mini sucess story

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From: Sam Riley


Hi everyone,

I haven't posted a message on here for a long time but have enjoyed reading many of the posts. I really admire the sincere commitment of the many gurus on here to helping others in pursuit of their dreams, whether that is a first home or multi-million $ developments.

As Zig Ziglar say's... "If you help enough people get what they want, you can eventually have everything you want"

Anyway onto our story, one of the veterans on here asked me to post it, he wishes to remain anonymous but he was fundamental in securing the right finance & re-finance at the right price. So if anyone is seeking any finance I would contact this guy A.S.A.P,(hint, hint) Financially speaking He's the best.

Well 6 months ago me & fiance purchased a unit for $129k in Katoomba st, Katoomba. We put $28k and lots of work into it and just got it revalued for 190k, but local agents have offered us 200k-210k for it. (we get about 3 or more letters a week with offers from interested sydneysiders who want a romantic blue mountains weekender)

Because it was our first home we got the 7k
and the stamp duty waved. so we borrowed at 95% with the L.M.I. built into the loan. so after legals + fees + deposit - the grant it cost a grand total of $700 to purchase.

So figures are.

129,000 purchase price
700 expenses
4,000 re-payments
28,000 major reno

161,700 Total

so instant 30,000 in equity

we borrowed some of that to purchase a cashflow +ve juice & espresso bar across the road. (so now we are rookie freestylers too) and we also paid off our reno expenses.

So after re borrowing, we have the apartment appreciating, 30k equity, some experience and more money in our pockets than what we started with.

Oh yeah we also turned this derelict unit into a beautiful apartment.

stainless gas appliances installed, stainless dishwasher, polyeurothane kitchen, tumbled marble tiles, undertile -heating for kitchen & Bathroom(only cost $400!) new carpet, new paint, redressed and stained rosewood timberwork, built-in wardrobe, brass hardware new false ceiling & cornice, halogen downlights & upgraded electrical switches, circuits and box.


We both were working fulltime in between all this so we took a little longer than expected
but it went so fast.

Well we are glad we took the plunge and I write this to anyone who is considering making a start. Anything is possible and we feel with the money, knowledge, experience and contacts we have made/gained from all this we can now look to bigger projects with confidence and excitement!

Thanks again to everyone.

:)


ta,

Sam
 
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Reply: 1
From: Dave :)


Hi Sam,

Gee, that's a great testimony. Well done on taking the plunge and acheiving
what you did. I sincerely hope the whole experience gave you the knowledge
and confidence to repeat your 'not-so mini' success story again, many times
over. I hope that many of the other 'prolific posters, but investment
procrastinators' in this world follow your example of what can be done if
you have the desire to succeed. Again, well done, and all the best in your
exciting journey. (Fasten your seat belts from here....this becomes an
addiction, and the need for a stronger 'fix' grows as you do.)

Cheers

Dave
:)
 
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Reply: 2
From: Asy .


FANTASTIC!!!!!!!!!!!

CONGRATULATIONS!!!!!!!!!!

Keep the stories like this coming!

Well done...

asy



"Don't forget what happened to the guy who suddenly got everything he ever wanted...
He lived happily ever after.
(Willy Wonka).
 
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Reply: 3
From: Nigel W


Sam

Let me join the chorus of applause. That's a great result!

As Zig says "I'll see you at the top!"

Cheers
 
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Reply: 4
From: Michael Croft


Well done Sam!!! A classic first time successful reno story - I love it!

Michael Croft
 
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Reply: 4.1
From: Jeremy Laws


Thanks Sam - GREAT read! Great job to BTW:)
Can you add a little about the juice and espresso bar as well please? Why did you chose it? how are you running it, and is it a 'good thing'

Really fantastic to read a great lesson!
 
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Reply: 4.1.1
From: Dale Gatherum-Goss


Congrats!!!

As others have said, watch out for the addictive rush and enjoy the ride!

Dale
 
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Reply: 4.1.1.1
From: Gee Cee Clay


Great job Sam.

Just wondering if it was you and your fiance that I was talking to at the Canberra Big BBQ?

Gee Cee
 
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Reply: 4.1.1.1.1
From: Jeremy Laws


Gee Cee
Your spelling is atrocious! It's spelt 'financier'!
 
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Reply: 4.1.1.1.2
From: Sam Riley


Hi Cee Gee

Yes! It was us you were talking to at the canberra BBQ, We remember looking at all the before & after photos of your many successful renos. That event kind of gave us the kick start and motivation to do a MAJOR reno, rather than just a coat of paint and carpet.

Thanks for sharing your thoughts with us that day Cee Gee, they were more than helpful.

Sam
 
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Reply: 4.1.1.1.2.1
From: Shelly R



From one S.Riley to another
Way to go Sam!

By the way I kinda owe a wee bit of my success
to Rolf as well.He knocked me back twice.
Advising me to stick with a local solicitors
group.That word No,just seems to motivate me.So I found my own lenders and hence got a better deal with a lower rate.
Even though most people have obtained good results by using brokers I seem to be able to pitch my deal better myself.
Ta Rolf,
Cheers Shelly R
 
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Reply: 4.1.1.1.2.1.1
From: Rolf Latham


Hi

There you go SR, as I have often said in posts, as soon as I say cant be done someone proves me wrong.

Well done.

Ta

Rolf
 
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Reply: 4.1.1.1.2.1.1.1
From: The Wife


Well done, GO Sam , GO!!
 
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Reply: 4.1.1.1.2.1.1.1.1
From: Jacque Parker


Good on you Sam. Renovating is a great motivator, isn't it? It sounds like you enjoyed yourself as well, and that's a bonus! Look forward to hearing about your next IP. We're all with you!
Cheers, Jacque :)
 
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