Willmot - Burnt out bargains?

[coastal]

Hi there,

Has anyone been looking into the the fire damaged properties at willmot?

http://www.realestate.com.au/property-house-nsw-willmot-112153431

This one is for sale at $139 k

If one was to pick this up for $90K and do a $40K reno- it could possibly be valued at $220 - $240 k and rented at about $280 -$300 pw

There seems to be a few fire damage properties on the market

 

[Truly Exotic]

Ive been through this one, literally and physically,

No floors, no walls, frames gone, roof gone,

Going to be a very expensive job

If you know how to DIY or has some good contacts, then go for it

I took a builder through it and he looked at it and said " 100k+, no point"

 

[scha9799]

get Nathan , this can fix it, he can tell you if it's worth or not

 

[scha9799]

which street is this on ?

 

[Shahin_Afarin]

Are you sure you can get $300 in Willmot?

Regards

Shahin

 

[datto]

Yes:

http://www.domain.com.au/Search/ren...urb/willmot/?gclid=CLPh1IPflLUCFUhlpgodSm8A5w

 

[Shahin_Afarin]

Im going to go check out - what street is it?

Regards

Shahin

 

[datto]

Not sure of address, need to contacy agent for the $139K one. Addresses for the others can be found at:

http://www.realestate.com.au/buy/in...false&activeSort=price-asc&source=refinements

They're selling like hot cakes lol !

 

[Shahin_Afarin]

Yep ive emailed the agent.

Regards

Shahin

 

[Truly Exotic]

77 captain cook drive,

It's not fenced off, so you can go in anytime

 

[vaughan]

Hi there,

Has anyone been looking into the the fire damaged properties at willmot?

http://www.realestate.com.au/property-house-nsw-willmot-112153431

This one is for sale at $139 k

If one was to pick this up for $90K and do a $40K reno- it could possibly be valued at $220 - $240 k and rented at about $280 -$300 pw

There seems to be a few fire damage properties on the market

The trick is getting finance. Most lenders won't touch it because it's not a house. You'll need to spend you own money.

 

[TMNT]

The trick is getting finance. Most lenders won't touch it because it's not a house. You'll need to spend you own money.

Ummm, even prior to considering finance,

Wouldn't it cost over 100k as per someone's post if there is no walls, no floors, and no roof? Plus having to redo the frame?

Has anyone down a Reno to this extent and willing to post here how much it cost?

 

[coastal]

It does look like a massive job...cheers for the reply Truly Exotic

I have been watching Nathan Birch's videos, he seems to be renovating similar burnt out properties for around $30000 - $50000..He knows what he is doing and has some seriously good trades and connections

I guess it would work if one was to project manage, coordinate trades, buy all the supplies and pay trades an hourly rate - but would need some good connections

But this will be a very expensive job

 

[Nathan]

I recently secured 2 x brick properties in Willmot for clients which were burnt and require minimal work ($20,000 - $30,000). These other ones are too far gone, anything will work at a price though but these prices are too expensive.

This would be good @ $90,000 - $100,000 but vendor will not sell at this. This same applies to the property in Houtman, the vendor wants too much for the house.

Also be careful with fibro ones, because not just only because the fibro falls off and difficult to resheet, but council can issue a demolition order and work cover come in with a fine of $110,000 per day that the site is not cleared of asbestos. What they mean by clearing is demolishing the house and slicing the land back like 150mm and removing the soil away.

Hope this gives clarity.

 

[TMNT]

Question for people who have done this before

If a room is not fire damaged but completely smoke damaged, as in black as

Is it more cost efficient to clean it or to simply paint over it, or to DIY (provide it you know what you are doing) and get the Blueboard or fibre sheets for $30 to $40 each for a 1200mm and replacing it yourself,
Seems like builders quote $10k+ to redo them when you could to it for say for purely example $400 per room pus half days labour

 

[Propagate]

What was with all those the burned out properties in Willmot? Did someone go on an arson spree?

Is it a pretty bad area?

 

[Aaron_C]

What was with all those the burned out properties in Willmot? Did someone go on an arson spree?

Is it a pretty bad area?

Ex-DoH area.....pretty rough. Think Frankston but on steroids

 

[Propagate]

Ex-DoH area.....pretty rough. Think Frankston but on steroids

Whoa..Frankston on Steroids! That's pretty full on then

 

[see_change]

Ex-DoH area.....pretty rough. Think Frankston but on steroids

Do you really want to buy in an area with so many burnt out houses ? Why so many .......

If you're doing it as a business as per Nathan fair enough , but ...

I worked in Lethbridge park for 19 years . Stuff goes on out there that if it occurred in a " nice " area would make front page news , possible around the world , but in 2770 it just normal .

Eg the home made bazooka's fired through the buses in wilmot ......that stopped the bus services for months ......

One high profile member here grew up in wilmot . He refers to it as will not ....

If you buy there , do it because you really know the area and risks involved ( eg Nathan and Skater ) not because it's cheap . It's cheap for a reason .

Cliff

 

[Propagate]

Do you really want to buy in an area with so many burnt out house ?
Cliff

Nope. Hence why I resurrected this old thread. I've no idea about Willmot at the moment, whilst looking up threads on here about it this one came up, along with the relevant alarm bells.

I'll be skipping over this burb for now.

Cheers.