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Excellent result and thanks for sharing, Luke!
Love reading real stories (loaded with details, photos and figures!) that showcase how great, easy and quick it can be to turn an ugly duckling to a beautiful golden eggs laying swanawesome thanks so much guys !!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Luke,
Blessing from God indeed :) totally !I guess One Man’s Trash (Or Woman’s in this case) is another Man’s Treasure:totally
Stupid question but when people say cash unconditional offer, does it literally mean ‘Cold Hard Cash’ or can you actually borrow from the bank to make this offer? you could used borrowed funds as long as you don’t have any problems getting it approved and are ready to go with it within time frmaes…
basically it means the seller wants it sold without any out clauses for the buyer so they are guaranteed a sale … and they wont be stuffed around any moreAlso curious about how the renovation was executed… Did you just watch DIY videos online and do Google searches on how to fix various problems around the house, or did you simply look in the yellow pages to find contractors to hire?…. how – I just started getting handymen and tradesmen in to my houses and watched them /helped them … so now about 12 years later I am doing them on my own and I use airtasker for lots of different guys.This keeps them honest
The pictures from the real estate website look amazing, but I’d love to see the contrast from before and after if you don’t mind sharing :) see belowCheers,
DavidHey David
If you click on the news.com story then click on the property address it brings up an old listing for the property when it was first bought.
There are a few pics in there but of course it looked a lot worse in real life .hope this helps !
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
The figures go;
3 bedroom house with converted garage to 4th bedroom: Brick and Tile
Purchased on 17th May 2017 : $150K
Renovation Cost: $16K
Renovation time frame: 7 days
Pre reno rental income : $220 per week
Post reno rental income listed at : $305 per week
New Value Estimate-(now)June 2017: $220-230KCapitol growth Potential : 5-6% annual for next few years
Reasons for bargain buy:
25 holes in walls,
10 cracks in fibro,
7 smashed windows/glass doors,
filthy dirty inside and out,
a full house of furniture in the backyard along with motor bike,etc
1.5 metre high grass,
10 trees overgrown around house,
x10 old lights,smashed internal doors x3,
damaged kitchen benchtop,filthy cupboards,
x2 cupboards required repair,torn lino,
broken plumbing pipes outside,many taps required replacement,bad drainage,
filthy walls required painting throughout,
old vanity,
shower screen damaged and whole bathroom needed re grouting,
no curtains,old letterbox,missing fence on x1 side,
air con unit remote missing and front broken off,
x2 security screens missing,all flyscreens U/S,
retaining walls poor,manhole cover missing,
eaves need painting,external doors required painting,
foundations settlement (a few cracks showing evidence so we rectified the drainage issues ,
so we removed the trees and fixed retaining wall and water flowing into house surrounds
(& to allow further foundation repairs later if needed we allowed $10-20K equity in the value- as this would be worth $240K now otherwise)Other reasons for cheap buy: We had to go cash unconditional contract to ensure quick sale for vendor
Hope this helps guys
All the best !Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Luke,
That’s incredible! Thanks for sharing!
If you don’t mind me asking… How did you go about finding such a bargain property?
Regards,
Davidhi David,
no problems at all!
That one was a real blessing from God actually .How much listed -$200K
How did I find it-
For this 1 I just kept an eye on the net and originally I had it for a client contracted at $195K(I am a buyers agent)and we got a building and pest report and the buyer freaked out.
This is due to- often the builders leave so many things with doubt in the buyers minds .
This is often because of all the sueing going on these days its sad but a reality that people(especially builders & pest guys) just need to cover themselves .
-So I kept the agent informed all the while with all the delays with 2nd inspections etc and built relationship with her .
-Then after a lot of mucking around with buyer they pulled out on B&P clause (and that was the 2nd buyer who had done this).
So by this stage sellers just need to get out and get scared that every buyer will keep mucking around so I said I will do a cash unconditional offer on it (no finance clauses or any options to pull out of contract)at $145K she came back at $150k I said fair enough that’s not a bad buy so did it .Also it was a housing commission style ownership so the owners weren’t set on emotionally fixing it up to get the max they could get for it .This often helps
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Some details of the deal in riverview qld.
Purchase $150K 18/5/17
reno:$16K
timeframe:7 days work
listed for rent now:$305see link;
http://www.realestate.com.au/property-house-qld-riverview-421292870
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Definitely usually better to go old on a larger land size with some opportunity to add value,
hope you are able to make the decision
all the bestLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Anna,
just remember to get everything covered you need .Eg Brisbane flood insurance is a must -I have found Suncorp are the best on price too with multiple policys and payout with no qs askedLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
It would have been the kind thing to do -Chase you on yr email address .
It looks like the strata manager needs to put better systems in place if they don’t receive a reply initially.
It was a huge over sight in their case but I think they are still within the law as it was you who provided the address they were sending to.
Sorry you had this hard lesson but hoping the strata company learn from it too.Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi San,
you could find something neutral at 100% LVR for $250k+ if you go west between 30-60 mins from Brisbane .You would need to be prepared to get yr hands dirty though on a light reno
Kind regards
LukeLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Good post Ethan
An agent will always prefer to have a full commitment from you and then
they would be more inclined to give you their full commitmentLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi vyaw,
Have you tried Airtasker.com?
You can get a really good deal andalot are insured via airtasker to work with you too
I would estimate approx $700+ per week would be doable for someone who needs the work.
post the task then people will give you offers higher or lower and you can choose the one that suits you with the right experience level.
Kind regards
LukeLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Thanks for yr kindness Anna ,
Re Terryw -He is a registered lawyer ,accountant and mortgage broker so can help set up structures to suit you (if needed)and then guide you in setting up the best loans system for now but even more importanntly for ease of getting future purchases through and protected to suit your strategy.Kind regards
LukeLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Anna,
Can i suggest you go and see TerryW from here on the forums .He has been around a long time and wont take yr money willy nillly.
I have known him to turn people away rather than just take their money if they werent ready for his help.
He is fairly priced tooKind regards
Luke
http://www.hopepropertyinvesting.comLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Bezewada,
We can help point you in the right direction in brisbane ,to help you decide if its for you.
We deal in existing properties(not new) for capitol growth ,cashflow , value add potential and under valued where possible
If we can help let us know .Kind regards
lukeLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
I doubt it will hold people off buying .Human nature is a funny thing,when things appear rosey ,we keep going hard,until the downturn has fully come ,then people start selling and/or putting the brakes on -then its often too late .
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hey Buyersagent !
Not sure man but dont think it would be a drama
kind regards
lukeLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Don’t lend anyone money.
Terryw | Finlaw Pty Ltd
http://www.terryw.com.au
Email MeDo you mean personally Terry or as a mortgage broker?? LOL
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi guys ,
If its cashflow +
Have you considered using the cash flow to pay it down thus reducing the risk and losses?
Or are you in way over its value?Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi guys ,
Great info Matt !
My family have regularly hoildayed at Orient point down there ! Love it!Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Awesome advice Xenia !
I stuffed up last year in one of my short term holiday accom rentals .
This guy was the nicest person in text and on the phone !
He ended up using a stolen credit card to pay then wouldnt get out of the house(or his druggie mates LOL
addmitedly its much harder to vet short term rentals but lesson learnedLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
