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.
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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