Bought 22k BUT...
Now back on the market for 49k.
Ps.MsAli is correct.Called agent and prop is on market.
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Bought a house for $22,000
- Thread starter engelo10
- Start date
Bought 22k BUT...
Now back on the market for 49k.
Ps.MsAli is correct.Called agent and prop is on market.
engelo10, ... Do you realise that you've probably mucked up the medien price for Coonamble with that purchase? .....
Maybe engelo10 is correcting the medium house price
http://www.realestate.com.au/property-house-nsw-coonamble-110656801
Maybe he realised his reno figures were unrealistic?
Hi Property Meister,
Yes I am,
Thanks. It has been tough after the accident, recovering slowly.
Engelo
Hi Jake,
Thanks for your comment.
I will disclose figures once reno is complete.
Engelo
engelo10, ... Do you realise that you've probably mucked up the median price for Coonamble with that purchase? .....
Well done and good luck with it.
Mystery
Hi Mystery,
hahahaha I will renovate and put it back on the market at a higher price to bring the median back up
Thanks for your comment.
Engelo
Bourke Shire 43000 sq km, Walgett Shire over 20000 sq km, Brewarrina Shire 19000 sq km for a few compared to those Coonamble is an inner city terrace backyard
Great story Engelo, hope your have recovered 100%. Good luck with the renos.
Look forward to hearing how you fare engelo - keen to learn how to do reno's for less.
Wouldn't mind some of Nathan's wisdom here too.
Wouldn't mind some of Nathan's wisdom here too.
No worries Jake, I will definetly post on my progress. I will be working on another cracker deal at the same time.
I always set low reno budgets so the figure is always in my mind. Its a strategy I use to keep costs low. I tend to go over budget but because I set such a low figure its still a very very cheap reno.
I am confident the Coonamble reno will cost between $15,000 - $20,000.
I have been working for and with Nathan for the past year. He taught me what I know today. I dont think there is any other property guru out there doing what Nathan is.
Regards,
Engelo
Cheers Engelo, look forward to it.
Nathan and I had a chat the other day. The reno kings are doing something similar but Paul's position is a property portfolio of 27.7mil with a net position of 80K profit per year...
Nathan and I had a chat the other day. The reno kings are doing something similar but Paul's position is a property portfolio of 27.7mil with a net position of 80K profit per year...
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So he is only cashflowing $80k pa and has a portfolio worth $27.7m, is that correct?
Engelo
Yep that's correct
maybe a few more ooo behind the 80k..
Nope willair. I met with the reno kings 2 weeks ago while they were in Melbourne. Their buy, reno and hold strategy has given them $27.7mil worth of property with a net cash flow of $80K with $0's in tax.
They have a portfolio of $27.7 million with net cash flow of $80k?
WHAT??!!!!
On a portfolio of that size, a move of 25 basis points equates to $69k.
If interest rates move against them by 30 basis points, their net cash flow would go negative.
If interest rates go up by 1%, they would be almost 200k net negative cash flow per annum. If interest rates go back up to pre-GFC levels they would have negative cash flow approaching 1 million dollars per annum.
Four possibilities: (a) the numbers are wrong (b) they have major cash reserves (c) there is something going on in the background (d) they are relying on their bank's good will and are crazy in the head.
WHAT??!!!!
On a portfolio of that size, a move of 25 basis points equates to $69k.
If interest rates move against them by 30 basis points, their net cash flow would go negative.
If interest rates go up by 1%, they would be almost 200k net negative cash flow per annum. If interest rates go back up to pre-GFC levels they would have negative cash flow approaching 1 million dollars per annum.
Four possibilities: (a) the numbers are wrong (b) they have major cash reserves (c) there is something going on in the background (d) they are relying on their bank's good will and are crazy in the head.
Well that sounds great,even Telstra pays above 10% fully-franked but i've never understood gearing on gearing..
I don't understand it either to be honest
Only 80k net? Insane imo. Why dont just reduce the exposure and drastically increase cashflow?
