quick story
Saw a house for sale.......18 days ago
Private seller....and not the area I would normally buy
Went and had a look, the guy was 6 months behind in mortgage repayments , split from the MRS,had a bank foreclosure letter and needed to sell fast.
Crying in front of me......I felt bad.....seemed like a very nice bloke
he owed $180,000 including debt/legals/arrears etc.
So I gave him $185,000 with a 12 day settlement.
Saved the bank stepping in and he got to wack $5000 in his back pocket.
he was over the moon I can tell you...we ended up having a carton of beer between us.......great afternoon spent together
Costs.....
$185,000 Price
$ 6,000 Stamp duty
$ 1,100 Legals/rates/etc
$ 2,850 carpets/lino/rubbissh removal/curtains/blinds etc
$194,950
$ 4,500 Agent to resell the property
$199,450 total cost
I had a team (including the guy I bought it from, he was out of work so I gave him 2 days work ) to fix the property in 48 hours
New carpets
New lino in the kitchen
Some new plants in the garden
Rubbish removal
Cleaned everything
Staged the house
Then I put it back on the market late last week
Just signed a contract for $225,000 (30 day settlement)
225,000
199,450
$25,550 profit
less CGT tax prob $6250
$19,000 in 48 days
Amazing what u can do when the property market is supposedly crashing.. with a little effort and foresight.
I paid the guy $400 for his 2 days work.
What he doesn't know is I have also put half the profit I made after CGT into his account this morning.....$9000
This guy is down and out and deserves every cent....its the most satisfying $9000 I think Ive ever spent in my life.
Cheers
- Forums
- Property
- property can be rewarding in so many ways
property can be rewarding in so many ways
-
- There are more pages in this discussion • 34 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
LU7
Discover the strong preliminary feasibility of the Bécancour Lithium Refinery, showcasing resilience in a low pricing environment and a strategic plan to capitalize on future price recoveries