I just exchanged on a house + land for $58,000 in North West Sydney - Rent $220+pw

Nathan

Nathan

Ok so time to reveal a property I secured 2 - 3 months ago, but prolonged my exchange to get further delayed settlement.

It is a little cottage home in a soon to be rezoned area.

It doesnt have street power or water, however similar properties are selling mid - high $100,000's. As for the property it has an exsisting rights on it where it has council bin service being picked up from the property also.

It is certainly a unique position, where one can make good future gains. It is not a good foundation style property, yet it is a low entry high upside deal with strong cashflow to support it in its current market.

Enjoy the pics - http://binvested.com.au/sydneys-cheapest-house-58000-rent-220-250pw/

and the video - http://www.youtube.com/binvested#p/a/u/2/RWAnNuF_t4c

Nath.
 
Yep, looks like there's a few challenges in this one!

Can't wait for the updates, Nathan. (Especially on how you'll only spend $10K or so bringing it up to scratch.)
 
Thanks everyone.

It is in a location which is contained to exsisting rights, so cannot rebuild if burns down and cannot build now. But council wont force these people out of their own homes.

I did the video some months ago, and the figure I anticipate to spend is $20,000 for reno.

As for water it is tank water, and power is solar grid with back up batteries for night time and wet weather. It is an interesting project, challenging yet I see that this block of land being in high and dry position in the newly released area will soon add some strong growth.

As for the area, there is new schools and houses a little further up the street and this is right in the thick of being rezoned.

If this was a normal building block today it would sell for $250ish, however its not and discounted to reflect, however it was bought as a bargain even taking into account its neative attributes.

Not sure what possessed me to buy this as it is out of my usual requirements, however the numbers worked and I thought it was a funny one to talk about today, and even funnier when I tell my children one day. :)
 
Nathan said:
Ok so time to reveal a property I secured 2 - 3 months ago, but prolonged my exchange to get further delayed settlement.

It is a little cottage home in a soon to be rezoned area.

It doesnt have street power or water, however similar properties are selling mid - high $100,000's. As for the property it has an exsisting rights on it where it has council bin service being picked up from the property also.

It is certainly a unique position, where one can make good future gains. It is not a good foundation style property, yet it is a low entry high upside deal with strong cashflow to support it in its current market.

Enjoy the pics - http://binvested.com.au/sydneys-cheapest-house-58000-rent-220-250pw/

and the video - http://www.youtube.com/binvested#p/a/u/2/RWAnNuF_t4c

Nath.
Click to expand...

Nice work Nathan, seems like a great pos cash flow pick up.
 
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