CONTENTS
1. Personal Update
2. Property Investing Tips
3. Property Deal Of The Month
4. A Mindset For Success
5. Funny Foto’s
6. Free DVD
1. PERSONAL UPDATE
Renovating Vs Running, How Do They Compare? - Dean Parker
My heart sunk when I stood at the start of the Melbourne Marathon earlier this month and heard running legend Robert De Castella start his motivational speech. Having run my first half marathon three weeks earlier I figured it would be easy to go the extra distance. This is the last thing I wanted to hear at this stage:
“The Marathon doesn’t start until half way. Anybody can make it to the half marathon, but it’s that last half, and especially that last 10km that are going to test you. This is going to be a challenge and a test. It’s gonna test your bodies, it’s gonna test your mind, but most of all it’s going to test your spirit. If you’ve got some guts, that’s what’s going to get you over that last 10km. Your going to have to pull out some incredible determination and guts to make it over that last 5 or 10km.”
When I heard that from an expert it really hit home. Having spoken to friends who had done the distance before they all said it was going to be really tough going without the proper training. Sometimes you need someone of authority to tell you that though, you also need support along the way so you don’t fall short of your goals.For me I can admit it would have been very tough going if Elise had not been there to cheer me along the course and provide some extra drinks. It would also had been very difficult if my mentor, best man at my wedding and fellow investor Dave Bradley had not been going step by step with me over the 42km. At various times we needed to spur each other on before crossing the line in just over 4 hours. I joined the 2% of people who can say they have completed a marathon!
I’m not only telling you this story to tell you I completed the marathon, I’m telling you because over 42km you have a lot of time to think! I thought running a marathon is a lot like renovating a property. Anyone can do it, but those who jump in without completing the early steps are setting themselves up for a lot of pain. I got lucky that I had the team around me but I could have easily have got burnt and put off the sport forever.
Everyone has to start somewhere although I could have completed more training what I did realise was that I had been guided by someone that had done it before. I had a running mentor. I also had support crew, Elise had provided heaps of support on the lead up and during the race.
I realised that most people probably think of a marathon as an individual challenge, but in my experience it was a real team effort.
This is much like a renovation where an investor buys into the dream of making a profit. A renovation can take a lot of hard work and at the finish line there is no guarantees of a profit. In The Complete Renovation system there are eight steps to follow to complete a profitable renovation. Most people jump to step five and buy a home without the necessary research or training.
Something to think about the next time you go for a run, now for the next challenge!!
2. PROPERTY INVESTING TIPS
Be Aware Of The Things You Can’t See! - Elise Parker
The best thing to do before purchasing a home is to get a building inspection. This will give you peace of mind and importantly some ammunition for
negotiation. A house which needs re-stumping might drive away your competition and land you a bargain!
It is not necessary to get an inspection on all homes, you can often eliminate the duds by simple checks yourself. Here are three simple tests you can do at any open for inspection. Three expensive hidden items include:
1. Stumping
2. Wiring
3. Plumbing
To overcome these issues you can do simple checks on the inspection of a home. More detailed checks can be done by a professional but this will eliminate the lemons by applying some simple knowledge and systems.1. Check under the house with a torch for the stumps, see what they are made from and if they appear to be damaged. Whilst this in itself is not an answer will give you an idea. Also jump up and down inside the house to see how stable the stumping is.
2. Turn on all the taps and flush toilets to see the flow of water. Also look at the colour as old copper and rusting pipes will discolour the water. Don’t be embarrassed to do this, it is a test of due diligence and you need to know this information.
3. Ask the agent. Ask if they know the history of the house and when these items were last repaired. They will be honest with you and give you the most valuable feedback you can get or be able to find out from the vendor the answers to your questions!
3. PROPERTY DEAL OF THE MONTH
Lonsdale St, Ballarat, Victoria – Dean & Elise Parker
This month we show you before and after pictures of a deal in Lonsdale St, Ballarat. This section is going to be dedicated to the best case study of each month. Each month we will be updating you with some of our best and latest deals. If you have used The Complete Renovation System and think you have a great story and think you can add value to our newsletter readers let us know and we will include you on our site as Deal Of The Month. We get emails of your success stories all the time and would love for you to share them!The profit from the Lonsdale St deal was $103,267. In this Deal Of The Month we include where the money was spent, pictures of the project, the timeline and what was learnt.
