Do you know the 3R’s of Property?
3 things you will not learn at any conventional school.
Revisit. Review. Reveal.
In short…An Education in ‘making money’ from property.
By Reno King: Justin Eslick
Numerous properties the Reno Kings will be visiting as part of their ‘On the Buses’ tour in October, are the result of the 3R’s of Property Strategy.
Revisit, Review and Reveal.
These strategies can turbo charge your property portfolio.
Let’s examine these strategies in detail because it is something every single property owner needs to be aware of.
When you buy an investment property and hold onto it, you usually do so on very sound principles. Perhaps it is a house in a good location for capital gains and a reasonable rent. Maybe it is a renovator that can have a dramatic lift in rent with a makeover.
Or it could even be a future development site but circumstances dictate you will complete the development at a later time.
It doesn’t matter what the case may be, you have completed the purchase because it makes sense as an acquisition at that time. Brilliant!
But one thing the Reno Kings try to hammer home is that you need to revisit those properties at least once every two years, if not annually. A revisit entails an inspection and a reminder about what it is that made you purchase this property in the first place.
This revisit then leads to the review.
You’ve visited. Does anything need to be renovated? Too many people fall into the trap of thinking the periodic inspections by their rental manager will cover this off, but they don’t think the same way as an investor.
They are ensuring the place is being looked after, not how the investment can be improved.
Can you spot something that you hadn’t picked up on earlier? Perhaps space for a new bathroom, or an opportunity to create a new bedroom, after all, we never stop learning on our property journey and spotting opportunities like this may be newly acquired skills for you. Maybe it isn’t something you see on the property itself, perhaps it is the new development next door that triggers a development line of thinking for you.
Part of the review isn’t just what you see on your revisit, it is also a review of market rents (again we fall into the trap of assuming our property manager will keep these up to date, but too often they will just increase your rents by the standard $10pw when it comes to a new lease). It is a review of the zoning as these change, and a review of the planning rules, because sometimes it isn’t a zoning change that works in your favour, but just a small tweak in the rules or even just a relaxing of rules that haven’t changed.
One of the properties we’ll be visiting on our “On the Buses” tour is too small for development, or so Geoff thought.
He revisited, reviewed and then he remembered something colleague Justin Eslick had said ‘council planners tell you what the rules are, private planners tell you what rules can be broken’.
The result? Approval for nine ‘Build to Rent’ style units on a site he purchased as a straight house and that was too small to be developed. Win!
As you’ve gathered, sometimes the Revisit and Review will Reveal hidden opportunities.
Hey…sometimes it doesn’t, and that’s fine, all it has taken is maybe an hour or two of your time once every two years. Isn’t that worth it to reveal nine units out of a house site?
Or that your property has been rezoned?
Or that there is in fact an extra $50 rent per week that can be achieved from the property. Hey, that’s $2,500 more in your pocket!
When the Reno Kings tour Brisbane on 16th October, as part of our 'On the Buses' tour, we’ll be showing you in detail more than 15 case studies where this simple exercise of ‘Revisit, Review and Reveal’ has yielded life changing results.
From increased rent by changing the rental method, to three townhouses designed for renting on a site with no apparent vehicular access, to an increase of $100 pw rent at the cost of just $8,000, to Geoff’s nine units.
This is the last remaining opportunity in 2016 to invest in a day with the Reno Kings and learn how to turbo charge your property portfolio.
Get on board and learn the 3R’s OF PROPERTY! REVISIT. REVIEW. REVEAL.Click here to book your seat and grab our Early Bird Bonus!