warnies latest project

Just thought I would share for anyone interested...



http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=105781666&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=44822548&s=sa&snf=rbs&tm=1248302984

This property above was originally listed at $295k - $315k

It has many issues.....

house stumps rotten, white ants, kitchen is terrible (see pictures) walls cracking....basically a nightmare.......well i love nightmares....sometimes

Anyway the property was then reduced to $280,000 which was a good price I thought.

Land value alone for 450sqm would be 230-250k


So what did I do?

Put in an offer for $265,000...

2.5mth settlement and access to the property for the duration of the settlement period, also allowed to carry out works on the property......replace house stumps....new kitchen....polish floorboards....fix bathroom.....plaster and paint, garden etc etc etc.


Anyway yesterday we finally got the offer signed off by the owner which is great.


End value will be about $330-$350k

Reno will take 20 days or so.....


Will cost me all up $290k including agent resell costs and stamp duty if required.

Should be a good 40-60k in this one if done properly.

Start work in 5 days time.....

happy to post some photos of the improvements so you can see the differences as we go along...... for anyone interested....

Who says there is no money in property?

believe me there is.