Escaping the Sydney rat race has been Nikki Correia’s dream for years. While she and her husband owned two terrace houses in her home town of Newcastle, she was in the property market but was definitely not climbing the ladder. Fast forward to 2016, she is now renovating full time, has finished her first project, started her second and loving it.
Nikki and her husband purchased the terraces a two years earlier . The properties had been untouched since the day of purchase as they both had full time demanding positions and thinking they had to do it all themselves. Nikki started to look into renovating full time as a career. She set out to research her dream job and that is when we first met.
Nikki joined us in October 2015 and was only part way into our Proven Profit Renovation Program when she started her first renovation. Organizing tradies, ordering tiles, shopping for furniture and shopping online are all part of her new job description.
I asked her to share with me her top tips for first time renovators.
- You need an awesome team of trade people. They need to stick to the timeline you have given them and arrive on the dates that you need them to come in.
- You need to be super organized. Keep a folder with everything related to that specific job in this folder and take it with you everywhere.
- Meet with your accountant before you get started on anything. Nikki said her property specific accountant has made all the difference in taking on renovating as a full time job.
- Don’t get advice from people who don’t renovate full time. Builder’s included!
- You need the right advice. There are specialist professionals that keep you on track when it comes to property.
She also shared the figures on her recent project with me (insert excitement!)
Purchase Price – $317,745
Stamp Duty – $10,119
Renovation Costs – $ 100,000
Holding costs – $52,000
Total Costs – $497,864
Post Renovation Valuation – $750,000
Gross Profit – $270,136
Net Profit – $221,204 (adjusted to exclude capital growth)
With that property cash injection, she is already on the hunt for renovation project number three.
Nikki has always been creative and now loves turning that creativity into investments that will help her and her husband retire comfortably.