Just a short note to see if anyone is interested in renovating rural real estate, i’m interested in doing so and would like to hear from those people who have thought of doing the same, cheers lee
stop telling me i can’t do that, because u know what? I can!!!
Just a short note to see if anyone is interested in renovating rural real estate, i’m interested in doing so and would like to hear from those people who have thought of doing the same, cheers leestop telling me i can’t do that, because u know what? I can!!!
Just a short note to see if anyone is interested in renovating rural real estate, i’m interested in doing so and would like to hear from those people who have thought of doing the same, cheers leestop telling me i can’t do that, because u know what? I can!!!
Just a short note to see if anyone is interested in renovating rural real estate, i’m interested in doing so and would like to hear from those people who have thought of doing the same, cheers leestop telling me i can’t do that, because u know what? I can!!!
I am currently doing 3 in Central West NSW.
Hi Lee,
just wondering what you mean by rural properties. Are they properties on say 2, 5, 10 acres or more. Came across a property on 5 acres which needs fairly cosmetic reno, that is painting and carpet, and the grounds tidied up, old sheds removed, driveway improved. There is such a demand for rural property at the moment. We live on a larger rural property – always something to do!!
Anna
hi anna, well i guess the main area i was concerned with was just the real estate in small towns, not properties as such, but its always a possibility, i just see the low costs involved with small town houses/units being an advantage to those investors who don’t have the start up money to be able to buy in larger areas ie. bris, melb. I thought that it would be an idea to located those towns with some growth, buy, renovate,and or rent out, sell, i would like to meet people with some different ideas about this and hopefully put together a team to do the above, i don’t see why this couldn’t work and would be a great initial investment in the real estate market for those who do not want the burden of a 1/4 mill morgtage.
let me know what you think
cheers
leestop telling me i can’t do that, because u know what? I can!!!
cheers montrose, whereabouts and how are you finding it???? would be interested to talk to you, do you think that targeting small towns with growth is a viable option in purchasing and renovating and selling them, i see it as a bit of an untapped market,
cheers
lee[?]stop telling me i can’t do that, because u know what? I can!!!
You guys should read the book, “Buy it, Fix it, Sell it,:profit” By Kevin Myers.
Its a great book and im sure it can come in handy.
Although its based in the US.Glenn
Some Towns have a high rental demand and have not been done over by City investors. Many of the large rural Towns are having an oversupply of rental properties due to alot of City investor activity.
I purchased 3 mortgagee sales, one for $15k, one for $40k and the other for $45k. that’s a total of $100k and I will spend a further $20k on them.They will all rent out at around the $120 p/w, a total of $360p/w.The return is very high and there is heaps of capital gain also.[
]It took me about three months to find each property.Keep looking.[^]
cheers montrose, whereabouts and how are you finding it???? would be interested to talk to you, do you think that targeting small towns with growth is a viable option in purchasing and renovating and selling them, i see it as a bit of an untapped market,
cheers
lee[?]stop telling me i can’t do that, because u know what? I can!!!
Thanks Lee,
I would really love to do some renos in rural towns after research etc. Sounds like Montrose is doing fantastic work. The only thing would be that we would have to live/camp in the place if it was some distance away and also it would have to be done quickly, the sooner it is finished, the sooner it rents. The house we renovated a few months ago took 8 weeks which was too long but we both worked in between. It was very shabby and we did increase the rent by $40 a week though.
I do like the thought of say 3 lower end of the market renovate and sells a year, making even $20000 after costs and CGT. Two of our houses have cost round $8000 to renovate, both 3 BR places. In one we put a good second hand kitchen for $500 + benchtop, made bathroom larger and laundry smaller by moving a wall, took up carpets, polished floors, new tiles & tap fittings, new floor in 1 bedroom, repainted inside, new internal panel doors, cleared yard of a lot of rubbish. The one we did recently was painted inside and out, landscaping redone, most of floors polished, left the cork tiles in the kitchen and family, new light fittings, verticals, new rail round the large entertaining deck, extra cupboard and small pantry as well as 4 of the kitchen cupboard doors replaced, new handles, new bathroom incl. vanity, tiling, etc.
