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  • Profile photo of EngeloRumoraEngeloRumora
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    March 13, 2012 - 9:44 pm
    Marie123 wrote:
    Hi Engelo

    Sounds good to me. It won't surprise you that I am a newbie! I have a project I am looking at and I was thinking it would be around the $37 – $40k mark. This house (possibly) needs a few stumps lifted, it needs a new kitchen, a new bathroom, a paint job throughout including the ceilings and some patch work. Also needs new flooring and the old flooring sanded. Some of the archatraves need work and a second bathroom will be created from the large laundry… all this a carpenter said roughly $15k!! The house also needs an outside paint job or rendering and new curtains. I am in WA but the rules would be the same I guess… still, can't see all that works out at just $15k.  Will have to keep searching before I take the plunge. Thanks.

    A lot of it also has to do with the area. If I was doing the renovation in an inner city area of Sydney I wouldnt be using cheap materials as the potential buyer or tenant would expect a better product. I will give you an example. The kitchen I will be installing in Coonamble will cost me $1200 to supply and install. I will be spraying the inside with the same colour on the walls and ceiling. The outside will also be sprayed with 1 colour on the walls and ill spice it up with a different colour on the roof so complete painting wont cost more than $2500 with labour and materials.

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    Profile photo of EngeloRumoraEngeloRumora
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    March 13, 2012 - 9:36 pm

    I am not a fan of negative gearing and im sure you will get more posts from others saying the same. The advisor would get a cut from the builder for the property he is selling you.

    I buy properties below market value, renovate them, pull out equity and then rent them for neutral cashflow and move on to the next.

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    Profile photo of EngeloRumoraEngeloRumora
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    March 13, 2012 - 8:51 pm

    Cheeves, Alex, Nigel

    Great responses, hopefully we get some feedback from investors also.

    Regards,
    Engelo

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    Profile photo of EngeloRumoraEngeloRumora
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    March 13, 2012 - 8:22 am
    Marie123 wrote:
    Well done, sounds like a good deal.

    I would like to know how you are going to do this renovation for $15k and what the secret is? Is it only a small job – it seems big to me.

    Cheers.

    Hi Marie,

    No secret, I will source cheap materials in Sydney and take them with me to Coonamble. I will have 3 carpenters on the job for 10 – 14 days. Will find a cheap motel for accomodation. Other trades will be used when necessary. The property is not too bad and needs a basic internal renovation (kitchen, bath, carpet, paint) and exterior needs some more attention. The roof needs fixing, piers need to be adjusted, patch fibro sheets and a paint exterior.

    I have already done 7 similar projects for myself and others. This one just needs a bit more external work than previous ones.

    Regards,
    Engelo

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    Profile photo of EngeloRumoraEngeloRumora
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    March 13, 2012 - 5:49 am
    Chris89 wrote:

    Hi Engelo10, other than the very low purchase price, what are the positives?

    14% population decline in the area
    higher than normal amounts of properties for sale
    granted 0.2% vacancy rate, but that is because there was one property for rent, 2 rental vacancies brings the vacancy rate to 1%
    And the only rental property up for rent has been on the market for a long time (1000 views)

    sorry to put a downer on this, but what are the positives you have found with the town that I have missed? Other than the price. Will be interesting to see ow u go renting it :-)

     

    I didnt mention any positives about the town haha

    Thanks for your reply.

    Regards,
    Engelo

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    Profile photo of EngeloRumoraEngeloRumora
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    March 12, 2012 - 10:18 pm

    wow, you really are having some bad luck in the US. I hope it all works out. Maybe would be better posting this in the overseas deals section.

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    Profile photo of EngeloRumoraEngeloRumora
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    March 12, 2012 - 8:49 pm
    Alex SC wrote:
    The islands for any one on east coast of USA to travel is usually  Jamaica, Bahamas. These trips are supposed to be for vacation and time to relax . Every time I go to the islands  ,I say  to my self no real estate  at all . Some how I always find my self searching for a house or  a getaway to have their.. good post though…once it is in your blood no escaping ….

    haha I feel the same. I work 13 hour days with property and then I get home and while supposedly watching TV I have an app running on my iphone and I start looking for more deals. Its addictive

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    Profile photo of EngeloRumoraEngeloRumora
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    March 12, 2012 - 12:55 am
    mattsta wrote:
    That's quite amazing mate. A great bargain! and inspirational too

    Thanks mate,

    Cheap entry not much risk

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    Profile photo of EngeloRumoraEngeloRumora
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    March 11, 2012 - 11:30 am
    VictoriaC wrote:
    Hi Engelo,
     Congrats on your purchase. Let us know how you go once the reno is finished – really interested to see how long it takes you to rent out and for how much.
    Victoria :-)

    Thanks,

    No worries, will do.

