House opportunity Brisbane

[joy]

Hi,

I found 2 great renovator houses for sale and put contracts on both.

The Gap house is selling for $315 000 and valued around $330000
Nice front, polished floorboards, 3 bedroom, rumpas under, 2 car carport. If you add a door it becomes a grage, 15 minutes to brisbane city. And The Gap area is rising in value. Nice view from balcony which does need some repair work

Ferny Hills, 3 bedroom, near rail, 2 lock up garge, room under.
Both are 70's style so built under. Selling for $265 000 and valued around $280. overlooks park and already has tenant in place paying $250 pw

Good pest and building reports.

Problem is, I want to put them on a hbt and the bank won't stretch far enough for me.

If anyone wants one, I have to let one go. I can send pictures etc.

Feeling a little guilty about telling the buyers agent the bank can't finance after they said they could.

Let e know if interested

 

[chesterjohn]

Would you like help to get finance for the other property, i can help you.

 

[thefirstbruce]

5%pa return isn't anything extraordinary these days Joy, but good luck with the renos....

 

[Panda]

Hi Joy,
When you say valued at $X. Have you had a valuation done by a registered valuer?? Who says they are valued at this amount?


Panda

 

[asy]

Joy,

I've moved this to Cav Empt, as even though you aren't selling these yourself, you'll get more interest in here (I feel) and it's the more appropriate forum.

Just as an aside, how much are the reno's costed at, and what's the after-reno value theoretically going to be?

asy

 

[focusdev]

IMHO what the house is sold for is it's value.
If it's worth more then why isn't it being sold for more ?

I agree 5% isnt much on an old property when you can get the same on new ones which give other benefits.