Anna
anna
thanks for the interest, i’m not saying we just dive into any old town here but i think that once you’ve found a place with some amount of reasonable amount of growth then there’s a start, say you set a limit of 100 000, live there camp there, whatever, thats the fun of it i guess, give yourself 3 months to renovate then decide to sell or rent out, my brothers suggestion was to flip a few over first then get on to renting places out, problem number one i guess is getting the loans if you keep moving around, but im sure there is a way around that!!! what do you think, and what part of aus are you located?
cheers
lee
Thanks Lee,I would really love to do some renos in rural towns after research etc. Sounds like Montrose is doing fantastic work. The only thing would be that we would have to live/camp in the place if it was some distance away and also it would have to be done quickly, the sooner it is finished, the sooner it rents. The house we renovated a few months ago took 8 weeks which was too long but we both worked in between. It was very shabby and we did increase the rent by $40 a week though.
I do like the thought of say 3 lower end of the market renovate and sells a year, making even $20000 after costs and CGT. Two of our houses have cost round $8000 to renovate, both 3 BR places. In one we put a good second hand kitchen for $500 + benchtop, made bathroom larger and laundry smaller by moving a wall, took up carpets, polished floors, new tiles & tap fittings, new floor in 1 bedroom, repainted inside, new internal panel doors, cleared yard of a lot of rubbish. The one we did recently was painted inside and out, landscaping redone, most of floors polished, left the cork tiles in the kitchen and family, new light fittings, verticals, new rail round the large entertaining deck, extra cupboard and small pantry as well as 4 of the kitchen cupboard doors replaced, new handles, new bathroom incl. vanity, tiling, etc.
Anna
[/quote]
stop telling me i can’t do that, because u know what? I can!!!
Hi Lee,
It would be a great way to go, to renovate and flip a few. We have some acquaintances who have done just that, and they have done very well over several years.
We’re located in Hunter Valley – prices have gone up here like anywhere else & it’s getting harder to find locally. Missed out on a house about three months ago, was going for $80,000 and yesterday I saw a sign on it, rang the agent and it is back on the market for $162,000 renovated. Looked good too. As far as finance is concerned, that is loans, I think the best idea is to have that LOC so you can buy when you see a property and renovate it, then sell or refinance and rent it out, and pay back the LOC, then go on to the next. The moving wouldn’t be a problem then. I’ll be searching again as soon as this next unit renovation is finished.
Anna
Hi Anna,
I’m just wondering if you could email me any contacts you have for kitchen people up Hunter valley way. I’m hoping to refurbish a kitchen in a property I just bought and hope to flip it after. My email address is [email protected].
Thanks.
Regards,
lindaanna
hey look here’s my e-mail, [email protected] if you like e-mail me and we will chat some more about some possible renos, sounds like your interested and would be a great opp to talk to somebody with some experience in the market….cheers
leestop telling me i can’t do that, because u know what? I can!!!
Hey Oneill,
Yep were renovating, relocating the works in the rural area of Bendigo, we purchased 37 acres just land for a bargain at $32,000 morgagee in possession. We’ve just put a secondhand relocated home on there, picked up from a property in hawthorn Vic. total cost for them to remove, restump, place on your property with a new colourbond roof, your choice of colour for $ 50,000, renovations and connections cost us another $35,000, we have just completed landscaping the garden and puting an outdoor entertainment area in. The paddocks are now segregated into 5 sections with horse shelters in each, cost $ 3,800 (those secondhand yards and clearance sales are your best bet, bargains heaps of bargains). We now have spent approx $121,000. the property has just been valuated between 290-320,000 nice profit, plus we really enjoyed designing and making a comfortable home out of a blank canvas, if you like a challenge you’ll love this. Were looking at the moment for the next bit of blank canvas to attack, and the bonus is we don’t have to borrow now. We’ve actually decided to stay away from inner/outer city suburbs, I don’t think the monies there at the moment, too much uncertainty which way the property markets going to fall.
I know Bendigo is now being called the sister to Melbourne’s cosmopolitan strip, Population has grown faster that Melbourne, 2 years ago Pop. was around 70,000 people its now up to 92,000. Plus they’ve opened up another gold mine which has been closed for years, this is bring work into the town and rental demand is on the rise. Even if you don’t buy in the town there are some lovely acre properties just waiting to be developed.
B
]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
