Hello all
We are a pair of renovators whom have decided to take our interest a step further to make some money.
Our aim is 10-20% profit by:
buying for 80% less than market value, spending 5-10% of market on renos and selling for 110% of market. Give or take some percentages
We aim to stay around the bayside areas, hopefully to remain in CGrowth areas, which helps when it comes time to sell if the market turns for the worst.
Is this a good general plan to start with?
We have done renos without trying to make profit, but have done ok so far (50k profit off 200k), but I think this is largely due to the inflated market and I dont think that we should expect this kinda money when the market isnt so good for selling.
Also where can we get a worksheet with cost and project guidelines? ie something that has all the necessary fields that we can write the appropriate costs next to.
PS: this is the best flaming forum for renos I can find, wicked !
We are a pair of renovators whom have decided to take our interest a step further to make some money.
Our aim is 10-20% profit by:
buying for 80% less than market value, spending 5-10% of market on renos and selling for 110% of market. Give or take some percentages
We aim to stay around the bayside areas, hopefully to remain in CGrowth areas, which helps when it comes time to sell if the market turns for the worst.
Is this a good general plan to start with?
We have done renos without trying to make profit, but have done ok so far (50k profit off 200k), but I think this is largely due to the inflated market and I dont think that we should expect this kinda money when the market isnt so good for selling.
Also where can we get a worksheet with cost and project guidelines? ie something that has all the necessary fields that we can write the appropriate costs next to.
PS: this is the best flaming forum for renos I can find, wicked !