Monthly Archives: October 2016

What is a Fonzie Flat?

Speaking to someone born post-1985 , I say ‘you remember Fonzie don’t you?’…

Them: blink, blink

You know the show Happy Days?

Them: blink, blink….

Me: (grimace… as I realise how old I am and how old they are not)

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Okay….so once upon a time there was this show called Happy Days which was about the all-American family the Cunninghams who had a boarder called Arthur “The Fonz” Fonzarelli who lived in a studio above their garage.

The Fonz was cool and a little bit ‘street’ with his leather jacket and ability to make a juke-box work just by punching it. His signature ‘cool’ look included 2 thumbs-up with an ‘ayeeeee’.

Fonzie flats are the new granny-flats! Building a studio above an existing garage for the purpose of creating an extra income is becoming tres-on-trend with planning permission in NSW relaxed and certain councils recognising our need for greater density housing around key pockets.

If you don’t have the room for a granny, do you have the room for a Fonzie?

This is about building up and access can be discreet.

Take a look at this example here in the inner-west of Sydney. Daring colour choice that just works on this heavily land-locked pocket just minutes from the CBD. If you are an early riser or late-shift worker you would have to consider the noise for car access but otherwise the Fonzie is a great earner!

fonzie

 

What’s Your Property Personality?

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The 6 property buying personalities – what sort of an investor are you?

The answer to this question will change over time. It often reflects your stage of life, skill and knowledge set and what is also happening in your day-to-day.

What sort of investor are you, today?

Which one of our 6 personality types are you. You might be a blend of two but whatever you are doing…starting and continuing is the simple formula to your long-term success.

As Woody Allen said ‘80% of success is just showing up’.

Starting out and cash-strapped

We all started somewhere. No one buys the waterfront, A-grade property in a blue ribbon pocket on the first round in the property market. The key to starting, is simply that, starting.

Don’t get caught up in the concept that you must buy locally or that you even need to sleep the night in the property. It is an investment, look at numbers, growth and who your tenant will be. Remove emotion from the picture as best as possible. Start small and build up your portfolio.

Time-poor and juggling everything

Working hard, parenting, looking after aging parents, studying part-time. At some point in our lives we find ourselves multi-tasking and eating toast for dinner at 9pm. It is just the way life goes. If you are currently in this pattern there are strategies you can implement to continue (or start) your journey. Explore the idea of a joint-venture partner who has the time and you can be a financial contributor, you could look at using a Buyers’ Agent in the area you want to buy in. People outsource their dogs to be walked, it makes sense to outsource big financial decisions to property professionals if time is your rarest commodity.

Graduate of Renovation School

Love to renovate, absorbed all the information you can about doing it smart and maximising bang for buck? Renovating is a true act of love, it is time consuming, filthy, exhausting and oh-so rewarding. Do your numbers, be smart, don’t do shabby work but also renovate to the market you are in and not your own penchant for marble and chandeliers. Be sure when buying that you seek out a property that allows you to add value to it and then some. We see a lot of ‘renovator delights’ sell for way more than they should because of the growing interest c/o shows like the Block. Be smart, prepared and outsource to a tradie what you can’t do well.

Portfolio well underway

You have 7 properties ticking away and reached a phase of being comfortable with that. Consider your long-term prospects, diversification of your portfolio and new ideas that could inject further life into your returns. Frequently revisit what is going on. Are you getting fair market rental? What interest rates are you paying, could you refinance, are you sitting on a sub-dividable block, is a granny flat possible or could you now explore a more risker property investment potential as you have the foundation behind you to support the outcome?

Risk-averse

You need to invest carefully so you can sleep at night. You don’t like the idea of maintenance, difficult tenants, get nervous by media hype but still desperately want to set yourself up for positive returns. Recognising your personality type is half the battle won. Don’t be talked into taking on debt or a property that makes you feel uneasy. Overtime you will grow in confidence and be less risk-averse but start out to reflect your style. This personality type is suited to easy set and forget properties. Explore newer builds in established areas with great employment prospects and local amenities.

Ready for a challenge and willing to take on risk

You fall into this category because you have done a few things with property and done well. You have followed your instinct and the market and now buoyed by that confidence. Fabulous!

The next step for you would be looking at small developments – 3 townhouses, a duplex, sub-divisions etc. You have time, experience, plus the funds behind you for any shortfalls and you know you have the tenacity and passion to succeed. This personality type is primed for success. Choose your teams wisely. Ensure you research builders, get to really know your town planner and a great local agent. Remember to have an exit strategy. If you can find a mentor in this space that will help with your first project – go get ‘em.

So which personality are you? What can you do today to take that next step toward your property portfolio tomorrow?

Share us with your experiences – we love to hear them and other women are inspired by them. Email us at info@propertywomen.com.au

What are your Money Blocks?

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Could you subconsciously be resisting property or professional success and not recognise it?

When I became the Director here at Property Women I promised that I would share with you my journey in life and property success.

I am a big sharer – probably an over-sharer really!

I have habits that hinder my own success. My success at getting fit (and staying fit), my ability to get a DA to council for my personal projects, my self-limiting mindset in the kitchen (I truly believe I am a rubbish cook) and money blockages that stop me from pushing myself to the next level.

Some women even feel like they are “cheating” if money comes too easily. You might not even be aware that you’re sabotaging yourself, but something is holding you back from the next level.

Have you ever tried to make more money, create passive income, start your property portfolio or rise above the rut you feel you exist in?

It’s your MINDSET.

It’s a huge goal for most of us, to generate that extra income. If you are a member of the Property Women community then I already know you are motivated for success, but here’s the thing that NOBODY talks about.

