hi ,heres the thing ,i own two IPs one i bought for $152,000 in febuary last year and one i bought for $206,000 in may last year .
the first needed work restumping/relevelling (minimal ) interior shabby ,
this was a two bedroom miners cottage (so the pm informed me )i built another bedroom (the lounge was enormous) not now though .retiled the bathroom floor ,replaced all the plumbing built a new vanity and tiled the wall behind .Walls throughout the house were old fibro with the cover strips on the joins ,ceiling was the same construction ,i resheeted over the old fibro walls and ceiling with gyprock ,new cornice,new laundry downstairs new tiles downstairs ,new kitchen and tiles ,repainted the whole house inside cleaned up outside ,pulled down carport before it fell down and killed someone (this saved a lot of money in the end because i used the timber from this to build the walls for the third bedroom )anyway after all this work the money i spent came to a tad over $7000. I had a tenent in the house 4 months after i took possesion ,rent is $185 per week ,because the house is practially rebuilt there is no maintance .the existing tenants lease runs out in april this year when i will be lifting the rent to $220 per week house is on future industry /home occupation zoning but cannot be changed unless we require it for industrial purposes so a house block it stays .hope that gives you some background on the posting ,
now what do you suggest i do with the property ,sell, keep, homes in the area are now selling for around the $200,000 mark and will be increasing as soon as people realise it is industrial land 500 metres from the centre of Ipswich cbd ,if i sell now for $200,000 do you think the profit is adequate for the expense and effort .i used no outside trades except for a electrican mate who owed me a favor to add a ELCB to the power box ,all other work was done on my carpenter/joiners license
the first needed work restumping/relevelling (minimal ) interior shabby ,
this was a two bedroom miners cottage (so the pm informed me )i built another bedroom (the lounge was enormous) not now though .retiled the bathroom floor ,replaced all the plumbing built a new vanity and tiled the wall behind .Walls throughout the house were old fibro with the cover strips on the joins ,ceiling was the same construction ,i resheeted over the old fibro walls and ceiling with gyprock ,new cornice,new laundry downstairs new tiles downstairs ,new kitchen and tiles ,repainted the whole house inside cleaned up outside ,pulled down carport before it fell down and killed someone (this saved a lot of money in the end because i used the timber from this to build the walls for the third bedroom )anyway after all this work the money i spent came to a tad over $7000. I had a tenent in the house 4 months after i took possesion ,rent is $185 per week ,because the house is practially rebuilt there is no maintance .the existing tenants lease runs out in april this year when i will be lifting the rent to $220 per week house is on future industry /home occupation zoning but cannot be changed unless we require it for industrial purposes so a house block it stays .hope that gives you some background on the posting ,
now what do you suggest i do with the property ,sell, keep, homes in the area are now selling for around the $200,000 mark and will be increasing as soon as people realise it is industrial land 500 metres from the centre of Ipswich cbd ,if i sell now for $200,000 do you think the profit is adequate for the expense and effort .i used no outside trades except for a electrican mate who owed me a favor to add a ELCB to the power box ,all other work was done on my carpenter/joiners license
