Apartment Renovations Melbourne

For the property investors out there here's a great way to create a sustainable investment portfolio.

The first step is to purchase a run down inner city apartment. An apartment that is ready for renovation, and in an area that is worth spending the money on. For example, inner city suburbs of Melbourne might include Prahran, Richmond, St Kilda, St Kilda East, etc.

The second step is the apartment renovations. So you head to Service Central and post a job for Apartment Renovations Melbourne and ask for a builder to do basic things to your apartment. For example, replacing the current kitchen and bathroom will make a massive difference. No need for the latest in high quality stuff, just the basic kitchen and bathroom will do.

Step 3 is to get a tenant in there, and obtain the maximum rental that you can. One trick is to offer the new tenant a cheque for the first months rent if they agree to a higher annual rental agreement.

Step 4 is to take your new rental agreement to the bank and ask them to revalue your property. You should get a valuation that is much better than the price you'd just recently paid for the property before you renovated it and got a high-paying tenant in there.

Step 5 is to take your new found extra equity in that property and use that equity to buy another apartment.

You then repeat this process until you're a multi-millionaire!