Another cheapie Nathan exchanged on last week :) $22k, resale $75k.

Hey Guys,

Here is another property.

No pics as it wasnt listed and i dont have any from my last tour to this location.

It is a 5 yr old weatherboard hone, which has been fire damaged but repairable write off :)

Numbers;

Paid $22k
Reno $25k
Rent $200pw
Resale $140k.


Nathan's numbers;
Pay $22k
Relisted @ $75k, sale exprectations $60k+

New buyer pays $60k + $25k reno = $85k for a 140k property returning $200pw.

Property is being listed on re.com 2 days after exchange :)

Not disclosing where either, nor am i selling on here. just showing the cals and raw numbers so everyone can see deals are still out there.
 
Hehehehe,

got 3 others coming through for exchange too,

one is a block of 5 flats for 50k rent once reno'd $550+pw
house burnt $30k reno worth $130k rent 200pw
other is a 50k prop worth 100k no work rent 150pw.

all different locations none listed on re.com
 
holy smokes, looks like you might just be single handedly funding the government budgets via stamp duty on the properties you are turning over :D

How do you find the deals if you don't mind my asking (not looking for specifics)? Are you at a point where people are coming to you or are you out there hunting for them?
 
Hah, stamp duty on cheapies like that would be well under $1000 in SA - can't see it being more in NSW. He'd have to buy a lot more than that to prop up the budget!
 
that's three fire damaged properties in one week Nathan. :eek:

actually, you might be onto something here.
- there's no doubt 99.5% of the market won't be interested in a burnt house.
- crime levels are increasing.

looks like a business model with a good future. :)

one of my neighbours is a firey in Brisbane. He's always looking for an extra buck, so am sure he'd be interested in a spotter's fee. ;)

how about this for a business "Pyro Property - you burn, we churn"
 
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Ok,

So I have decided to keep this one and reno it.

It has had a clean out, and pics attached.

The figures so far are;

$22,000 purchase
$2,000 closing costs
$1,000 Skips
$480 accomodation for tradies
$7,200 for all materials kitchen bathroom gyprock paint timbers etc
$3,300 for 10 x new windows with reveals
$185 for 2 x rolls of electrical wiring

Costs to come approx
$2000 misc
$3000 Carpet
$900 accomodation
$10,000 labour

Will keep posted with coming up figures.

Rent its on the net now for lease at $240pw, when I did the fitout figures I realised the property is a good 4 bed 2 large living area home on 1/4 acre.

Been to the property twice, once to look, second to take builders there to quote up.

Next time will be for video and pics.
 
Nah, the only tool i picked up was my cordless to remove 12-14 screws from board and hop through window cavity to show builders.

Got no intention of spending more then a couple of hours all up there over different times.
 
Nah, the only tool i picked up was my cordless to remove 12-14 screws from board and hop through window cavity to show builders.

Got no intention of spending more then a couple of hours all up there over different times.
Well done,nothing like the old saying-why build when you can burn it down..willair..
 
LoL

I laughed when i saw it and talked to the builders.

They didnt do it, some local must be called Nate. Its pretty ironic.

I thinkl the back wall is coming down over next couple of days and thats the only wall needing new cladding never the less.
 
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