My latest Purchase!

T

Truly Exotic

Hi everyone,

Ive had fair few requests to post some figures of latest purchases up, so here they are!, plus one of them was a JV, who the young girl had to pull out due to unforseen personal circumstances so I had to do all the work alone :eek:

Purchase 1:
http://www.realestate.com.au/property-house-nsw-woodberry-111354135
Purchase Price: $145k
Renovation Costs: $6500 + Flight/Hotel costs
Updated Rent: 310 pw
Updated MV: $220k - $230k
Yield: 10.6% (excl legals, management etc etc)
Work Done: - Tiled Kitchen, Dining, Bathroom, Laundry
- 3 new doors
- 5 New BIR doors
- Paint inside
- Paint outside gutters/rails
- Replaced one small wall
- 2 New Kitchen Cabinet doors
- Clean up/Garden back and front yard
- 5 new windows
- New Vanity, Toilet seat, shower rail, tap fittings
- New light fixtures
- New oven
- a few bits and pieces that I've forgotten

Purchase 2:
http://www.realestate.com.au/property-house-vic-morwell-111709047
Purchase price: $90k
Reno costs: $3-$3.5k forecast (property not settled yet)
Updated Rent: $180-$190pw
Updated MV: $135k
Yield: 10.3%(excl legals, management etc etc)
Work to be done: New Heating system
- Paint Outside
- A few unforeseen bits and pieces

Photos coming once agent takes some better shots
Continual thanks to my team, friends and contacts, Couldn't have done it without you!
Happy Buying everyone!:D::)
 
Last edited:
Wow... that's cool Truly Exotic, do you mind to share Purchase 1 ?
Are you using buyer agent?
Is that DIY renovation? - can't imagine $6500 cover them all.. Amazing..

Congrats once again..
 
wow, yields look great and low renovation costs. Love to see how the reno's progress

Were these chosen purely based on the individual properties or were these areas targeted specifically ie for yield or undervalued suburbs? And if so the reasoning why would be great to hear.

Cheers
 
d.one said:
wow, yields look great and low renovation costs. Love to see how the reno's progress

Were these chosen purely based on the individual properties or were these areas targeted specifically ie for yield or undervalued suburbs? And if so the reasoning why would be great to hear.

Cheers
Click to expand...

DIY really cuts costs down, I usually allow double that budget to get all jobs done by tradespersons

Im not a big fan of selling as the costs associated are quite high, so these 2 were chosen for yield and undervalued. La Trobe Valley has a lot of potential with a big couple of projects in the pipeline, which havent been 100% confirmed, but will be only a matter of time. For properties that I buy/reno/flip, since im only in the market for a couple of months, the long term potential is of far less concern
 
Nice work and thanks for sharing the info.

One other question, do you just travel to the properties and spend a few weeks doing the reno's yourself? (what you can do?). Do you get local tradies to do wiring, plumbing and jobs you cant do?
 
Its $350pw to have windows that are see through. Its like having a porthole room or an internal room on a cruise ship.
 
Good work with Kingstown rd, I purchased the one in Duckenfield avenue a little prior to this, must admit was quite jealous when I saw your one go as it needed lots less work than mine

thought you would get more than 310/w rent though, mine was leased for 350 quite quickly

How long did your reno on this one take?
 
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