While you're in your cubicle for your 9 to 5 job, you have this mental picture of switching out your heels to steel cap boots. Imagine spending your days designing floor plans, selecting tiles and paint colours—actually working on something you love and which inspires you. Wouldn't it be nice to escape from the grasps of the 9 to 5?

In today's episode of She Renovates, we will talk about the steps you need to take when you make the switch from your 9–5 job towards reno heaven. We cover topics from generating income and financing your project to the strategies you need to incorporate in your projects.  

Check out the highlights of the episode below, and make sure to listen to the whole podcast for the specifics!

Planning Your Escape from 9–5 to Reno Heaven Reasons Why People Escape From 9–5

• They don't want to go to their day job.
• Instead, they want to renovate.
• They want the big paycheck.

Planning Your Life

• Know how much money you need to support the life you want.
• Know where to allocate your time in this restructured life. 
• Build a robust financial framework.

Prepare for Challenges

• You'll fall off the ground when challenging times come, and you're not prepared.
• Figure out what gets between your needs and your wants.
• Maintain your focus.
• One of the things that women often find challenging is negotiating.

Financing Your Reno Journey

• Assess your living expenses. Do your first couple of projects while you're still working, and then gradually scale down slowly. 
• Once you're generating money consistently, then you can phase the day job out completely.

Increasing Your Income

• Work more hours
• Get an extra job
• Team up with a joint venture partner for loan
• Try a finance deal

Property Purchasing

• LVR or Loan Value Ratio is the value of the loan to the value of the property that you're purchasing.
• If you have an 80% LVR, it means that the loan is 80% of the property price.
• And so, you need a 20% deposit. But with the deposit and the other costs, you will need a minimum of 30% to 40% of the property value.
• If your costs are higher, you may end up with a lenders mortgage insurance.
• Lenders mortgage insurance insures the lender or the institution, not you.
• Have a line of credit set up against another property.

Setting Your Reno Strategy

• Aside from flipping, consider incorporating a reno to hold a strategy to build long-term wealth.
• The type of strategy you choose depends on your location, your time availability, and your budget.
• Limit your reno project to at least two projects a year. Even a short 12-week project takes around six months to get in and get out. 

The Support Team

• Finance
• Property accountant
• Legal representative as a conveyancer or lawyer
• Reno-savvy buyers agent
• A good builder
• Trades team
• Surveyor
• Engineer
• Ancillary people

Operating System

• It covers the project documentation, where to spend the budget, trades management, materials to be used, and managing the timeline, among others. It covers every aspect of the reno from the beginning.

Resources

• She Renovates Ep. 56 – 5 Steps To An Epic 2020

If you have any thoughts or comments about this episode, head over to our iTunes, and leave a review there. You may also join the discussion in our Facebook group, She Renovates.

Connect with Bernadette Janson on The School of Renovating and tune in to the She Renovates Podcast. You can also reach Bernadette through Twitter, Instagram, and LinkedIn.

This episode is sponsored by the School of Renovating Boardroom Bootcamp, an intensive strategic planning and training weekend. It is the fast track for women and their partners to change the course of their lives through innovating and property. 

 

Thanks for listening!