My cheapest purchase EVER! $2000, total purchase price for a residential block.

Ok, so I have posted cheap before but this one kills it.

numbers 800sqm, residential block, town of over 10,000 pop, in NSW, houses selling for $100k+, and i purchased for the sum of $2000.

Stamp duty I paid today for $45.

I have a large family burial area, which one day I will be laid to rest in many years to come, and each plot we paid $16,000 each for. Here is a residential block for $2k.

Area will remain undisclosed at this point in time.

However options are as follows;

- sell for $25k
- put portable home on it for $15k (just bought 1) + $10k site fees.
- use title as a deposit on another purchase therefore turning a $2000 amount into a $20,000 deposit :)

Dont know as yet, but all signed seald and deliverd. I actually exchanged last year, but oly forgot till today because I had to do some paperwork on it :)

BTW, the land has all services, water, power etc, and is on a sealed road in residential area.
 
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well done buddy.
I think you are a very good inspiration for this forum.
I cannot do what you do because i dont have the depth of knowledge that you do.
But your post truely highlights that regardless of the overall market, there are always submarkets, and if you are prepared to 'sweat and learn', there is always money to be made.

Congratulations again.
 
Thanks for the feedback guys :)

I_V, you can do whatever you want the deals are out there.

BC, yeh definately equity built in..
 
Just one question??

WHY???

Why would anybody sell for 10% of value... surely they cannot be that desparate to sell.. OR is it a council sale to recoup unpaid rates??

Well done btw :)
 
You da man.

Was it a single deal all by itself or did it come attached to another property as a sort of two-for-one deal?

Moyjos: council do sell off at very low values, and some people will sell at any price because they can't afford council rates or Centerlink is hassling them about owning too many properties. You can pick up land for < $500 in my old town, or you can get it for $18,000. Depends who is doing the selling.
 
Ok, so I have posted cheap before but this one kills it.

numbers 800sqm, residential block, town of over 10,000 pop, in NSW, houses selling for $100k+, and i purchased for the sum of $2000.

Stamp duty I paid today for $45.

I have a large family burial area, which one day I will be laid to rest in many years to come, and each plot we paid $16,000 each for. Here is a residential block for $2k.

Area will remain undisclosed at this point in time.

However options are as follows;

- sell for $25k
- put portable home on it for $15k (just bought 1) + $10k site fees.
- use title as a deposit on another purchase therefore turning a $2000 amount into a $20,000 deposit :)

Dont know as yet, but all signed seald and deliverd. I actually exchanged last year, but oly forgot till today because I had to do some paperwork on it :)

BTW, the land has all services, water, power etc, and is on a sealed road in residential area.


Ill give $2,500 for it:cool: Today only times a wasting. Tick Tick Tick.
Too late $2300 now ....... Tick tick tick:rolleyes:
 
The interesting thing here would be, Nathan, if we got the story of how you came about purchasing for 2k when it's apparent price is 25K....now that would make for interesting reading. :D
 
$15k and its yours :)

Well, vendor had a house, house burnt down, i assume they got an insurance payout or something not too sure...

Vandor has to pay rates and i came in and took a liability off the vendor. Vendor happy I am happy, we are both positive of the deal.

Funny thing is the vendor paid $1k agent fees and probable something similar for conveyancing :)
 
$15k and its yours :)

Well, vendor had a house, house burnt down, i assume they got an insurance payout or something not too sure...

Vandor has to pay rates and i came in and took a liability off the vendor. Vendor happy I am happy, we are both positive of the deal.

Funny thing is the vendor paid $1k agent fees and probable something similar for conveyancing :)

Never realised insurance claims was making people rich :).

Good on ya Nathan, you are definitely and inspiration and looks like you eat, breathe and sleep property.
 
$15k and its yours :)

Well, vendor had a house, house burnt down, i assume they got an insurance payout or something not too sure...

Vandor has to pay rates and i came in and took a liability off the vendor. Vendor happy I am happy, we are both positive of the deal.

Funny thing is the vendor paid $1k agent fees and probable something similar for conveyancing :)

Talk about opportunistic...congrats mate!!! :D
 
Hey where do I find an insurance company that pays out on my block of land (in addition to the house) when the house burns down.

Did the vendor advertise the land at anywhere near market value originally Nathan?
And did you have to pay his rates arrears?
Will you have hassles with transfer duty being questioned by State govt?
 
Another great buy Nath,

So are you left with the expense of removingthe burnt out house, or has insurance taken care of that?
 
Nathan's new property spotters hard at work.


"Hang on boys, I'll just get a shot off to Nathan"
 
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