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Overview

Published: 19/07/2013

by Sonya Matthews

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When sisters Jessica Blake, 26, and Melissa Blake, 25, decided to settle down in Brisbane after travelling overseas they felt they needed a new adventure. “We both have very secure jobs as teachers and we wanted to do something that would offer security later in life.” Now, instead of putting their feet up after a busy day in the classroom, they roll up their sleeves to renovate their first property, a duplex situated 10km from Brisbane’s CBD.

Family values

Jessica and Melissa’s decision to buy their first renovation property was based on exhaustive research – an approach that runs in the family. “Our parents bought two ‘buy and hold’ investment properties. Jessica was involved in researching these properties and attended a few seminars,” explains Melissa. “Jessica and Mum became seminar junkies, going to lots of talks and workshops with a whole range of property investment companies that offered a lot of different strategies.”

Recommendation, recommendation, recommendation

“Mum was reading an online newsletter of Property Women and came across a Reno Kings newsletter and we watched some video clips where a lady described her property journey during which she credited Reno Kings with her success. We were really interested in the Reno Kings’ approach because they seemed really down-to-earth, realistic blokes who would know the Brisbane market really well.” They decided to sign up to a Reno Kings course as “we thought this would be a useful way of learning about renovating and the Brisbane market at the same time.”

Sister units

Using the market intelligence they learned from the Reno Kings they bought a duplex/pair of flats at Northgate for $462,000. “One unit was renovated (very simply) and the other was in original 1960s condition and needed a lot of work.” The sisters planned to spend $15,000 on renovations, keeping costs down by doing much of the work themselves.

While they renovate the back unit, their brother lives in the front property. When he goes travelling they plan to rent out the front unit for $320 per week.  “We need to stay in the other unit until April as we have received the First Owner’s Grant, but when we have finished the renovations and moved out we hope to receive $300 per week for that unit. When we bought the property we were told it had a possible rent return of $480 per week, so we think a $620 per week return on a $462,000 property would be pretty good!”

Time saving tips

The girls put much of their success down to advice they’ve picked up from the Reno Kings. “We’ve written down all the reno tips and they have really added up,” saving them both extra research time and money. “The most valuable thing has been learning the attitude of the renovator-investor,” they say.

Spend your time and money in the most profitable way by joining Reno Kings’ on their online renovation course Renovation Success.  Their sound investment and add-value strategies will help you safely onto the first rung of the property renovation ladder just like Jessica and Melissa.

Read more details of Melissa and Jessica's project and see the photographs, Click Here.