The #1 tip I’m going to give you is that you choose a suburb with LOTS of old houses.
Sounds obvious right? Well, I speak to people all the time & they’re trying to find a needle in a hay stack!
So, what do I mean by old?
I don’t mean they don’t have to be a hundred years old, but we don’t want to be targeting suburbs that are post 2000’s.
There’s just not going to be enough homes that need renovating. So for me, early 90’s is the newest era that I’d farm in, these houses are now 30 + years old.
Of course, anything in the 60’s, 70’s & 80’s are good too.
Tip #2 – Don’t be starting out in affluent areas where you have to do super high end reno’s…
That’s where mistakes are made!
There’s more margin for error, such as getting the buyer wrong, the spec wrong, the market wrong, renovation blow outs…you get my point.
Start at the cheaper end of town & if & when you’re ready to graduate then do so.
The cheaper end of town is much more forgiving!