The Deal
The Opportunity
The opportunity was in creating a better use of space. The units were poorly presented bedsitters and by creating a 2nd bedroom in the front unit, security for the car spaces and private open that didn’t exist would add significant value to the property.The Numbers
Price $290,000
Acquisition $13,792
Renovation $85,946
Holding $10,517
Selling $20,478
Profit Margin $103, 267
Total $524,000
Time In The Deal
16 Weeks!!
The Highlights!
- Five bedrooms were created from none!
- Sold one at a time to help create scarcity in the marketing
- Made the property more functional.
- Exceeded profit expectation by $20k
4. A MINDSET FOR SUCCESS
Building A Supportive Team! – Dean Parker
A key to investing is to have a supportive team of people around you. If you are serious about gaining financial freedom from your property investing then it is vital you take this on board. Most people don’t think it is possible to retire in a short time from investing in property, or at least they don’t think it is possible for them! Your success will be held back or accelerated based on the company you keep. Four steps that I took when making the jump from full time worker to full time investor include:1. Don’t get involved in the minor drama of life. That includes yours and your friends. Rather than complaining about the weather, your job, or the person who cut you off in traffic this morning, focus on the positives.
2. Find motivated mentors. You need to find people that have what you want and prove to them that you are hungry. There are many time wasters who say they want to invest but never want it bad enough to take massive action. Find someone who has done it and show them you are keen but remember to respect their time.
3. Talk about your goals. Have a discussion with your friends about how you want to make money from property and gauge how they respond. The ones who call you the next day excited that they couldn’t sleep with the potential profits they can make are usually your best bet.
4. Set SMART goals. Set goals that will push you but are achievable. A single property deal can make you more money than a years of wages but it can also make a lot of time if you are the one doing the work. Find a balance that will work for you and set a goal and a date and go for it.
You can take action right now by seeing which of your friends are more serious about investing in property. By simply forwarding this newsletter to them they can register for a free DVD too. If they do register you know you are on the same wavelength. If they can’t be bothered then they probably can’t be bothered investing either.
As you know, there are many benefits of becoming a member of Property Systems. An extra benefit that only you can control, is to involve your friends. Evidence shows that the most successful people have a team to join them on the journey. The simple act of forwarding this email to your friends can open up massive opportunities!
By the way if you have received this email from a friend, welcome!! Your friend is obviously an action taker so you should stick together and make each other accountable.
5. FUNNY FOTO’S!
Turning Property Upside Down – Gerry Giraffe
This section is all about having a laugh. After all, we invest in property because we are passionate about it providing a great lifestyle and fun. Each newsletter we will include something that we have found either in our projects or on the internet that we think you will get a good chuckle from. If you would like to contribute send your story or picture to
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LEFT: Let’s start with a design that is a little out of the ordinary.How would you describe this house if you were to sell it? Easy access to second floor. Low ceilings. North facing living. Bonus skylights, most recognised house in the street….
RIGHT: How about this one? Plenty of access under the house for storage, Great views from the ground floor.
At least it looks like the Open For Inspection attracted a lot of attention!
6. ABOUT THE FREE RENOVATION DVD
Existing Members, Make Sure You Don’t Miss Out – Website Feature
If you are an existing member and don’t have a copy of the ‘Renovating For Lump Sum Cash Profits’ DVD you can order yours today for free. We have now set up a dedicated page for you to register your details so that we can get one out to you in the mail in the next week. The DVD includes
• A 45 minute presentation - Introduction To Renovations
• Real Life Case Study
• About The Complete Renovation System
** If you have purchased The Complete Renovation System there is no need for you to request a copy of the DVD. This DVD is only a small fraction of what you already own as part of the package and is to help members to get an insight into Renovations.
Click here to order your Free copy today.
We hope that you enjoyed the first issue of our new newsletter. Please send any feedback and ideas to This e-mail address is being protected from spambots. You need JavaScript enabled to view it