{"id":5673,"date":"2015-09-09T01:00:56","date_gmt":"2015-09-08T15:00:56","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5673"},"modified":"2015-09-09T01:00:56","modified_gmt":"2015-09-08T15:00:56","slug":"have-the-rules-of-renovations-changed","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/have-the-rules-of-renovations-changed\/","title":{"rendered":"Have the rules of renovations changed?- Jane Slack-Smith"},"content":{"rendered":"<p>&nbsp;<br \/>\nWith so many changes occurring, particularly with lending, have the principals around successful renovation changed? That is the question answered today by\u00a0<strong>Jane Slack-Smith<\/strong>,\u00a0who is the host of The Ultimate Guide to Renovation.<br \/>\n&nbsp;<\/p>\n<h4>Transcript:<\/h4>\n<p><b>Kevin<\/b>:\u00a0 As we\u2019ve been telling you this week \u2013 I hope you\u2019ve been picking up on it, anyway \u2013 The Ultimate Guide to Renovation is opening up once again. We\u2019ll tell you more about that a little bit later in this interview and also over the next few days. Watch out for that as we send you those special announcements.<br \/>\nTalking to Jane Slack-Smith, who is the host of The Ultimate Guide to Renovation \u2013 great program, too \u2013 I\u2019m just wondering, with all of the changes on the landscape, particularly around lending, whether or not the rules of renovation have changed.<br \/>\nJane, welcome to the show.<br \/>\n<b>Jane:<\/b>\u00a0 Hey, Kevin.<br \/>\n<b>Kevin:<\/b>\u00a0 How have they changed?<br \/>\n<b>Jane<\/b>:\u00a0 It\u2019s interesting. The rules have changed and the lending landscape has changed, and that means that investors have to be more astute than ever. But the foundations of making a profit from property are even more important in getting them right.<br \/>\n<b>Kevin<\/b>:\u00a0 What are those foundations?<br \/>\n<b>Jane<\/b>:\u00a0 I always start with location. As you know, my trident<b>\u00a0<\/b>strategy is I look at buying below the market, adding value through renovation, and being in a market that\u2019s going up in value, but location is the key. I think that anyone who is looking to renovate, you need to be buying in the right area.<br \/>\n<b>Kevin<\/b>:\u00a0 Jane, can you give me an example of a recent success story?<br \/>\n<b>Jane<\/b>:\u00a0 We had one of our students at Russell Burton, who was actually on the front cover of\u00a0<i>API Magazine.<\/i>\u00a0He used the trident strategy and bought below the market, a great property for $640,000 in Melbourne. He did a 16-day reno and was really strategic about it. It cost him $8300, and at the end, it was revalued at $62,000 more.<br \/>\nWhat\u2019s more, by putting in that third principle of the trident strategy \u2013 being in a growth area \u2013 18 months later, the property is now valued at $800,000, so it continues to go up. He has pushed up his rental income by doing that renovation and actually secured a two-year lease.<br \/>\nThat is why it\u2019s so important in this current landscape to understand the basic principle, which is you can renovate but if you renovate strategically to make a profit, you need to know where you\u2019re going to renovate.<br \/>\n<b>Kevin<\/b>:\u00a0 It\u2019s great to hear those success stories, but not everyone can be successful. What happens when it goes wrong?<br \/>\n<b>Jane<\/b>:\u00a0 Things can go wrong. In this kind of changing environment at the moment, I recently had a student in our coaching program who followed everything, put an offer in, and had the property purchased, but the valuation came in $50,000 short.<br \/>\nEveryone in the community was giving him some ideas and strategies, but the reality is maybe that lender wasn\u2019t right or that valuer wasn\u2019t right. Changing valuers and changing lenders allowed him to have the property re-looked at and secured at the price that he wanted. You need to be a bit adaptable now in these changing lending markets because not what were the rules from six weeks ago are the rules today.<br \/>\n<b>Kevin<\/b>:\u00a0 That\u2019s what I love about your Ultimate Guide to Renovation. I think this is the third one that we\u2019ve done together. The thing that strikes me is that you\u2019re not on your own; it\u2019s a great learning experience but there are people there to help and support you.<br \/>\n<b>Jane<\/b>:\u00a0 It\u2019s so important to me that you have a group of like-minded people to support you. We have hundreds in our community who are willing to jump in and give some advice. A lot of them are very experienced. I think the thing is when you\u2019re going through this property purchasing process yourself, sometimes you do feel like the only one doing it, so having a community to bounce ideas off, to me, was so important for the part of the journey for our students.<br \/>\n<b>Kevin<\/b>:\u00a0 Now it\u2019s opening up. Give us a little bit more detail about what we can expect over the next few weeks.<br \/>\n<b>Jane<\/b>:\u00a0 We\u2019re going to be putting out some videos. For me, it\u2019s really important that you see behind the closed doors first before you make any commitment to becoming a student of mine. I\u2019m going to be sending out a number of videos and educating people. You can take that information straight away and decide to apply it or, obviously, come on board with us and maybe get there a bit faster.<br \/>\nWe\u2019re going to be covering things like what to look for in a property, going through an actual property and doing an inspection. We\u2019re going to look at some real \u201cbang for your buck\u201d renovation tips and then we\u2019re going to do a renovation on a property and show you some before-and-afters \u2013 some real great videos full of content that people can take straight away.<br \/>\n<b>Kevin<\/b>:\u00a0 If you\u2019d like to know a little bit more about it, go to the homepage at RealEstateTalk.com.au right now because there\u2019s a button there that will take you straight to a page that will tell you all about it, or if you want, just wait because over the next few days, I\u2019ll be sending you a little bit more information. You can click on the link inside there that will give you all the information you need. You can get in and, as Jane just said, look in behind the scenes before you make any kind of commitment.<br \/>\nIt\u2019s a great program. As I said, this is the third time we\u2019ve supported it and we do it wholeheartedly because I know that it really does work. Watch out for more information on the Ultimate Guide to Renovation and use that link right now on the homepage, RealEstateTalk.com.au.<br \/>\nJane, thank you so much for time.<br \/>\n<b>Jane:<\/b>\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; With so many changes occurring, particularly with lending, have the principals around successful renovation changed? That is the question answered today by\u00a0Jane Slack-Smith,\u00a0who is the host of The Ultimate Guide to Renovation. &nbsp; Transcript: Kevin:\u00a0 As we\u2019ve been telling you this week \u2013 I&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":4813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-5673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Have the rules of renovations changed?- Jane Slack-Smith - 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\/have-the-rules-of-renovations-changed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Have the rules of renovations changed?- Jane Slack-Smith - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"&nbsp; With so many changes occurring, particularly with lending, have the principals around successful renovation changed? 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