GIGOGH-Finding Reno Properties with Maximum Profit Potential

I attended the Realty Connect May event this week. The main topic was “Finding Renovation Properties with Maximum Profit Potential”. The speakers were Philip Bradley and Michael Anger. The evening was to address the following issues as per the web site promo -“Renovating residential properties is one of the most difficult challenges an investor can face. Yet the financial returns can be among the best in property investing. But how do you maximize your return on investment when renovating? What are the types of properties and renovation/remodeling work that yield the highest returns? Where can you find these properties? What financing strategies should be used? What sort of profit can you expect to make on these properties? ”  Many of these issues were addressed and Philip and Michael were engaging speakers with alot of knowledge. The focus of the discussions were to find properties via distressed sellers and to purchase those properties substantially below market value. Renovate and sell quickly. They will be creating a service called GIGOGH www.GIGOGH.com   which stands for Get In Get Out Go Home that will provide motivated Seller leads, motivated buyer leads as well as education and resources.  It was a great evening and I thank Randy Macdonald for arranging it and Philip and Michael for their interesting talks. 

 Doug Izon P.Eng. Broker, Century 21 Dreams Inc. www.EyesOnOakville.com 1-800-605-5909 doug@eyesonoakville.com

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4 responses to “GIGOGH-Finding Reno Properties with Maximum Profit Potential

  1. Blythe Wilkinson

    Really impressive and informative format!

    I’m interested to know what, in your opinion, is the most challenging thing about attempting to make a profit in renovating properties for sale? It seems like a bandwagon a lot of people are jumping on these days.

  2. eyesonoakville

    Blythe There are many challenging things to make a profit by renovating. Assume you purchase a second home to renovate. You need a mortgage to BUY the second home and the cash flow to QUALIFY for the mortgage. Then you need the CASH to make the changes. If you have all that then you want a great reno TEAM to GIGOGH (Get In Get Out Go Home) quickly so that you don’t eat all of your profit in mortgage payments and Tax. The key is to buy the property at below market value and preferably substantially below market value to maximize your profit and to stay away from red flags. Red flags include mold, structural issues, environmental issues, neighbourhood issues etc.
    For beginning investors the best approach if they have renovation in their blood is to find an area, buy a cosmetically run down home at below market value, live in the home during the reno (this allows you to monitor renos really closely), and then sell it. The nice thing about this path is that you are not paying for 2 residences and the urgency to sell is not as great. You can be patient and wait for the right price.
    Investment clubs such as Realty Connect and service providers such as GIGOGH will give more food for thought. I suggest you sit with a local Realtor to get their opinion on any areas you may be considering and their recommendations as to if a property reno will make you profit. Thanks for the question. Doug Izon P.Eng. Broker, Century 21 Dreams Inc. http://www.EyesOnOakville.com 1-800-605-5909 doug@eyesonoakville.com

    This entry was posted on May

  3. “Ricks” comments have been tempered. The essence is that some of Philip’s training course clients were not satisfied. Then then asked “. I was just wondering if you have had any dealings with Philip since the summer.
    Thanks!
    Rick

    • Randy MacDonald from Realty Connect has been active promoting the Rapid Success Profit Club. There seems to be many clubs set up http://www.rapidsuccessprofitclub.com/. I think but I am not sure that these clubs are a spinoff of the GIGOGH initiative. I only had the exposure to GIGOGH at the Realty Connect seminar and possibly through the emails that Randy has sent for the Rapid Success Profit Club. As a general comment I attend many free seminars that each have their own concept of how to make money via real estate. I could put on a seminar that states “If you can find people who need quarters for a parking meter you may convince them to take 2 quarters for a loonie. You just made 100% on your investment. The challenge is to find those people needing change. I can not comment on GOGOGH as I have not taken the course. Thanks for the feedback Rick

      Thanks again

      Randy Macdonald
      President

      REALTY CONNECT

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