!

So whats the plan with this place? Reno and hold long term? Or flip or re-develop it later on or?
 
D.T. said:
Grats on your purchase!

So whats the plan with this place? Reno and hold long term? Or flip or re-develop it later on or?
Click to expand...

Renovate, Rent out existing 2 units, re-strata, build on the back, Positive Gear, hold all 3 long term

Rinse & Repeat :)
 
So i have recived a quote for painting of both units

$11800 for 10 days work (painters estimate).

Is it me or is that hugely excessive?

Overall not terrible condition for units, painting to all walls, ceilings, skirtings & trimmings.

Anyone have a contact for a quality painter in Perth with reasonable pricing?

Thanks

Adrian
 
wrexter said:
So i have recived a quote for painting of both units

$11800 for 10 days work (painters estimate).

Is it me or is that hugely excessive?

Overall not terrible condition for units, painting to all walls, ceilings, skirtings & trimmings.

Anyone have a contact for a quality painter in Perth with reasonable pricing?

Thanks

Adrian
Click to expand...

So this painter thinks he's worth $1,180 a day?

$147.50 per hour less materials?
 
So less than a week to settlement. Its going to be a busy a couple of weeks post settlement to renovate both units and get tenants in!

Not to mention that it all needs to be done by Sept 4th as we head to the USA for some much needed holiday :D

Look forward to sharing some more details and progress of renovations!
 
So both units are now finally tenanted!

If anyone is interested in details i will post up with pictures of pre/post renovations.

Have enjoyed the our first IP experience and getting ready for more!




Wrexter
 
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