Have you listened to our podcast episode about our Class Renovation Project?
Here is the whole episode and article by Bernadette Janson. Check out the renovation project highlights in this article!
In this Class Project, we have brought together 14 people from our community of renovators to contribute funds. This means we can do our teaching project with cash.
This project is based on the idea we would be able to do a project and make it a richer learning experience for our community of renovators.
I always feel that renovating is not a topic that you want to teach purely in theory. It’s vital to have a real-life experience or an example of what you’re trying to teach.” ~ Bernadette Janson
This project aims to provide a collective learning experience for all participants as well as a one-on-one mentoring opportunity for one student. We have Kerry Mills, who is getting close-up mentoring.
Here Are Some Of The Renovation Project Highlights Bernadette Shares:
- A Joint Learning and Mentoring Opportunity with Shared Profits
The Class Project provides a collective learning experience for participants and a one-on-one mentoring opportunity for one student.
- Clarify Investment Criteria For The Class Project
We created a set of criteria around the investment process to ensure it could be successful. In addition, we have used My Property Circles to set up a practical legal framework for all participants.
- Joint Venture Considerations For Renovation Income
We needed to allow plenty of time to get things correctly set up before you started looking for property.
- How To Manage Class Project Communications
With 14 members on the project, communication is essential. As many people have questions, we’ve set up a WhatsApp group and have Zoom meetings as required.
- Finding the Right Property and Preparing to Buy
Our preference was to buy a house because you just have so much more control.
- The Newcastle Property Tour And Research
We decided to follow through with due diligence on the properties progressively. We would work on a property, go to an auction if we didn’t get it, to move to the next one.
- Managing The Renovation Budget
The budget is an essential factor, especially in the current pandemic climate.
- Finalising The Scopes For Trades
Organising a builder and arranging for an open inspection on the property helped move the project forward (even though Sydney is in lockdown!) and set the criteria for the trades’ scopes.
- Digital Tools for Project Scope Planning
We arranged a Renovator Concept Session with architect David Janson. It was a very productive session, and we’ve recorded it and posted it as another blog article for you to view.
- A Bright Future For Renovation Class Projects
Now that we have established The Class Project process, it opens up the possibility of joint ventures so just about anyone can do a joint venture.
Listen to the full episode and article by Bernadette here.