How to earn $60k for doing a few phone calls a few hours driving

Ok,

We seen the links, we have seen the pics. How? where? why?

Pictures here:
http://www.facebook.com/album.php?aid=163039&id=820929172&l=6b74435981
Video here:
http://www.youtube.com/watch?v=CAztF5pF8Eg

Just to clraify, that this property is the deal not the area and they come up in lots of areas. And one of a couple damaged houses I have purchased, dont get me wrong I have lots of good quality stuff, just a few of these ceap ones for kicks.

I purchased this property burnt out for $22,000 and settled the other day. It needs $25-35k spent on it. Watch the link and check the pics for more info.

Numbers;
$22,000 + $30,000 + $3000 (settlement and stamp duty) = $55,000

Rent $200-240pw 20% yield for starters.
New value $130-140k
Age 5 years
Depreciation attached, (also maybe have the writedown of old fittings thrown out but must check with property accountant).
Value/Profit $75-85k
Time dedicated - trip to netweork, phone calls, trip to plan reno and organise trades etc, and to sign some checques credit cards and contracts.

There are many opportunities in markets all around the world, whilst i dont know your own circumstances I hope I can open your eyes to what can be acheived with little dedication and time.

If you dont have money find it (its amazing how creative one can be in the early days with gaining borrowers), banks normally dont lend on stuff like this because it so cheap, however they may lend on land value each individual is different. If no luck, do the reno on your credit card, sell you car whatever. In the early days I sold my cars to get a deposit (buy a new one a week later though when property was reval'd), used credit cards, along with many other sacrifices to make it happen.

I never use to like when people told me at 12 (1997) that deals cant be made (thus 13 years ago), I always looked for a way, there out there, dont be flippant buying crap with no upside to say youve done the deal or pray for future growth. Go make the deals happen with lots of research (without becoming an anal analast paralasist *I have been there before too but snap myself out quicksmart*).

As always do your own research and be careful with what you buy and your budgets with renos, start small and then touch the out of the box ones.

Also the back block I will do something with, maybe sell it off once completed reno and rented.

Nath.
 
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Nope working all good now, it takes like a half hour or so to sort itself out after uploading for some reason..
 
Sorry Nathan, I watched your YouTube Video. Very interesting. Thanks for doing that.
BUT the Facebook is still not working for me...
Can someone else please try it and see if not working for them too???
 
Nathan, the pics I looked at on Facebook showed a house gutted by fire.
Looks like the studs, joists, and rafters all need replacing.

If you can finish the house for 30k, boy, have I got a job for your building team.

Where do you get guys who work that cheap?
How do you get around a demolition order from council?
What's the process for fighting that? a structural engineer with expertise in fire damage?

I am one of your biggest admirers, cos I like to see young people show a bit of chutzpah.....but some of these things you touch almost seem to me like trying to on sell a car that has been written off by an insurance company after a serious collision......

Convince me otherwise. :)

edit: btw, I also wonder if your angle is to deliberately exploit the insurance companies. i.e. you buy risk other investors don't want to touch, such as damaged dodgey rentals in dodgey areas, for serious discount.....but you know you can pass the risk to the insurance company, for a less serious discount.

If these places get burnt down again, you get cold hard cash from the insurers. This is no judgement of you Nathan. I believe in supply and demand...and if the insurers accept the risk you flick to them, then you're a smart fella.
 
Great job Nathan. Very impressive !!!

We had a property burn a few years ago. The insurance company wanted to write it off. We wanted to repair. It costly slightly more than the insurance payout, but it was still well worth it.
As you are probably required to do, we had to remove all burned areas back until no damage. In our case it the second floor of a house.

If we had a crew of builders of our own, it would have been a lot cheaper.

My older brother, years back did the same as you.
Bought older properties, sent in his own crew and flipped a profit.

Ignore anyone who says you can't do it, shouldn't do, wouldn't do it.
You are thinking outside the tiny box, and you only have your imagination to stop you.
 
Interesting project - Well done Nathan.

Looking at the pics doesn't look like there is any real intense hot spot where things really burnt out.

I have spoken to guys who do this sort of work and they indicate that wood is not structurally damaged even though it is scorched on the outside. Obviously a different thing if its totally charcoal. Also they were talking traditional roof not heavily engineered trusses.

As per WW is this the house with the demo order?

Cheers
 
Nathan, the pics I looked at on Facebook showed a house gutted by fire.
Looks like the studs, joists, and rafters all need replacing.

If you can finish the house for 30k, boy, have I got a job for your building team.

Where do you get guys who work that cheap?
How do you get around a demolition order from council?
What's the process for fighting that? a structural engineer with expertise in fire damage?

I am one of your biggest admirers, cos I like to see young people show a bit of chutzpah.....but some of these things you touch almost seem to me like trying to on sell a car that has been written off by an insurance company after a serious collision......

Convince me otherwise. :)

edit: btw, I also wonder if your angle is to deliberately exploit the insurance companies. i.e. you buy risk other investors don't want to touch, such as damaged dodgey rentals in dodgey areas, for serious discount.....but you know you can pass the risk to the insurance company, for a less serious discount.

If these places get burnt down again, you get cold hard cash from the insurers. This is no judgement of you Nathan. I believe in supply and demand...and if the insurers accept the risk you flick to them, then you're a smart fella.

Thanks WW,

No demolition order on this property.

This property looks worse then what it is, the fire was non structual and lot of it is smoke damage.

I have not done a fire renovation before this one, nor have made any insurance claims in my life. Well one which was a small vandal act. This home was purchased as it was just so cheap the land is worth more then the $22k I paid for it.

Intentions for this one is to keep and rent out after repair work has been done.

(note demolition order I asked about the other day was for a property which was vandalised in good nic and only been kicked in about 5 hours away from this one)


Cheers,
Nath.
 
Great job Nathan. Very impressive !!!

We had a property burn a few years ago. The insurance company wanted to write it off. We wanted to repair. It costly slightly more than the insurance payout, but it was still well worth it.
As you are probably required to do, we had to remove all burned areas back until no damage. In our case it the second floor of a house.

If we had a crew of builders of our own, it would have been a lot cheaper.

My older brother, years back did the same as you.
Bought older properties, sent in his own crew and flipped a profit.

Ignore anyone who says you can't do it, shouldn't do, wouldn't do it.
You are thinking outside the tiny box, and you only have your imagination to stop you.

Thanks Kathryn,

Yep budget is fairly conservative and based on one project managing the works themself. This is where the money is made however isnt easy as it looks as you know. there are hurdles each step of the gate on stuff like this.
a) finding the deal
b) negotiating the deal
c) financing the deal
d) risk of the deal
e) organising repairs
f) financing repairs
g) carrying out repairs
h) finishing the property and either rent or sell process.

Each level has its own obsticles to hurdle, and thats why theres money in it. Theres a fine line with doing stuff like this with making money and loosing money and the difference in outcomes detrmins how good you are with each step of the process.
 
Interesting project - Well done Nathan.

Looking at the pics doesn't look like there is any real intense hot spot where things really burnt out.

I have spoken to guys who do this sort of work and they indicate that wood is not structurally damaged even though it is scorched on the outside. Obviously a different thing if its totally charcoal. Also they were talking traditional roof not heavily engineered trusses.

As per WW is this the house with the demo order?

Cheers


Hey mate,

Your right the timber is scortched not destroyed. There will most likely be a 2 day cleanup process where there will be a 12 cube bin parked down the side and everything is thrown in and work is then carried out to rebuild.

Roffing is tin, and doesnt carry much weight, however the trusses are only damaged in the back 1/3 of house and over 1/2 of that is smoke damage.
 
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