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
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property can be rewarding in so many ways
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