{"id":20446,"date":"2018-03-08T01:00:24","date_gmt":"2018-03-07T14:00:24","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=20446"},"modified":"2018-03-08T01:00:24","modified_gmt":"2018-03-07T14:00:24","slug":"managaing-a-remote-renovation-nhan-nguyen","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/managaing-a-remote-renovation-nhan-nguyen\/","title":{"rendered":"Managing a remote renovation \u2013 Nhan Nguyen"},"content":{"rendered":"

Nhan Nguyen<\/strong> answers Sharon\u2019s question about renovating a property interstate.
\nTranscript:<\/strong>
\nKevin:\u00a0\u00a0<\/strong>I\u2019m going to answer a question that came in now from\u00a0Sharon Pattison. [? 00:06]<\/strong>\u00a0Sharon, thank you very much for your question. Because we\u2019ve chosen your question, you are going to receive a 12-month subscription to Your Investment Property Magazine. We\u2019ll get you some details about that, Sharon.
\nI\u2019m going to direct the question to Nhan Nguyen. Firstly, hello, Nhan. How are you?
\nNhan:\u00a0\u00a0<\/strong>G\u2019day, Kevin. How are you, mate?
\nKevin:\u00a0\u00a0<\/strong>Well, thank you. Nhan is from advancedpropertystrategies.com, and I\u2019ve sent the e-mail through to Nhan so I\u2019ll quickly read it out. \u201cHi, Kevin. I listen to your weekly podcast which his very informative. Thank you. I live in Sydney and I\u2019m thinking of buying in Queensland in a 5-10-kilometer ring around Brisbane when the banks will lend me more money. Can I discuss in one of your upcoming shows? So I buy an investment property interstate through a property buyer, but in a few years \u2013 for example five years \u2013 it needs a reno. What\u2019s the best way to go about this, being that I\u2019m interstate and I can\u2019t take a lot of time off work? Regards, Sharon.\u201d
\nI think I interpreted that one correctly. Nhan, you\u2019ve received this one. Have you had time to think about that?
\nNhan:\u00a0\u00a0<\/strong>Yes, absolutely. I think some suggestions there is if you\u2019re looking at a property, definitely if you\u2019re looking at potentially renovations down the track, there are two general types of renovations. We talk about cosmetic which is kind of like the superficial one, versus a structural renovation. I think one of her concerns is definitely if it\u2019s a bigger renovation, whether you\u2019re lifting it, sliding it, building in walls \u2013 which is structural \u2013 I think that could be the one that she should definitely avoid. She should definitely look at a cosmetic renovation, and that would be where we\u2019d be looking at. Something that\u2019s less than $5-10,000 that doesn\u2019t need a lot of supervision. But at the same time, I definitely think she should supervise some of it.
\nKevin:\u00a0\u00a0<\/strong>She\u2019s talking there about using a property buyer. I guess she\u2019s referring there to a buyer\u2019s agent.
\nNhan:\u00a0\u00a0<\/strong>Yes. A buyer\u2019s agent can potentially help you there. I think it does give you some leverage there, but I do also believe that\u00a0if you get something like a buyer\u2019s agent and potentially renovation and add value, [? 02:20]<\/strong>\u00a0definitely check it yourself. Now, if you\u2019re in Sydney, flights to Brisbane from Sydney are relatively cheap. But yes, I think a cosmetic reno is definitely the way because you\u2019re time\u00a0[02:32 inaudible]<\/strong>\u00a0so to speak, that\u2019s why you\u2019re getting the property buyer\u2019s agent in as well as potentially renovating it using other people.
\nKevin:\u00a0\u00a0<\/strong>Yes. Doing a renovation at arm\u2019s length can be quite difficult unless you\u2019ve to some pretty trusted tradies on the ground.
\nNhan:\u00a0\u00a0<\/strong>I agree, and I think that\u2019s part of why if you do a cosmetic renovation, maybe an idea could be to come up on a Saturday, make a whole set of appointments beforehand, meet all the tradespeople on site and get quotes from them, but also get references from them. I\u2019ve got clients who are living in ACT at the moment. They\u2019ve got a renovation in Ipswich, and one of the clients\u00a0[03:12 inaudible]<\/strong>\u00a0and she basically organized a lot of that remotely, but before she goes ahead with it all, she\u2019s definitely getting them to come meet her face-to-face, talk her through the scope of works.
\nIt\u2019s just being organized. I think it\u2019s being organized and making sure that you inspect people\u2019s work. And depending on how big the renovation is, you definitely need to inspect the people\u2019s work before you pay them. Another opportunity is maybe getting the property buyer\u2019s advocate there to do some supervision for you as well. That could be another way you could leverage that opportunity.
\nKevin:\u00a0\u00a0<\/strong>Are there any opportunities to get project managers on the ground who you can employ to do this? Just in the event that Sharon can\u2019t fly all that often.
\nNhan:\u00a0\u00a0<\/strong>Absolutely. I think builders are generally good at organizing teams. Depending on the scope of work, you could get a builder to sign a build contract with you and then he oversees the whole project. And then the agreement would be that they regularly send you photos of the works done. But some people that advocate just\u00a0pawn [? 04:21]<\/strong>\u00a0it off to somebody else and hopefully it will work out, should be alright, mate. But I know anything where there are tradespeople involved, there are multiple moving parts, there are going to be definitely balls dropped unless you\u2019re there regularly. Even if it\u2019s one weekend every week for a month, it\u2019ll allow you to keep on top of it. Because when people know they\u2019re being checked or inspected, they will perform better. They\u2019ll actually turn up. And some people just try to yank your chain by basically invoicing when they haven\u2019t done the work. That\u2019ll stop that.
\nKevin:\u00a0\u00a0<\/strong>It\u2019s interesting to hear you talk, because the lesson I\u2019m taking away from this is that you can delegate, but you should never abdicate that responsibility. Because you only really get one shot at it, don\u2019t you?
\nNhan:\u00a0\u00a0<\/strong>Exactly. And I think to expect, you have to inspect. And we\u2019re all control freaks at some point in our MO, so I do believe we can go on to a lot of sites, Facebook chats and get resources from people. Also if you\u2019ve got friends in Brisbane for example who are in the building game or the property game, it just takes a few phone calls and you can easily get some referrals there, or some of the meetups. There are groups there, renovating meetups or property meetups, and all it takes is one good person to refer you. And then from that good tradesperson, you can get them to refer you their friends in terms of one painter will know a good electrician, a good plumber. They generally associate in tight-knit circles. If they want to work with each other, they refer each other business.
\nKevin:\u00a0\u00a0<\/strong>Yes. Great talking to you. Nhan Nguyen is from advancedpropertystrategists.com. A good man to talk to, very knowledgeable. Thank you for your time, mate.
\nNhan:\u00a0\u00a0<\/strong>Anytime, buddy. Cheers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nhan Nguyen answers Sharon\u2019s question about renovating a property interstate. Transcript: Kevin:\u00a0\u00a0I\u2019m going to answer a question that came in now from\u00a0Sharon Pattison. [? 00:06]\u00a0Sharon, thank you very much for your question. Because we\u2019ve chosen your question, you are going to receive a 12-month subscription…<\/p>\n","protected":false},"author":176692471,"featured_media":20447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34,10,11,13,36,21,25],"tags":[101],"class_list":["post-20446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-renovation-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nManaging a remote renovation \u2013 Nhan Nguyen - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/managaing-a-remote-renovation-nhan-nguyen\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Managing a remote renovation \u2013 Nhan Nguyen - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Nhan Nguyen answers Sharon\u2019s question about renovating a property interstate. 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