Hi thecrest,

Try again below:

http://homes.ninemsn.com.au/diy/renovation/8527389/i-doubled-my-money-on-australias-cheapest-house

Engelo

Hi Terry,

Thank you. Kevin does kill it a bit haha

Engelo

Thanks Dubstep,

Your comment is much appreciated.

Engelo

Hey guys,

I am happy to say that we have finished renovating "Australia's Cheapest House".

The end renovation cost was $15,000. There was quite a bit of plumbing and electrical work done to the property. Also, had an unexpected expense with the broken windows.

The property is tenanted for $180pw showing a 20% yield after all costs. I hope you enjoyed the videos and feel free to ask any questions.

http://www.youtube.com/watch?v=gcr0HVGAIG0

Engelo

Hey guys,

Just sold Coonamble for $35,000 without touching a brush haha

I am pretty happy with a $10,000 profit for signing a few pieces of paper

I was too busy with other renovations I am currently doing so I didnt want the headache of this one also. There is money in the deal even at a purchase price of $35,000. There were so many offers on the property and so many people pulling out last second. I find it hard to believe how people are scared to make money even tho I was willing to accept a lower price so the new buyer could also make a profit. Once the new buyer completes the renovation the property will definetly be worth around $80,000 minimum. I had all trades organized and ready to go at a cost of around $20,000 and this is without me doing any work.

Regards,

Engelo

Thanks for your comment santh,

After completing many renovations I never go into one saying its going to be easy. There are always unexpected issues along the way. Even if I spend $30,000 renovating this one there is still a good profit to be made.

No more singing, I will dance in the next video haha

Engelo

Hi Dubstep,,

I was a follower of Nathan Birch back in the day and loved the work he was doing. He owns quite a few properties there so I also started looking into the area more seriously. Moree is great for the yield orientated investor.

How can you go wrong with buying a house for $15,000?

If it was in any other town at that price in Australia I would buy again without thinking.

Engelo

Hi Nathan,

Thanks for your comment.

I am not sure as to what I will do either sell or refinance. If I refinance and keep the property I will put up a fence around the house just to make it a bit harder for possible vandals. I have great insurances in place for any further damage. The most important thing is to get tenants in asap. This will reduce the risk of further damage to the property.

Regards,

Engelo

Hi S,

All of the trades are local from Moree. The renovation is very basic. Most materials were bought at Bunnings.

I will upload a video of the progress in the next few days.

Thanks.

Engelo