Flippin’ miracle: Talented trio works magic to achieve top price
Tasmanian renovators can learn a trick or two from three Aussie women who have swapped the boardroom for the building site to pursue their passion for flipping properties and build a life they love, writes JARRAD BEVAN
Leaving behind corporate careers to embark on a new adventure – without even a hammer on their tool belts – these three women are showing Australians how to flip houses for a profit.
Lana Taylor, Erin Cayless and Bonnie Hindmarsh came together two years ago to start Three Birds Renovations, renovating homes for a profit.
They are now on to their fifth renovation.
For those intending to follow in their footsteps, they stress the importance of planning and research before purchasing a property.
“One of the hardest parts of this whole business is buying at the right price, understanding a sale price and selling,” Erin said.
“We need to understand the location and size of the property so we can go into the project with really clear expectations of ourselves and of what we’re going to sell for.”
When it comes to budgeting, they suggest setting aside a contingency amount so that unwelcome surprises won’t break the bank.
They also follow self-set guidelines when choosing a property, judging them on how much value can be added.
“We wouldn’t consider anything where we couldn’t connect the backyard to an entertainment space or living area,” Bonnie said.
They steer clear of houses near train tracks or on main streets, and won’t consider properties requiring a development application because the business aims to have homes transformed within a short period of time.
When Erin, Bonnie and Lana launched Three Birds Renovations they had little experience flipping a home.
“We’ve all been friends for a very long time and we were looking for new challenges in our lives,” Lana said.
“Bonnie initiated the idea of renovating houses together and felt it needed Erin, myself and her to make it work because we all have different skills.”
While these ladies are based in Sydney, Tasmanian renovators can learn a trick or two from them on realestate.com.au where the trio has teamed with the website to create a six-part video series on the makeover of a three-bedroom cottage.
The series is live now and explores topics including how to plan and budget for a renovation, how to go about hiring the right tradies, and how to assess if a property is the right pick for a renovation.