A note from Stuart Zadel
19 May 2009
Dear Friend,
I've spent the past week in Bathurst with my nose to the grindstone, busily getting ready for the upcoming (and first-ever) Think and Grow Rich Property Entrepreneurs Conference. This is always one of my favourite parts of the preparation – that moment when you know you've put together something special and you can't wait to show it off to the world. It's going to be especially good to pull back the curtain and reveal some of my speakers, whose identity has been a carefully concealed secret for months.
Click here if you'd like to check it out:
www.TGRProperty.com.au
Despite my busy schedule I was lucky enough over the weekend to find some free time, which gave me a chance to step out and take part in some of the many activities this town has to offer. I checked out the RSPCA's Million Paws March, which raised money for the 144,000 animals the organisation cares for each year, and even watched a BMX competition. The day was going extremely well – right up until the moment I misjudged a river crossing and took a brief dip. Luckily the weekend weather was very pleasant, as it seems to have been for most of the nation, and it didn't take long to dry off as I continued on my way. I really loved the community feel of those events, particularly watching families spend quality time together. It reminded me of my own childhood in a really nice way.
The weekend was rounded off by watching the film Angels and Demons, which I enjoyed almost as much as the book. It was great seeing Tom Hanks, one of my favourite actors, in action again. On Sunday night I caught an interview of his in which he talked about his 21-year marriage. A two-decade relationship is a remarkable feat, especially given the limited shelf-life of most Hollywood couplings, but he said there was no secret to making a partnership work. The trick, he said, is a matter of choosing the right person in the first place. I found that to be a really interesting thought, one that applies to many different aspects of life: all you have to do is choose the right person.
"Procrastination, the opposite of decision, is a common enemy which practically every man must conquer."
Napoleon Hill, Think and Grow Rich.
Weekly Success Tip
Think and Grow Rich in Property 2
Property is our subject this week, as we continue the countdown to the official launch of Think and Grow Rich in Property, the book that will change the way you think about real estate. I went into this project already knowing a lot about property, so it amazed me how much I've learned from the experts I brought together as contributors. There's no way to quantify the amount of knowledge these seven self-made millionaires have been able to squeeze into their chapters.
In the meantime, though, to tide you over the short time that's left until the official launch, I want to give you another glimpse of the kind of advice it contains.
We've all seen the renovation shows on television where photogenic tradesmen are able to transform properties in the time it takes you to make a cup of coffee.
They make it look incredibly easy when – as is often the case with examples from TV land – the reality is far different. Renovation is hard work and I wouldn't advise trying it without some serious expert advice. When you do it right, though, the rewards can be spectacular.
There are three basic steps to ensuring you get maximum profit out of your renovation project. These steps are courtesy of Australia's King and Queen of Renovation!
- The first is to know the true value of the property you are buying. It's very easy to get carried away when you find the place you want to transform – particularly if you buy during the emotionally-charged atmosphere of an auction – and you could find yourself paying too much for it. Do that and you will be starting from behind the eight ball, in a position that means you have to work even harder to make the project profitable.
- The second crucial step is to keep a tight rein on all expenditure during the renovation. Formulate a solid plan, right at the outset, of all the things that need to be done to improve the property – and then stick to it. The important thing here is to not make emotional decisions. For every improvement you make to the property, know – in dollars and cents – how much it is going to cost and how much it will increase the value of the property.
- The third step is to sell the property for the highest price possible to make sure it was all worthwhile. Generally, that means making sure the property is well-tailored for the market you are targeting but there are also some simple tactics you can use to boost the price. For instance, one thing you should know is that the time of year you go to market can make a big difference – December and January are great times to buy properties but not so good when you're selling.
There's a lot more to renovation than these few simple tips but unfortunately I'm already out of space. I'll be back next week with a final glimpse before the book's offical launch in 10 days time... Not long now :-)
ACTION STEP:
Go to the next open house in your neighbourhood and think about what you could do to increase the value of the property as if you were to buy it.
To Your Success!
Stuart Zadel
Stuart Zadel
Director and Publisher
Think and Grow Rich
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