$47,500 profit in 2 weeks

[Intrinsic_Value]

well done mate.
Now try to replicate it as a 'business model'.

 

[engelo10]

Will definetly try and replicate again, worked so far so I will keep going.
Thanks.

 

[Rooster]

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.

http://www.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm

This lists the stamp duty payable on a $150k purchase as $4070.

I think we can excuse $70.

Rooster

 

[ashalim]

Well done!

Oh and i'm one of the jealous ones Not looking to put you down though...in fact...I want IN

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

 

[engelo10]

Thanks ashalim, much appreciated

 

[virgo]

Revalue

Hi Engelo

Do you mind sharing which bank allows you to revalue so soon after purchase and reno?

thanks!

 

[engelo10]

There are some lenders were you have to wait 6 months before you can top up or revalue. I am currently with CBA as they have no restrictions on this.

 

[virgo]

Revalue

Hi Engelo

Thanks for reply; not to burst your bubble but i will be very surprised if you managed to revalue up in such a short time....unless you can prove to cba about similar transacted prices around your area...

i have just revalued up by 55K and the valuer took into account similar prices in the area...it was cba too btw...

anyhow good luck!

 

[NBS]

Well done on your purchase and reno to get a good result.

Trying to do the same.

Brian

 

[engelo10]

I already revaled another property I bought in the same street. There are also 2 comparables that sold within the last 6 months one for $195k and other $187k so im hoping there wont be any issues as my house is 1 bed bigger has lock up garage and is renovated unlike the other properties but then again you never know. Fingers crossed haha

 

[Kinnon Bell]

Hi Engelo

Thanks for reply; not to burst your bubble but i will be very surprised if you managed to revalue up in such a short time....unless you can prove to cba about similar transacted prices around your area...

i have just revalued up by 55K and the valuer took into account similar prices in the area...it was cba too btw...

anyhow good luck!

Hi Virgo, just to add to Engelo's post... I did a reno last year on a property and got it reval'd a touch longer than 2 months after purchase with ANZ with no issues at all.

 

[Suraj]

Hi Elngel, thank you for sharing your inspiring story, wel don. Actually I am also interested to do reno like you did and want just to make atleast 20k in a deal not even 47k. But always worry if I can add enough value to make profit as out goings are also significant. I would appreciate how did you got the property under value and can we increase the value of the propertythat much just by putting kitchen, and some cosmetic reno. Pls advise me I wana copy you too, if you donot mind. what ever you done is the thing I actually wanted to do and leave my job. Thanks

Suraj.

 

[monalisa]

There are some lenders were you have to wait 6 months before you can top up or revalue. I am currently with CBA as they have no restrictions on this.

Well done Engelo. Very inspiring!!

I am surprised to hear CBA are happy to reval? They've told me in the past they don't for 6 - 12 months =/

 

[engelo10]

Hi Monalisa,

I dont think there will be any problems. I will advise of reval outcome, should know more this coming week.

 

[kvellimalai]

Well Done Engelo10

Hi Well Done and keep up the work mate...
In your previous post you mentioned you are getting unit in Sydney for below value. would you mind sharing the info.
I have been trying one but no success yet. do you use any special search or any BA you use.

Velli

 

[engelo10]

Hi Velli and Suraj,

I sent you guys a message.

Thanks

 

[engelo10]

Hey guys here are the before and after renovation photos of my 2nd purchase in Mildura. Hope you enjoy.

Regards,
Engelo


http://www.facebook.com/media/set/?...set/?set=a.10150778427320391.722324.697080390

 

[Melbournian]

u might have set some permission to it - unviewable.

 

[veseli]

To be honest not many valuers will re-value it for that much higher. The true market value of the property is only what people are willing to pay for it, as that property got exchanged 2 weeks ago for the price you paid for it, it will not be valued much higher, all they will add on is how much you spent on it and plus little bit more that that. If they can't see huge improvements, they wont value it for much higher.

If you wait 6 months, and you find 3 recent sales sold for good money, then go and request re-valuation, But don't do it now.

If you can sell it for 47k more then great, its your money, but at this stage not yet.

My wife is a property valuer, i see this being done everyday.

 

[engelo10]

sorry mate will check it out and see whats wrong.