Sabotage and resistance.

 

What if the agents are lying? What if the tradies are hard to manage? Will people think I’m a big-noting myself?

You’re mindset can trigger blocks and sabotages. And if you’ve been resisting creating more income or buying the next property or propelling yourself professionally then I have something for you.

My friend and fellow business lady, Denise Duffield-Thomas has an amazing money mindset course that’s crucial for training women to overcome their money mind-set obstacles. It’s her Lucky Bitch Money Bootcamp.

Check it out here: https://yu103.isrefer.com/go/lbb/PropertyWomen/

The Money Bootcamp is a six-week course and vibrant community of over 3,000 women that identifies and helps you release your money blocks. Denise’s popular course has been helping women since 2012 to upgrade their mindset.

The cool news is that Denise is running a LIVE version of the course for the first time in THREE years. That means live group Q&A calls, quizzes, checklists and the momentum of 3,000 women working together.

If you are looking to get out of the PAYG race, build your own business, start your property empire or generally need an all-round kick up the proverbial backside I encourage you to check out the course here: https://yu103.isrefer.com/go/lbb/PropertyWomen/

There are crucial mindset shifts that need to happen so you can receive the abundance you deserve.

If you’ve been stuck, then it’s time to work on your money blocks. It’s the missing piece of your success as a property mogul!

Together, as women, we can support each other through these money and mindset blocks and the ripple effect starts with you.

As a bonus – if you sign-up to Denise’s program you will receive full access for 12 months to the Property Women Springboard program valued at $597.

I really highly recommend Denise’s course as one of the best money mindset resources out there. This course has helped women generate millions of dollars and Denise is authentic, smart, financially savvy and just has her head switched on and we love that!

You can also save $500 if you sign up by 27th October.

Check it out here: https://yu103.isrefer.com/go/lbb/PropertyWomen/

Let’s finish out the year on a high!

Jo

P.S Denise is known for having a super honest and funny take on life and business and what it REALLY takes to create success. It’s never been a better time to join her Bootcamp.

P.P.S Property Women is a proud affiliate of Denise’s work. We believe her message to be true, authentic and beneficial and would love for you to benefit from it.

Pets and Your Rental Property….

Pets and Your Rental Property....

Australians love their animals, and many renters would love the opportunity to keep pets but the reality is that not a lot of landlords allow pets in their properties.

There are some significant benefits to renting your property out to pet owners which include:

  1. A Pet-Friendly rental property may help broaden your pool of prospective tenants
  2. Which in turn decreases the number of days your property remains unrented
  3. Responsible pet owners can make great responsible tenants
  4. Pet owners are more likely to stay longer in pet friendly properties
  5. You could also charge more rent for the property if you are offering a pet friendly environment

Many landlords have a fear that pets may destroy their properties, but in reality most pet owners are extremely responsible and there are ways you can mitigate any of the risks that come with allowing tenants with pets such as…

  1. Putting together a Pet Agreement – which could change depending on the type of Pet your tenant has. An example of this would look as follows, courtesy of  ‘Managing Your Investment Property’ by Rachel Barnes and Geoff Doidge.

The ______ (insert breed) dog named _______ (insert name) and aged (insert age) and registered (insert number of registration) must be suitably kennelled at ____ identify location of kennel on property) and must not be allowed to live inside the house.

The tenant acknowledges that the landlord has agreed to allow the tenant to keep (insert name of dog detailed above) on the property as a specific term of the agreement and the landlord does not warrant or imply in any way that it will consent to other dogs being kept on the property in the future.

If the tenant wishes to keep a different dog than (insert the name of dog detailed above) the tenant must obtain the prior written permission of the landlord. The landlord is not obliged in any way to grant consent to any other dog being kept on the property.

The tenant must remedy any damage caused by the dog to the house or grounds immediately.

The tenant must regularly clean dog fouling from the grounds.

The tenant must control the dog so that it is not allowed to roam beyond the boundary section and it is not allowed to create any other type of nuisance to neighbouring properties.

The tenant must restrain the dog on days the landlord advises an inspection is due to be carried out.

The tenant must pay to have the carpets cleaned and the yard treated for fleas when they vacate the premises.

If any of these terms are breached, the landlord may follow standard procedures relating to breach of tenancy agreement.

  1. Check references: If the persons rented a previous property and they had their pet check with the Property Manager to ensure that they left the premises as expected and that there were no complaints from neighbours re pet noise etc.
  2. Make your Property Pet Friendly: If you take the time to ensure your property is pet friendly, this will assist with any issues. Take for example a tiled house instead of carpeted, this would help with any accidents and mess left when the tenant vacates.
  3. Ensure that regular inspections are carried out. Book in regular property inspections, that way you can quickly pick up any issues that are being caused by the pet.
  4. Get insured. Make sure your landlords insurance will cover the costs of any damage that could be caused by pets.

So next time you are considering renting out your property why not consider rent it out to a Pet owner.

Stunning renovation, under $25k budget

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Is it possible to do a fast renovation, on a shoestring budget, that’s also PROFITABLE?

Well, YES IT IS and in this new video by my good friend, Jane Slack-Smith, you’ll see exactly how it’s done…step by step.

Check it out now: freerenovideo.com.au

In this video, she pulls back the curtain and shows you a real-life renovation case study.

She will show you the areas to improve, the products used, the paint colours, the landscaping, and even the results and numbers.

By the end of this video, you’ll know exactly where within a property to add the most value… even with a “tiny budget”… and how to do it WITHOUT “gambling away” your money.

This is a must-watch video if you’re serious about renovating for profit or building a property portfolio quickly.

freerenovideo.com.au

Enjoy!

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