"Australia's Cheapest House" RENOVATED

[JennD]

Quick heads up - Engelo was profiled by my colleague, Rebecca, in Smart Property Investment for the October issue... it will be on newsstands tomorrow!

 

[engelo10]

Quick heads up - Engelo was profiled by my colleague, Rebecca, in Smart Property Investment for the October issue... it will be on newsstands tomorrow!

Hi Jenn,

Thanks. Rebecca is fantastic and I am really happy with the interview. I think my nose looks a bit big in the photo tho hahaha

Engelo

 

[murph14]

I think my nose looks a bit big in the photo tho hahaha

First world problems bro

Great work though! Will defs look for it in stands today

 

[engelo10]

First world problems bro

Great work though! Will defs look for it in stands today

hahaha

Thanks murph14

Engelo

 

[redwing]

Below is the actual interview with ninemsn. I hope you enjoy the read.

http://homes.ninemsn.com.au/diy/renovation/8527389/i-doubled-my-money-on-australias-cheapest-house

Engelo

Hi Engelo

In that link it also had this comment

But Kevin Young, president of The Investors Club, said buyers with $30,000 to spend should take out a loan to buy new property close to the city.

"You're better off spending more and having a better investment than buying 10 toilet blocks and having problems down the track," he said.

"The problem with areas like Moree is finding good, long-term tenants. Your house might be sitting vacant for long periods paying you nothing."

He said renovating was also a risk for any home buyer.

"With renovating it can be really hard to know what you're getting yourself into … If you have major electrical problems you might be looking at $25,000 to rewire the house."

I also chanced upon this regarding the sale as an update to the thread

Australia's cheapest reno house resells at $74,500 – five months after its $15,000 purchase

The repeatedly graffitied, vandalised, run-down Moree fibro cost $15,000 in June, and five months later it's been sold at $74,500.

After the $15,000 renovation, property investor Engelo Rumora had put the property back on the market for $80,000, offered with the tenants paying $180 a week.

 

[b simpson]

www.youtube.com/watch?v=Bt9zSfinwFA&feature=youtube_gdata_player

 

[engelo10]

Thanks redwing,

I saw that story. Pretty cool. I didnt even know it was done. Got a message on facebook from a fellow investor. Great outcome in the end.

Engelo