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jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
April 1, 2015 - 2:53 pm
20% return sounds good to me. So if I was to invest $100k with you, in 6 months i should have $120k (principal plus interest)?
How will I as the investor have security over the deal? Not saying you will vanish midway through the project but I would want to be protected.
Also what happens if the deal blows out from 6 years to say 2 years? These things happen which I understand but suddenly the 20% return isn’t as attractive.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
March 31, 2015 - 9:45 pm
Nigel Kibel wrote:
The minimum investment in a flip would be around $50,000 US and for the hotel deals around $100,000 but could look at less.
In terms of existing deals we are working on one at present that the owner is prepared to do vendor finance for 25% down so we would need 1.5 million to raise the funds. This is a 52 unit hotel complex with a restaurant that brings in as much as $80,000 PA We hope to have a webinar on this property in the next week or so. However once we have done he numbers we like to get them fully checked by an accountant.
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Say i invest $50k. What is my return and how long till I see the return?
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
August 14, 2014 - 9:36 pm
Just to prove you don’t need professionals living in the same state as you, I recently used my mortgage broker Jamie who has posted above to refinance my loan. I’m from Melbourne and he was in Europe at the time!(normally from canberra). Process was easy and quick. If he didn’t tell me he was overseas i wouldn’t even have known.
This wouldn’t have been possible 20 years ago.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
July 6, 2014 - 8:26 pm
Agree with Richard, no need to contact two. Have a chat with a couple and pick the one that you believe you can work with to reach your goals.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
June 21, 2014 - 7:25 pm
Yeah the bearers being bowed is one of the signs. I just walk inside and you can instantly feel if the floor dips. If the house is 50 years old and on timber stumps it will most likely need re stumping.
You can even use a spirit level to see where it needs raising.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
June 21, 2014 - 5:03 pm
Hi Tom,
The 50 stumps took me around a week and a half. If I had more bottle jacks I could have done it in under a week. You don’t need builders reports, a quick glance at the stumps will tell you if they are in need of replacing. Also when you walk through a property you will be able to feel where it dips. This is normally an indication the house needs jacking up. (Normally the stumps under the load bearing walls will drop down the most.)
As for how you do It feel free to PM me and I’ll give you my number. Too much detail to write.
Having said that, if you are not sure then don’t do it. Last thing you want is a house collapsing.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
June 20, 2014 - 8:38 pm
Off memory cost me around $500. All up changed just under 50 stumps. If you get someone to do it allow around $10k. A lot of Cowboys in this trade so be careful. I’ve seen a lot of shonky work.
It’s hard and dirty work. The soil being sandy didn’t help. Expect sore hands and sore back.
I’m a cabinet maker by trade.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
June 19, 2014 - 3:52 pm
Hey cat,
Are you still flogging property in Florida and Texas? I thought your old mate would have jumped in by now. ;)
- This reply was modified 10 years, 6 months ago by jmsrachel.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
June 18, 2014 - 10:33 pm
It really depends on how handy you are. Once you start getting trades things can get expensive. A good way to learn is watching the pro’s at work. I find I learn quickly when watching someone else do it.
Which suburbs are you looking at?
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
June 10, 2014 - 8:48 pm
Wow $20k! For that price I can renovate your bathroom and send you on a trip to Europe. You need to get into DIY Jamie!
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
June 4, 2014 - 10:01 pm
lisaharmik wrote:
I have 2 full strength beers by 9am and that gives me the fuel to burn all day.
At night a cup of tea to relax
Wow that’s impressive! I hope your boss doesn’t know!
jmsrachel
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@jmsrachel
Join Date: 2012
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June 4, 2014 - 9:53 pm
30 days is really tight. You’d better hope your broker is as quick and good as Jamie!
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
June 4, 2014 - 4:59 pm
Hey jp can you pm me the contact you have
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
June 2, 2014 - 9:09 am
Hey Ben, which council did you have to go through for the planning permit?
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
May 29, 2014 - 5:22 pm
House.ksou.cn should list the rental price of the property.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
May 27, 2014 - 11:27 am
Renovation is a funny thing. During the renovation you find yourself cursing at the world and asking what you have gotten into. Promising yourself never again. Once it’s all done you get withdrawals and start looking for the next one!
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
May 26, 2014 - 9:45 pm
Jp, which suburb did you buy in to get a positive cash flow IP in Melbourne?
My achievement was completing my reno on the Ip. Icing on the cake was on the weekend when next door to my Ip sold for $722K. Same house as mine except it has a pool. Mines a lot more modern.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
May 22, 2014 - 1:38 pm
The tears will come when you find out the valuation has come in $30k under purchase price.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
May 22, 2014 - 10:34 am
julloumar wrote:
Yes they are affiliated, mortgage broker.
Oh no! This will end in tears. Be careful.
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
May 21, 2014 - 12:26 pm
I had a call from Minnesota,USA last week. Got told I won the Microsoft raffle, (I was automatically entered somehow) prize money $2m US. Just need credit card details to secure prize…..