In this latest episode of the Geared for Growth podcast, Mike is joined by Buyer’s Agent and Director of Living Property, Oliver Jackson, to talk about the value in buying a property as an investor with a view to renovating for profit.
Oliver is no stranger to the world of renovation. He built his own multi-million-dollar portfolio with many renovations along the way, before launching his buyer’s agent business to help other investors do the same.
Oliver’s a big believer in the value that can be added to a portfolio by looking for the right properties to renovate. In this episode he and Mike talk through the pros and cons of renovating for profit, and Oliver explains how equity can be generated by taking on a project that owner occupiers would typically shy away from.
Mike delves into the challenges presented in the current market, with interest rate uncertainty and volatile trade pricing, and Oliver explains how an experienced professional can add value to the process through the network of contractors they develop over time.
Mike and Oliver also consider the types of projects and properties that you might want to stay away from, such as full layout changes or taking on too much structural work. Oliver generates strong returns by focussing on cosmetic renovations and explains why he seeks out older, more solidly built properties over more modern builds.
If you’ve ever considered taking on a renovation but wondered how to go about it, this podcast is essential listening. Oliver’s no-nonsense approach to the topic of refurbishment will leave you in no doubt as to the advantages and pitfalls, especially for the novice renovator.
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In this latest episode of the Geared for Growth podcast, Mike is joined by Buyer’s Agent and Director of Living Property, Oliver Jackson, to talk about the value in buying a property as an investor with a view to renovating for profit. Oliver is no stranger to the world of renovation. He built his own multi-million-dollar portfolio with many renovations along the way, before launching his buyer’s agent business to help other investors do the same.
What we cover in this episode
- The value in buying a renovator style property as an investor
- The impact of reality TV property shows
- Can you renovate economically in the current market?
- Types of renovation you might want to stay away from
- The smartest way to get pricing for trades
- Manufacturing equity in your renovator
“One of them was the layout was wrong, (you) can’t really fix the layout without spending a lot of money when you start knocking… I’m talking if you’re gonna do like a big big renovation you know you need $200-300 grand, I’m talking knocking down load bearing walls, adding bedrooms, what we do is just cosmetic renovations” Oliver 7:22
“You’re wanting to put in $1 and get $2 back so depending on the areas being how much you’re gonna spend and if you’re looking at $1,000,000 plus property…you’re not gonna want a sh***y… kitchen with laminate bench top, you’re going to probably want stone, some nice appliances and stuff so that 100% makes a difference on your area” Oliver 9:41
“It just really depends on where it is, that’s why knowing your market and knowing how much things actually cost is super important” Oliver 10:56
“I like brick housees ideally because a house from 1970s is gonna last longer than a house built two years ago. Just the quality of build, all the timbers they used, everything is solid and all you have to do is just replace internals” Oliver 12:39
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