Many people I’ve been chatting with lately are wanting to flip houses interstate, in particular Perth. ⭐
I tell them all the same thing, of course it can be done but it’s not what I’d recommend if you’re just starting out renovating. There’s a lot to manage & if you can’t visit site it’s going to be a challenge. 🤔
Renovation can vary dramatically, there is a big difference between a tidy-up paint job & a full gut Reno. Typically the numbers usually work more so on the bigger Reno’s for obvious reasons. 🛠️
So, what is their motivation for wanting to do a flip in Perth? Is it because it’s a hot Market? is it because the prices are cheaper? or, is it because they’ve seen my successes over the past couple of years? 🏠
Whatever their motivation, I would like to share the story ‘acres of diamonds’ where a farmer sells his farm in search of diamonds & eventually loses his life savings when he fails to find any. It turns out the farm he sold was already full of diamonds & the new owner discovers them all. 💎
The moral of the story is there are diamonds everywhere, you don’t have to flip in Perth/ interstate because there is already opportunity where you are. You just need to learn your market and take advantage of it. With a feasibility done right, you will still make great profits & have less headaches as you can more easily find deals & project manage the deal 🤝
There are many people already flipping in your home state successfully, you just don’t know who they are 🙃
Take Jules for example who I interviewed a few weeks ago doing deals in the blue mountains NSW. As she said, the purchase price doesn’t matter, what matters is the price between what you purchase the property for and what you sell it for. 🏠
And if you’re thinking it’s too expensive where you are & that you don’t have the funds or serviceability, then you don’t yet understand creative finance. Development finance, low doc loans & private lending can help anyone if the deal is profitable. 🏦
Just because Perth is hot now, in a year or two it will be another city & another after that, so the sooner you’ve got the skillset of doing Reno’s & you have your own ‘team’ in your own backyard the quicker you can take advantage of your market when it too is running hot. 🔥
