Hi All,
I read many posts on this forum and learnt a lot about property investment . Before 6 years, we did not know anything about renovation. I thought, I should share my experience of renovation.
We renovated 4 properties in last 5 years. My wife went to an open home on 20th Feb and called me that she has found a rundown property on a big block. I was on site (FIFO). She was very confident when she said “we can renovate this property”. Renovation is like a drug addiction.
I went back to Perth in next 2 days, she picked me up from airport and took me straight to the property. When we went there, R.E. Agent & a couple were writing/signing the offer in his car, so we had to wait. Agent opened the house for us. He asked us, “Who will go first”. He did not entered into the house. We had a torch and measure tape with us. I said to my wife, I do not need measure tape, just need the torch so that I can find you in this 5 X2 house.
We agreed to write offer. Initially my wife thought of $245K but when we saw that other party has written an offer, We decided to go for $255K.
It was a DOH property. First bank declined our loan application but Aaron C helped us to get finance. Homesides lent us 80% of land value.
There were two caveats on the property, it took three months to clear all hurdles. Property settled on 5th June 13.
We started renovation from 6th June and tenants moved in on 2nd July 13. One year lease and rent is $500 per month. See some photos (Before Renovation)
And more photos coming
Thanks.
I read many posts on this forum and learnt a lot about property investment . Before 6 years, we did not know anything about renovation. I thought, I should share my experience of renovation.
We renovated 4 properties in last 5 years. My wife went to an open home on 20th Feb and called me that she has found a rundown property on a big block. I was on site (FIFO). She was very confident when she said “we can renovate this property”. Renovation is like a drug addiction.
I went back to Perth in next 2 days, she picked me up from airport and took me straight to the property. When we went there, R.E. Agent & a couple were writing/signing the offer in his car, so we had to wait. Agent opened the house for us. He asked us, “Who will go first”. He did not entered into the house. We had a torch and measure tape with us. I said to my wife, I do not need measure tape, just need the torch so that I can find you in this 5 X2 house.
We agreed to write offer. Initially my wife thought of $245K but when we saw that other party has written an offer, We decided to go for $255K.
It was a DOH property. First bank declined our loan application but Aaron C helped us to get finance. Homesides lent us 80% of land value.
There were two caveats on the property, it took three months to clear all hurdles. Property settled on 5th June 13.
We started renovation from 6th June and tenants moved in on 2nd July 13. One year lease and rent is $500 per month. See some photos (Before Renovation)
And more photos coming
Thanks.
