My Latest Exchange TODAY! $32k, $18k reno, Val $130k (when reno'd) rent $200pw.

What a party!! U do pick 'em! I like photo 15, Great idea for a large window!!

Keep us posted Nathan. Would love to hear the reasoning for why you thought this would be a winner. Damage appears mostly cosmetic...Is that what u thought? i.e. replace all plaster, windows and doors and u have a good property.....And maybe the front fence?

And how many bodies did u find?:rolleyes:
JB
 
Nathan
Good work mate, find me 1 as well but closer to sydney.
Question: how do you know if the kids come back and do it again?
cheers
 
LOL! Reminds me of our biggest reno. http://www.somersoft.com/forums/showthread.php?t=20019&highlight=latest+project Looks like your one doesn't have quite as much work, but still a substantial amount. From memory, we spent around $17k and did all the work ourselves, however we had to put in a new kitchen too. We also put in french doors and a lovely Merbau deck. Without those, the costs would have been less.

If the locals are as friendly as ours, you might want to camp there until it's finished.:D
 
I am surprised that the stove is still there:eek: Hard to say but the kitchen looks relatively untouched.

Obviously kids had the 'fun' as all the damage is mainly restricted to the lower levels.

You might even be able to get away with simply replacing the lower sheet of gyprock and replaster.

I have a bunch of those outside boards left over from another job can sell at 1/2 price if interested.

Cheers
 
Good work and I hope it goes well for you. I'm interested to know how you already know it will be worth $130k, the reno will cost $18k and you will get $200 rent?
 
Good work and I hope it goes well for you. I'm interested to know how you already know it will be worth $130k, the reno will cost $18k and you will get $200 rent?

I'll have a quick go at answering:
Worth 130K...Chat to the Estate agents in the area, do comparable recent sales....You will get too know the price range fairly quickly
Reno costs...We recently did a reno and got 3 quotes first. Nathan of-course is an expert at these things now so his experience is spot on, but for those just beginning, it's the gathering quotes system that is best. Write down everything you want done, then ask for quotes.
Rent $200.....Again, see what is going in the area by wondering around with a few Agents. You will pretty quickly find out how much a place can rent for....

Cheers,
JB
 
Very interesting reno Nathan. I too wondered about how long the job would last, as some others have, but I see you are experienced at this. Good one!
 
Good work and I hope it goes well for you. I'm interested to know how you already know it will be worth $130k, the reno will cost $18k and you will get $200 rent?

experience I suggest

I suspect this weighs a lot more than knowledge in this sort of thing

ta
rolf
 
Thanks for replys :)

Property is based on comparable sales and rents in the area.

Reno cost is for tradies to do it, kitchen and bathroom are in tact....

Just needs bottom sheets replaced, the hardi plank fixed, and painted, windows, flexi hose, doors, and toilet, with misc little nick nacks.

As for the security, it has builders fence, windows boarded right up, clad will be fixed on monday, I may even rent some security dogs for $320pw for 6 weeks.

Will keep posted.
 
not as bad as if they'd run the hose up into the roof and left if on for a few days.

at least the wiring, plumbing, ceiling panels, and rough frame looks sweet. they did a great job on the toilet.

I suggest your first tenants be a family of big Fijians.
Troublemakers tend to leave them alone. :)
 
The figures sound reasonable. That house is probably at or below land value. Plasterboard + weatherboards + some doors + time, $18k reno sounds reasonable too. $130k house renting for $200pw? Also reasonable for a regional.

You just have to be a Nathan to look past the "OH GOD THAT IS A HIDEOUS TIP" and go "hey, all we have to do is some inside and outside cladding and whack in a new loo and some carpet and she'll be good mate". At least you can tell there's no termites in the frame ;)

Bloody brilliant I say.
 
At least you can tell there's no termites in the frame ;)

.

LOL! You didn't read the link to my one, did you? Despite there being less plaster on the walls than the one that Nathan just bought, there was a bloody huge nest of termites. We got rid of them though.:D
 
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