Investors have been reminded of the importance of the fundamentals, including time in the market, value buying and value adding.
In a recent episode of The Smart Property Investment Show, property investor Anjay Zazulak explained his family strategy of finding property at the right price, renovating and holding or selling them after five years.
“You mentioned that the strategy is you identify property that is well valued, spend a few bucks renovating before looking to sell it or do something else with it,” host Phil Tarrant put to Mr Zazulak.
Mr Zazulak explained that after two decades in the property game, regardless of whether the property needs major or minor work, it is vital to have the right team in place.
“I guess we do two types of projects. Ones that require architects and major renovations and others are the cosmetic stuff.
“The key to property investing with renovation is building the right team around you.”
“For me and for us, it works on a framework with the team involving your finance broker to get the right terms for finance.
“Then you have a property manager, you’ve got lawyers to look through the contracts and accountants to structure right.
“When it comes to trades, the key people are the electricians, the plumbers, for bathrooms and kitchens we will get the experts,” Mr Zazulak said.
Mr Zazulak explained that it’s not about getting the cheapest quotes but rather having a team that will “price it right” because they know they will get more work in the future.
“It’s not about the cheapest price, it’s about finding the right team to work within your time frame and the level of finishes you require. So, cheapest is not always best,” Mr Zazulak concluded.