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Michael Yardney Podcast

Insightful, educational and always interesting

Listen and learn from Michael Yardney, Australia’s most trusted property commentator and a group of experts as they discuss Property Investment, Success, Money and Finance to help you multiply your wealth.
While Michael is best known as a property expert, he is also Australia’s leading authority in the psychology of success and wealth creation. You’ll enjoy the way he challenges traditional finance advice with innovative ideas on real estate investing, personal finance and wealth creation. 
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  2. 8 Steps to Renovating for Profit | BONUS Podcast

Jul 25, 2018

This week I explain How to Profit from Renovations in the current property markets.

 Listen as I discuss:

  • My 8 step process for profiting from renovations.
  • 5 tips for successful renovations
  • Why renovations make sense in today's property market
  • The one thing that many renovations courses teach that is patently incorrect. 

I explain the 4 big benefits of renovations: -

  1. Increasing the rental return and therefore yield of your investment property
  2. Increasing the aesthetic appeal of the property and thereby attracting a wider tenant pool and often a better-quality tenant.
  3. Increasing your depreciation allowances.
  4. “Manufacturing” capital growth thereby increasing the overall value of your property, even in a flat market.

I also walk through my 8 Step renovation process

  1. Why – what is your reason
  2. Preparation - finance & structures
  3. Where? Research target areas–due location diligence
  4. What - Find a property with value add potential – due diligence analyze
  5. Purchase – at “wholesale”
  6. Plan & Budget – consider your target market and end values
  7. The renovation process – create a higher and better use
  8. Post Renovation – my preferred strategy is lease, refinance and repeat

Watch out next week for the second of this 2 part series where I discuss the 9 Step Property Development Process

Links:

My Property Renovations and Development Workshop