Is This Australia's Cheapest House?

[engelo10]

Hi guys,

I thought I would spruik myself a bit and reveal the most recent project I have been working on. I purchased a 4 bed vandalized home in Moree for just $15,000 after it was initially on the market for $80,000. I am just in the process of renovating and am driving tonight to Moree to see how everything is going. I am a bit scared of the drive as the last time I embarked on such a long distance drive by myself I almost died in a car accident.

I have done a Nathan Birch style video of before the reno so your can view this by clicking on the link below:

http://www.youtube.com/watch?v=ooPTnnoG2pA

A story on this deal is also coming out in the September edition of the API magazine. Please feel free to contact me anytime with any questions you might have as I am more than happy to answer them.

Thanks for your time.

Regards,
Engelo Rumora

ps. Add me on facebook for live updates on how the reno is going.

 

[Player]

Hi guys,

I thought I would spruik myself a bit and reveal the most recent project I have been working on. I purchased a 4 bed vandalized home in Moree for just $15,000 after it was initially on the market for $80,000. I am just in the process of renovating and am driving tonight to Moree to see how everything is going. I am a bit scared of the drive as the last time I embarked on such a long distance drive by myself I almost died in a car accident.

I have done a Nathan Birch style video of before the reno so your can view this by clicking on the link below:

http://www.youtube.com/watch?v=ooPTnnoG2pA&feature=player_embedded

A story on this deal is also coming out in the September edition of the API magazine. Please feel free to contact me anytime with any questions you might have as I am more than happy to answer them.

Thanks for your time.

Regards,
Engelo Rumora

ps. Add me on facebook for live updates on how the reno is going.

I just read it a couple of days ago Engelo. It's on page 145.

Not for the faint of heart what you guys do, however well done to you and Nathan with all the examples he's posted on SS as well.

Persistence paid well for you in staying in touch with the rea.

Nice work

 

[Ed Barton]

No offence and I hope it doesn't happen, but unoccupied shiny new place could be a trophy target for vandals.

Have you thought about how you might stop this from happening?

 

[engelo10]

I just read it a couple of days ago Engelo. It's on page 145.

Not for the faint of heart what you guys do, however well done to you and Nathan with all the examples he's posted on SS as well.

Persistence paid well for you in staying in touch with the rea.

Nice work

Hi Player,

Thanks for your comment.

Regards,
Engelo

 

[engelo10]

No offence and I hope it doesn't happen, but unoccupied shiny new place could be a trophy target for vandals.

Have you thought about how you might stop this from happening?

Hi Ed,

Thanks for your comment.

We have secured the property to our best ability with locks on windows and doors. Also, we have a tenants lined up to move in as soon as the renovation is complete. We have done everything we possibly can but some things are just out of your hands, if someone really wants to brake in they can always remove a few tiles from the roof and get in.

Regards,
Engelo

 

[engelo10]

I am also considering staying at the property untill the reno is finished.

 

[Ed Barton]

I am also considering staying at the property untill the reno is finished.

good call. At least you've considered this risk.

 

[engelo10]

good call. At least you've considered this risk.

Everything is a risk. Without risk there is no reward.

Engelo

 

[Ed Barton]

Everything is a risk. Without risk there is no reward.

Engelo

exactly. You've considered the risk and taken steps to mitigate, which is a lot more than some who blindly don't see the risk (and therefore don't mitigate) and jump in with a 'guaranteed' healthy return.

Even if you get vandals paint the outside with 'phuck' a a couple of times you're still going to be well in the black. well done.

 

[engelo10]

exactly. You've considered the risk and taken steps to mitigate, which is a lot more than some who blindly don't see the risk (and therefore don't mitigate) and jump in with a 'guaranteed' healthy return.

Even if you get vandals paint the outside with 'phuck' a a couple of times you're still going to be well in the black. well done.

Thanks Ed,

The plan is to paint the exterior once the tenants have already moved in so hopefully there wont be any more "phucks" on the walls haha

 

[matto_]

had contemplated Moree (not nec coonamble).

Will be great to hear how you go engelo.

Also - any further details on getting the asking price down from 80k to 15k?

 

[engelo10]

Hey guys,

Just a quick heads up that the property was on Nathan Birch's Dealfinder.

Regards,
Engelo

 

[tvadera]

Hi,

Saw the video on youtube. Price is def something unheard of.

Hats off to you & Nathan

Are you planning to do any renos yourself?

Is the house on stumps and require re-stumping, could see cracks on the ceiling in the video, if yes then how much you think you would be spending on that

Also can you give break down of reno done room by room and costs associated with each reno

Keep up the good work and all the very best

Regards,
TV

 

[engelo10]

Hi,

Saw the video on youtube. Price is def something unheard of.

Hats off to you & Nathan

Are you planning to do any renos yourself?

Is the house on stumps and require re-stumping, could see cracks on the ceiling in the video, if yes then how much you think you would be spending on that

Also can you give break down of reno done room by room and costs associated with each reno

Keep up the good work and all the very best

Regards,
TV

Hi TV,

Thanks for your comment.

The house is on stumps but no need for re-stumping, the issue with the cracks was due to the water flowing down onto the stumps. The plumber is fixing the gutters so all the rain water goes further away from the stumps on the left side of the house. There is a lot of movement in Moree due to the soil.

I will shoot another video once reno is complete. The rooms just need patching and painting, not much work involved with the rooms.

Engelo

 

[sidknee]

Hi guys,

I thought I would spruik myself a bit and reveal the most recent project I have been working on. I purchased a 4 bed vandalized home in Moree for just $15,000 after it was initially on the market for $80,000. I am just in the process of renovating and am driving tonight to Moree to see how everything is going. I am a bit scared of the drive as the last time I embarked on such a long distance drive by myself I almost died in a car accident.

I have done a Nathan Birch style video of before the reno so your can view this by clicking on the link below:

http://www.youtube.com/watch?v=ooPTnnoG2pA

A story on this deal is also coming out in the September edition of the API magazine. Please feel free to contact me anytime with any questions you might have as I am more than happy to answer them.

Thanks for your time.

Regards,
Engelo Rumora

ps. Add me on facebook for live updates on how the reno is going.

Hey Engelo, saw the video on youtube. Good work mate, how much of the hands on work do you do yourself on the reno's.

Sid

 

[hematite]

Hey guys,

Just a quick heads up that the property was on Nathan Birch's Dealfinder.

Regards,
Engelo

Looks interesting, shame it's ~$3k per year

 

[mikezen]

hey engelo can i ask how much u r budgeting for the reno?

 

[engelo10]

Hey Engelo, saw the video on youtube. Good work mate, how much of the hands on work do you do yourself on the reno's.

Sid

Hi Sid,

I wont be doing any work on this one myself.

Engelo

 

[engelo10]

hey engelo can i ask how much u r budgeting for the reno?

Hi Mikezen,

I was budgeting $10,000 but thats very optimistic. I always budget very low because I know I will go over but that low figure is always in my mind so it pushes me to squeeze the budget. Realistically will prob cost around $13,000 - $14,000.

Engelo

 

[mikezen]

Hi Mikezen,

I was budgeting $10,000 but thats very optimistic. I always budget very low because I know I will go over but that low figure is always in my mind so it pushes me to squeeze the budget. Realistically will prob cost around $13,000 - $14,000.

Engelo

awesome, must be mostly cosmetic if u r paying someone else to do it?...

congratulations on a great find