When I speak to people about renovating, I often hear a mismatch between how quickly they expected results and what might be more realistic.
The transition into renovating full-time takes patience. Walking into your job and quitting then expecting renovation to take the place of your employment seamlessly will slow you down.
The idea that we can instantly have what we want may have some advantages. As renovators, we often have to delay our gratification in parts of our lives for the short term. That could mean saving up for a deposit and paying for solicitors and other fees to get ready.
When Brett and I connected with Steve McKnight at a property event, we went without some of the finer things in life in the short term, knowing we were setting up our future. His key message was about having the willingness and the discipline to manage short-term discomfort for the longer-term gain.
Getting used to having what we want quickly has been a barrier for some younger people to get started as investors. Lifestyle and experiences are the priority, and thinking about doing without isn’t taken too seriously.
Delaying your gratification as you save up for a deposit means you swap that extra convenient coffee from your local cafe and those cocktails you love to drink with other alternatives!
It's essential to get started when opportunities to invest come up.
There are plenty of clickbait headlines and distractions to keep you off the renovation track! Some of the ones I have seen have said, ‘you can make one million in a year! Or live the four-hour workweek!’
The truth behind those headlines is it still takes work and time before you can earn that kind of money.
All of these options will take time and effort.
It is possible with effort and some energy to create passive income streams as renovators. When we bought properties in New Zealand, we had to find the properties and then speak to agents to set this up correctly.
Renovation is the fastest way to create more cash flow with the right strategy and structure. Capital growth properties will increase in value over time; as a renovator, you can influence this so that you can push up the property’s value faster.
With patience and planning, can you quit your job? Yes.
Within six months? No. As Anthony Robbins says, most people overestimate what they can do in a year and underestimate what they can do in a decade.
Ten years of active effort investing and renovating can take you to the next level and create the security and the lifestyle you want to enjoy.
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This blog was written by the RARE team
Team RARE are passionate about renovations, interiors and
sharing our favourite DIY tips and tricks with our community.