"Australia's Cheapest House" RENOVATED

engelo10

engelo10

Hey guys,

I am happy to say that we have finished renovating "Australia's Cheapest House".

The end renovation cost was $15,000. There was quite a bit of plumbing and electrical work done to the property. Also, had an unexpected expense with the broken windows.
The property is tenanted for $180pw showing a 20% yield after all costs. I hope you enjoyed the videos and feel free to ask any questions.

http://www.youtube.com/watch?v=gcr0HVGAIG0

Engelo
 
TheFinanceShop said:
Well done great story - how much is the property worth now?
Click to expand...

Whatever someone is willing to pay for it. Without a tenant it's probably worth about what he paid for it....
Impossible to put values on houses like that as their is no liquid market. Some of them sit for years.
Buying a house like that is only good for cash flow purposes, don't ever assume you will be able to sell it for what you think it's worth.
 
strongy1986 said:
Whatever someone is willing to pay for it. Without a tenant it's probably worth about what he paid for it....
Impossible to put values on houses like that as their is no liquid market. Some of them sit for years.
Buying a house like that is only good for cash flow purposes, don't ever assume you will be able to sell it for what you think it's worth.
Click to expand...

yeah without a roof it probably would be worth what he paid for it aswell...:confused:

if he put that on the market tomorrow in that condition yielding 20 or even 15% i'd pick it up immediately and im sure many would too
 
Hey guys,

Thanks for your replies.

I wanted to test the market and see what I could sell it for. Property has been listed for 5 days and we have 2 offers both at $70,000.

Engelo
 
Hi Engelo,

Good work mate, it came up well.

I don't think there wasn't much wrong with it to start with though.

Only kidding, looking forward to the next instalments of:

" ENGELO'S RENO'S "
 
engelo10 said:
Hey guys,

I am happy to say that we have finished renovating "Australia's Cheapest House".

The end renovation cost was $15,000. There was quite a bit of plumbing and electrical work done to the property. Also, had an unexpected expense with the broken windows.
The property is tenanted for $180pw showing a 20% yield after all costs. I hope you enjoyed the videos and feel free to ask any questions.

http://www.youtube.com/watch?v=gcr0HVGAIG0

Engelo
Click to expand...

Good work Engelo, great video too!!
 
Dubstep said:
Hi Engelo,

Good work mate, it came up well.

I don't think there wasn't much wrong with it to start with though.

Only kidding, looking forward to the next instalments of:

" ENGELO'S RENO'S "
Click to expand...

hahahaha,

Thanks Dubstep,

I have something else in the works that no one has done yet so should be good.

Engelo
 
Well done.
Your renovations are similar to ours.
Basic. Get in and get out.
Make it safe, and livable. Fresh coat of paint, clean up the property does wonders.
We only go after CF.
 
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