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    Profile photo of EngeloRumoraEngeloRumora
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    March 11, 2012 - 11:29 am
    Jpcashflow wrote:
    Hi,Mate not trying to put your deal down hope it all works well.

    But how can an agent give you a rental figure if there is nothing up for rent?????
    and why are more people looking to sell then rent?
    or even hold properties

    nah mate not at all,

    Wouldnt they base on what else is currently renting? I know what some other properties are renting for in the area as I have seen them.

    I dont rely on agents rental figures as they will always say what you want to hear. There are 4 properties in the $70,000 – $80,000 range that are under contract and quite a few people have indicated in town that there is a high demand for rentals. This property once renovated would fit in that category. The more expensive stuff isnt selling. I know there is a lot of investors buying in Coonamble for the yield. Worst case scenario I will rent it for $100pw which will give me a 9% net return or walk it out the door for $50,000 and still make money. I would be happy to buy another at the same price but they are hard to find and they sell for $50,000+ even in towns with a population of 5 hahahahaha

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    Profile photo of EngeloRumoraEngeloRumora
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    March 10, 2012 - 8:24 am

    Hey Kyler,

    What long term return are you getting on your investments? Give me an absolute minimum return based on worst case scenario. Not a "your house burns down worst case scenario''. Lets say 8 months rent with 10% repairs and pump up the managment fee's, insurance and council and school taxes.

    Thanks

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    Profile photo of EngeloRumoraEngeloRumora
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    March 10, 2012 - 8:17 am

    hahahaha the ranger

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    Profile photo of EngeloRumoraEngeloRumora
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    March 10, 2012 - 2:50 am

    ps. loving the ghetto hahahaha

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    Profile photo of EngeloRumoraEngeloRumora
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    March 10, 2012 - 2:43 am

    I have C class. Paid 40k and that was with 10k margin. Rents for 900 and going up to 950. So if your on the ground picking them up for 10k – 15k, rehabb for 10k – 15k you would get 900 on lets say all up 30k spent. Maybe around 20% net after all cost as taxes are high. Must be there to make the numbers work or have great people working for you. I dont want to get into the vacancy and repair jibba jabba. Yes ok return could be less over the years if vacant or in need of repairs.

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    Profile photo of EngeloRumoraEngeloRumora
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    March 10, 2012 - 2:35 am

    prob not on a 25k purchase would need to pay bit more for higher rent..

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    Profile photo of EngeloRumoraEngeloRumora
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    March 10, 2012 - 12:47 am

    Low end rentals in Rochester can get between $750 – $1200 per month depending on location and size. Higher end range would be multi family.

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    Profile photo of EngeloRumoraEngeloRumora
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    March 9, 2012 - 3:33 am

    If you can work the numbers and the numbers work and there is a system in place good money can be made.

    Kyler after speaking with you the system you have in place sounds pretty good. People like guarantees.

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    Profile photo of EngeloRumoraEngeloRumora
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    March 9, 2012 - 12:34 am
    Paullie wrote:
    whats wrong with it.

    Needs reno

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    Profile photo of EngeloRumoraEngeloRumora
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    March 9, 2012 - 12:34 am

    There are no rentals available. Thats the word from the locals. Lots of stock on the market but I dont plan on selling. If I did could prob walk it out the door to an investor for $60,000 and still make a buck.

    Engelo

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    Profile photo of EngeloRumoraEngeloRumora
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    March 8, 2012 - 8:55 pm
    Jamie M wrote:
    Nice work Engelo – that's a sweet deal. I'm sure Nathan is very proud :)

    Cheers

    Jamie

    You know Nathan, He loves these deals haha He just finished one in Griffith. Looks great.

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