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Hi Freckle,
Thanks for your comment.
I am trying not to be haha, I renovate to a better standard than what slumlords do.
Hope your well mate
Engelo
EngeloRumora | Ohio Cashflow
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Dubstep wrote:Hi Engelo,
Great video, you may have to start your own tv show.
Engelo's Reno's !
hahahaha.
Thanks Dubstep, there are too many shows on reno's as is. I have something else in the works but it wont involve the Australian market.
Engelo
EngeloRumora | Ohio Cashflow
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kong71286 wrote:Thanks for sharing this EngeloLook forward to seeing the end product!
Thanks kong71286,
I’m also looking forward to the end result, it’s a great feeling transforming these kind of properties.
EngeloRumora | Ohio Cashflow
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Hi APWPG,
Sorry about that I just added a new link from youtube.
The property was on Nathan Birches Dealfinder around a year ago. I have been to Moree and other regional towns many times and am always on the lookout for these cheapies. I kept an eye on this one and was in constant contact with the agent for over a year. It took ages to get it across the line. I am just working on another one probably buy around the same price but needs major renovating.
Engelo
EngeloRumora | Ohio Cashflow
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Money comes and goes. Health is the most important thing in life. With health on your side you can always make it back.
Just herd that a good friend of mine is on a donor waiting list for a new heart. He is 26.
Enjoy in every day.
Engelo
EngeloRumora | Ohio Cashflow
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I believe that money can be made in any city as long as you have great people managing your investments. Even in a "third rate city" as mentioned in a post above.
My business partner and I have successfully been investing in Rochester, NY (Jay's favourite city haha jks)
My partner has been invested in the area for over 10 years with great success.
I dont know much about Mihovi only from what I have read from a few of his posts but maybe he works the Detroit market well.
EngeloRumora | Ohio Cashflow
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Hi Emma,
Its great reading your detailed and informative posts. Thanks and keep it up.
Regards,
EngeloEngeloRumora | Ohio Cashflow
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Hey Amit,
Definetly agree with what others have posted before. Have a chat with Nathan, I consider Nathan and his strategy one of the best in Australia. You will get some great value from him.
All the best.
Regards,
EngeloEngeloRumora | Ohio Cashflow
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Were you referring to this one as the central NSW flats???
http://www.realestate.com.au/property-unitblock-nsw-wee+waa-110512237
Engelo
shawnfromsydney wrote:Hi fokes, Further to Glens question, has anybody had any experience with flats that can be strata tiltled in mining or regional areas? I have reschered a few towns in central QLD and central NSW that have these sort of offers for under $100K for the full building of 4 or 5 flats. I feel that I should be able to raise $150K loan, as this is my maximum any bank will let me touch at the moment, and then I was thinking of doing an option, and then getting a DA. Once the DA comes in going back to the back to raise more capital for the renovation costs and then selling off each unit for a profit. Has anybody done anything like this in the regional areas? Thoughts?EngeloRumora | Ohio Cashflow
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Ok cool,
I would go for Wellington, I posted more on Wellington in a few recent posts. Im liking the yields there and low entry housing. It also gets influx from Dubbo and Orange.
Engelo
EngeloRumora | Ohio Cashflow
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What regional areas of NSW are you considering?
Engelo
EngeloRumora | Ohio Cashflow
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A minimum population of 5000 people is ok as long as the numbers work in the deal. I always say that every deal is good as long as the price is right. I like to see fast food outlets or Bunnings/Mitre 10 in town and I guess its more secure to have a population of 10,000.
I would buy properties in Wellington for $50,000 all day long.
Engelo
scha9799 wrote:I understand your point that Wellington is a good entry point becasuse of the price is low. but Wellington according to ABS stat is only about 4500 population.what's your property search criteria for population ? I heard some people say don't go to the population lower than 10,000.
just want to hear some experienced investor in the regional town what's they thought about low popluation and potential
EngeloRumora | Ohio Cashflow
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1 on 1 is the best. Most investors will buy 2-3 properties if they like your product the first time.
Engelo
EngeloRumora | Ohio Cashflow
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Another option is to read the API and YIP magazines, some great content there with different strategies used by investors.
Engelo
EngeloRumora | Ohio Cashflow
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I want enough passive income to enjoy the lifetsyle I desire so I have been focusing on positive cashflow properties.
It all comes down to what your end goal is and then work back from there.
Engelo
EngeloRumora | Ohio Cashflow
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I dont invest based on capital growth predictions. I would recommend looking at the numbers in the deal. If they work then you have a good deal. Just a quick calculaton if your buying the property for $360,000 using a 10% deposit you would want it to rent for atleast $620pw, even then it might be slightly negative depending on your costs.
Although expensive RP Data is the best tool to see comparables in the area and to find out if your property is below market value.
I would speak to an accountant regarding the depreciation and getting a schedule done.
Engelo
EngeloRumora | Ohio Cashflow
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All of my loans are through CBA. I am on a low income but managed to borrow $800,000 so far. As Terry said the banks take into account the rental income. I am maxed out with CBA so will have to look at other lenders when I decide to purchase more.
To come up with the deposits I recommend using Nathan's strategy of buying below market, reno and pull out the equity to buy again.
Engelo
EngeloRumora | Ohio Cashflow
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Hi Glen,
I am liking Wellington at the moment. Cheap entry price. You can buy 2-3 bed homes that need a bit of work for around $60,000 – $70,000 with a rent of $130-$150pw. Its a decent sized town 45min from Dubbo and 1 hour from Orange.
I spoke to a few locals in the area and there are quite a few people moving to Wellington from Dubbo and Orange as its much cheaper and then commuting back for work.
With Dubbo and Orange already going up in value, there could be potential for Wellington to follow until then collect the good rents.
Engelo
EngeloRumora | Ohio Cashflow
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Thats a good solution, just get the money wired 2-3 times a year to your aussie account.
emma171 wrote:Again…. xe.com is about the only one that I know of OUT of the US but you do have to sign up for the account. Ultimately for those without US bank accounts and using this for rental income – alternative would be to keep the money at the brokerage trust account and your property manager can wire back at your whim.EngeloRumora | Ohio Cashflow
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I use clearfx, transferred money a few times and have been happy. I bank with BOA and receive the money quite quickly.
Regards,
EngeloEngeloRumora | Ohio Cashflow
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