Duplex reno

[burty85]

ok....

bought two title duplex back in mid 09. 410K in total.... 205K each title in Townsville

Current rent each title was $150 a week at settlement....

Took possession as PPOR on the first title..... started a slow reno which still to this day I have a few thing to complete, just little things that bug me like a few touch up jobs.... spent approx $13,000 on this reno......

Included :
New Kitchen
New Tiles
New bathroom
New laundry
New carpet
New paint job.... first ever paint job... i tell ya what you learn a lot from it...
Air Cons
etc.....

getting $270 p/w which includes a fridge and washing machine.... up from $150 p/w

2nd title settled 4 months after the first.

I jumped the rent from $150 to $180 then to $200....
In Nov 10 the tenant had health issues and moved to a old persons home, so there I was back to the reno cloths

Used mainly same tradies, and cut a few that ripped me off on the first, still did a lot of the work myself, like gutting the place, painting ( this time with a lot better luck lol ) plus got some mates to help out with is also a bonus....

This time I think I have it down to a tee for colour and having the right tradies on hand....

New rent of $280 up for $200 p/w so cant complain about that.....

Still spent approx 13-14,000 on the reno, have to sit down and work out it all....
but I am happy that it has came to an end....
I didn't plan on it taking so long on the 2nd unit, but most of my work was over the xmas period which didn't help plus I got called off of leave to help with the floods down in Rockhampton for just over a week in the middle of my reno, that put at least 2 weeks on my completion time....

Only thing left to do is the front fence and a maybe later down the track paint the outside etc....

 

[Propertunity]

Nice work burty......and nice rental increases too

 

[Annietom]

awesome, well done!

 

[ashalim]

That would be cash flow neutral at least? in under 2 years?

wow

 

[burty85]

Yeah it is close to cash neutral at the moment, rates and insurance in Townsville are a killer tho... but thats bussines tho...

I plan to push rents closer to $300p/w once I give the out side a little TLC, needs new paint and fence.

I will sort out pics over the next few days

 

[Andrew_A]

I love reading stories like this, well done! That pretty handy increase to the yield will reflect in the values

 

[Jen_PFR]

Well done! Do you have any 'before and after' photos? Or even just 'after' photos?

 

[Pa1nter]

Great job,
Would you get even more rent if it was part furnished?

 

[burty85]

Kitchen shots

 

[burty85]

Kitchen and Laundry shots

 

[burty85]

More pics...

 

[burty85]

More pics...

 

[burty85]

More pics...

 

[burty85]

And more pics

 

[burty85]

That should do it for photos, I had to resize for SS to let me upload them after many failed attempts lol...

 

[burty85]

Well done! Do you have any 'before and after' photos? Or even just 'after' photos?

That should keep you happy... before and after are up...

 

[burty85]

Great job,
Would you get even more rent if it was part furnished?

I talked to the PM and I may get a little more, but at what pain if they break down etc, plus most ppl should have most on the things they need anyways....

Could be some thing I may look in to later, Im not one to complain about extra cash flow

 

[Melbournee]

Good work mate.

do you mind telling where you got the kitchen and how much was it? thanks

 

[burty85]

Good work mate.

do you mind telling where you got the kitchen and how much was it? thanks

Cost for the Kitchen (including sink) was approx $5300 installed from a local cabinet maker in Townsville, I highly recommend them, this was the second kitchen that I have bought through them... The stove/oven I left as is due to it being in good nick.

I cant remember the cost for the splash backs as I used the same for the Bathroom and Laundry as well...

 

[burty85]

Stay posted for some before and after shots of the outside of the duplex... should have new fence in and paint done by the end of the week, then Reval time