Hi
Haven’t been here in a while as we are not investing at the moment (very happy with our 20% gain in 10 months and will be refinancing to buy another property soon though).
Anyhow, a situation arose on the weekend that immediately made think of this forum as I am not sure what to do.I accompanied a friend to some home opens as she is looking for their first home (PPOR) and wanted my advice. Well one home she just walked in and turned around and walked out saying it smelled awful. Well she was right, it can’t have been cleaned in years, needs total repaint and carpets and has been on market for almost a year. Owner occupants are “eccentric” to say the least.
However, it is in the best street in the suburb, short walk to all amenities and opposite a nature reserve. My friend won’t touch it (being emotional about first home) and I am not in a position to buy it as an investement for rental.
It would be perfect for a quick redecorate and resale but I have never done anything like that even though I would love to. Not sure I can borrow enough to do it.
Agent has dropped price which is now below median for area it is 4 br 3 wc, on 750sqm with pool now asking $215k ( could be had for under $205 and if it was decorated would fetch $245)I don’t know how to work out the costs to see if it worth it though.
So I was fantasizing (sp?) about other options. Find an investor and get a spotters fee from agent?
Find an investor and handle the renos for a fee?What else?
Hate to see such a good opportunity go by.
Cheers
CazHi Caz
before you go any further whether you decide to purchase the IP for yourself or acting as a spotter it would be wise to get an estimate of costs involved.
You mentioned that it is only cosmetics, a cheap paint job could cost minimum of $3,000.Once you have this information then you should be able to work out whether it is still viable to go ahead.
Cheers, Marisa
Caz,
I reckon it sounds like a lousy deal – just pass the details on to me and forget about it [biggrin]
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
Good call Acey[cap]
Caz, if all it needs is carpet, paint, and cleaning, it should be easy enought to get rough quotes from cleaning, carpet, paint companies etc., then work out is it worth it. Instant equity is always a good thing – are you sure you are not in a position to purchase? If it’s been on the market so long, perhaps a lower price is even possible?
Cheers
Mel
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