$47,500 profit in 2 weeks

[engelo10]

I apologise in advance but I had to share my successful renovation with some of you property lovers.

The property I have just finished renovating is a 3bed 1bath 2car brick home on the West side of Mildura. As the property was already in decent condition when purchased we only needed to install a new kitchen, light fittings, vinyl to kitchen and dining, change existing toilet, new curtains, paint and other minor improvements not worth the mention. The total cost of the renovation was $11,500. The previous vendor wanted out so we were able to purchase cheaply taking comparable prices within the street into consideration. The numbers are below.

Purchase Price: $150k
Stamp Duty: $4k
Conveyancer: $2k
Renovation: $11,5k
Value After Reno: $215k
Rent: $250 per week.

I am confident the valuation will come good as this is my 2nd purchase in the same street and this property is better than my 1st on which there were no hiccups with the val.

Anyways thanks for reading.


Regards,
engelo10

 

[Aaron_C]

If you get the valuation then good for you

 

[Melbournian]

congrats - at least 11K to get 47.5K is not bad in these times. again it's equity not profit though.

 

[engelo10]

Yep I agree its not profit haha. The other property I revalued at $205k and this one has a lock up garage, carport and other better features than the 1st but you can never know with the banks these days. Fingers crossed val comes good.

engelo10

 

[Deltaberry]

Get the reval, if you can repeat with the refinancing you can do another 3. Just 9x your money.

 

[engelo10]

Hi Deltaberry,

That is the plan. I am just waiting on another one to exchange in Sydney metro . Its a unit I managed to purchase 25k below most recent comparables in the block. As long as I keep buying below market and successfuly revaluing with the banks I will keep purchasing. I bought my 1st in February this year and so far own 2 properties and im waiting on 2 to exchange with another one in hindsight so im very happy with the progress.

engelo10

 

[MathBoy]

congrats - at least 11K to get 47.5K is not bad in these times. again it's equity not profit though.

*Bear Alert* I would call it counting chickens not equity. *End Bear Alert*

Engelo, do you plan to rent or sell it?

 

[engelo10]

Hey Mathboy,

Im going to rent the property. I had 4 applications on my 1st property in Mildura within a week of listing so thats a pretty good indicator as to how tight the rental market is there at the moment. The appraisal for this 1 is $250 per week.

 

[Mick C]

Good work!
Did you get tradies or did you do most of the work yourself?

Regards
Michael

I apologise in advance but I had to share my successful renovation with some of you property lovers.

The property I have just finished renovating is a 3bed 1bath 2car brick home on the West side of Mildura. As the property was already in decent condition when purchased we only needed to install a new kitchen, light fittings, vinyl to kitchen and dining, change existing toilet, new curtains, paint and other minor improvements not worth the mention. The total cost of the renovation was $11,500. The previous vendor wanted out so we were able to purchase cheaply taking comparable prices within the street into consideration. The numbers are below.

Purchase Price: $150k
Stamp Duty: $4k
Conveyancer: $2k
Renovation: $11,5k
Value After Reno: $215k
Rent: $250 per week.

I am confident the valuation will come good as this is my 2nd purchase in the same street and this property is better than my 1st on which there were no hiccups with the val.

Anyways thanks for reading.


Regards,
engelo10

 

[Nathan]

Congrats mate!

Good to see all the hard work is paying off.

Just keep doing the same deals.

 

[jaycee]

Congrats mate!

Good to see all the hard work is paying off.

Just keep doing the same deals.

Agreed, inspiring stuff !

 

[Deltaberry]

This is the most positive thread I've been on all day.

 

[Jamie M]

Nice work Engelo

Best of luck with the reval - keep it up.

Cheers

Jamie

 

[engelo10]

Hey Mick C

I demolished the kitchen myself and a few old fashioned sliding doors and other bits and pieces but other than that just organised the tradies and swept the site after every work day finished. Also, I was constantly on the run to Bunnings and back hahaha

engelo10

 

[engelo10]

Thanks Jamie,

Should know how reval goes by next week.

 

[jonesy427]

good work. keen to know the outcome of the reval too.

 

[wobbycarly]

engelo, well done. Don't apologise for success!! This forum is one place where achievements are appreciated.

 

[engelo10]

hahaha thanks mate, there are a lot of jealouse ones out there also looking to put people down.

 

[willair]

Hey Mick C

I demolished the kitchen myself and a few old fashioned sliding doors and other bits and pieces but other than that just organised the tradies and swept the site after every work day finished. Also, I was constantly on the run to Bunnings and back hahaha

engelo10

Well done,that's a very low cost job-for the gain ..

 

[mmmggg]

Nice work.

We all know you can make profit in RE. But pointing things out in your post is not being negative but realistic. Surely stamp duty is more than what your figures indicate. A quick search on the net shows me it was more than what your suggesting. On the other hand your conveyancing fee seems very expensive. Another search again shows me that your house will be competing with 31 other homes in Mildura for rent around your expected return. Finally have you factored in loss of income? Still if your happy who's to say anything different. Nice work. Well done.