Hey fellow ppls, i ams wondering if any one is fimiliar with 1 of steves stratergies,buying 1 2bedroom house on a 90 day settlement with early access to minor renos and then turning the second lounge into another bedroom and reseeling the property with simultanious setttlements for a good profit, has anyoone done this?? let me knoe as im checking out aplace tomorrow and any advice would help
chris
Hey Chris
I just signed a deal to do the same but it is also my first so I can’t help you much but it sounds like you are looking in the right direction.
All i can suggest is that you put the terms in writing to the RE agent once you have made up your mind and cover all aspects in
the letter:
Offer
Deposit (make it enough to cover the agents commission)
Finance Period
Settlement Date
Early accessGood luck to us both.
markk
Happy Hunting
http://www.kentscollections.comAlso have your reno’s planned, with a backup plan!
If you aren’t doing the work yourself, make sure you have some tradies ready to roll once you gain access to the property.
You don’t want to be nearing the end of a 90 day settlement when the tradesmen begins the reno’s!
I do reno’s and believe me it can take 45 days to knock down a wall, strip out the kitchen and refurb it!
Project manahement with reno’s can be simple if you plan it. Otherwise it can be your worst nightmare!!
Good luck!
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