Hi Guys,
We love reading about all that is happening and sometimes we get a little frustrated. But all is not lost, we finally found one.[
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The vendor wants a fast settlement, we offered $70K / 30 days or $75K / 60 days, the property is vacant, was let for $130/week. No not quite 11 second rule, but, this place needs TLC. Paint, carpet, Kithen, Bathroom and laundry all need tidy up. Will also add ducted heating etc, all of this I have estimated at $9K. (I am in the trade)
Add $9K & $75K = $84K expected rent $160 to $170 now is closer to 11 second rule. We will take two weeks leave over school holidays and renovate before settlement. We were looking for properties to renovate and sell for CG, but I guess we’ll take +ve cashflow any day. Although other properties in the area sell for about +$110K.[]Mary & Greg Bridges
It’s better to give a little than to never give at all.Mary & Greg,
Well done – if you don’t remember us, we sat next to you on 1st day of the seminar, and swapped seats with eachother.
Well done. Go for it. It’s very rewarding to do a reno. Hope it goes well for you. Make sure you take before & after photos.
PS.. How many kilometres from where you live is this property? Greg, did you find this property whilst out on the road for your AC job.
Have fun,
WILANDELHi Mary and Greg,
Congrats on your 1st Ip! [^] Do you plan to get the property revalued once you do the renovations, considering your purchase price of approx 70+K and the fact that other properties in the area are 110K?
Cheers
Sooshie []“Giving is a Blessing, receiving is the bonus”
Awesome Mary and greg. From here on in it gets easier. I still believe the first one is the hardest and most challenging. I hope to see many more posts along these lines.
Enjoy
AD [:0)]
(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Hi Guys,
Thanks for your words.
This will be our first non PPOR reno, have done a few in the past.
wilandel – we found it on the internet, then made sure I had a reason to visit the area with my work. The camera is ready and loaded.
Sooshie – absolutely, after the reno we will revalue, refinance the IP to get our deposit back and find another one.
Ad – I cant believe how relaxed we are about it. We have set our mind to a business mode and we do our sums on each one, if they don’t add up, we move on.
We must thank everyone for their support.
Thank You All !!!Mary & Greg Bridges
It’s better to give a little than to never give at all.
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