Browse Forums General Discussion Re: Wanting to start a reno as a hobby/business. 4May 06, 2013 1:34 am Recently moved to a 60's home in need of some improvement! http://s797.photobucket.com/user/leenii ... ch%20House Old house: http://s797.photobucket.com/albums/yy25 ... loo/House/ Re: Wanting to start a reno as a hobby/business. 7May 07, 2013 1:02 am 3in1 Supadiverta. Rainwater Harvesting Best Practice using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. Re: Wanting to start a reno as a hobby/business. 10May 09, 2013 12:41 am Recently moved to a 60's home in need of some improvement! http://s797.photobucket.com/user/leenii ... ch%20House Old house: http://s797.photobucket.com/albums/yy25 ... loo/House/ Re: Wanting to start a reno as a hobby/business. 11May 09, 2013 1:24 am 3in1 Supadiverta. Rainwater Harvesting Best Practice using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. Re: Wanting to start a reno as a hobby/business. 14May 10, 2013 1:37 am 3in1 Supadiverta. Rainwater Harvesting Best Practice using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. Re: Wanting to start a reno as a hobby/business. 16May 10, 2013 5:20 pm Whats your back up plan if you cant flip the property quickly once the face lift is done? I think you need to be financially prepared to have to hang on to the property and rent it out if you cant get the sale price needed to make a gain. Also, anything you do isnt tax deductable, so if you make a loss on the property you wont get a tax deduction for it. A capital loss can only be used to offset a capital gain not general income so if you do make a loss you will have to wear it without any tax advantage. I think investing 400K aiming to make 10K is risky. Thats only a 5% return if everything goes smooth. Interest on the loan over 6 months will be 13K. You have to get the steal of the century to be able to buy a property and sell 6 months later after a minor facelift. Properties that only need the sort of work you are talking about already have the potential built into the price tag. If you have still got yourself convinced, my advice would be make sure you can afford to hold the property if you cant flip it. Also, putting the property solely in your wifes name for tax purposes could be tricky when applying for the 400K loan. I think you would have to be 50-50 to get it through without posing security issues for the funds Hello It is good to have a planned bathroom reno to suit your budget and design, living for 10 years I think you need a bathtub 4 10378 Bought in Nov 21 at the height of the market (classic). Good area, atrocious floor plan. BUT has land out to the left-hand side that we can extend out on (see second… 0 8781 The only thing to add to these comments is that where possible it's always good to try and work with people than just say "no" because you can. Having someone… 4 17151 |