Recent content by Somerville

I'm really happy that you are all commenting. I appreciate all the feedback. Here are my answers: 1. For the entire unit (about 80sqm) $3000 2. Kitchen included everything. I installed it and had the plumber & electrician do their thing. The bench top was also installed by a professional...

Thanks all. Dazz, please note that the project had a pre-tax profit of just over $50 000. Not sure after tax though, I'll find out soon enough. For the amount of effort I put in, I am happy with the result. I know the area extremely well and I paid market value for the unit and sold it for...

Thanks for the well thought out reply. I think that you're preaching to the converted when it comes to holding properties instead of selling them however. I have always been a firm believer in buy & hold strategies. I currently own 4 properties that are a long term investment & I'm trying to...

Thanks for that. I saved costs by gutting the place myself with a few friends and beers. I also sourced everything for the place myself although licensed tradies did most of the work. I painted it myself too. The kitchen was supplied including bench top and appliances for around $7000.

Thanks for the replies. I'll have to keep this brief as I'm late for work. Here is a further break down of the figures: Gross profit = $96 500 Expenses: Renovation $20 000 Holding costs about $5000 (as I didn't have a mortgage for 4 months, that was the amount of time between exchange...

Finished living room The bathroom Tiles & wall in bathroom being removed A very empty bathroom Finished bathroom The renovation consisted of the following: Remove existing kitchen. Relocate the plumbing for the sink to the window. Relocate the gas lines to...

Hi all, I usually spend my time on Somersoft reading however I feel that I should contribute more to the forum. I would also like to give you the run down on my first buy - reno - sell. Roseville (Sydney's north shore) Purchase: $426 000 Reno: $20 000 Sold: $522 500 The whole process took...

2009: Bought IP #2 in West Ryde in January around Neutral & saw good CG Bought IP #3 in Macquarie Park in October and did a quick reno then rented it out with 9 months in advance. 2010: Purchase IP #4 that needs a pretty serious renovation. Refinance IP #2 in West Ryde to purchase #5...

Sunfish, you are suggesting that nobody can make money on property if they have borrowed any money against it. You are also suggesting that banks try to lure you into so much debt that you can't pay it back.........I was always of the impression that banks like to be paid back, guess not.

Give up Piston Broke. The thread was asking about gross worth as a matter of interest, nothing more. It is an easy thing to calculate and you are now embarrassing yourself by demonstrating that you find a simple question to be a very complex issue.

Did you mean Monarchy, not republic?

OK, could you please explain why? You are implying that one should never use debt to purchase property. We were pointing out that debt enables gross worth to increase and this is a way of increasing nett worth as assets increase in value and debt reduces etc. Do you use debt to purchase property?

Well said. If I tried to only obtain assets on a net basis, I really wouldn't get far. Gross worth is what enables my nett worth to increase.

ummmmmmm, OK. I would have thought everybody here are calculating the value of their assets based on what they're 'worth' then giving a figure. Not sure why you decided to attack the people in this thread PB. Well argued none the less and a good use of quotes to do so. Sooo, it's been argued...

888, You are trying to argue a point that was never actually made. If you read the thread, not one person has said that gross wealth is a better financial indicator that nett wealth. It is just interesting to know how many assets people are controlling. I also find it interesting. And that's...