I find people very interesting, particularly when you look at their backgrounds, finances and future goals and how it all totally relates to their mindset.
I have an interesting story, I’d like to share with everyone, I’m sure other’s have come across this example before!
We have just finished our student accomodation. The property was purchased at $155,000 8 years ago and now valued at $260,000 before renovation and achieving a rent of $240 per week, absolutely appauling, this house had to go or we had to do something about it.
We did a major renovation and turned it into a fully furnished student accomodation. The renovation cost $50,000 plus $5000 for furninture. The new rent is now $680 per week and a new valuation came in at $365,000 which we were very happy about since we got some money back for it!
A week ago, I took our house cleaner through to give me a quote on providing a cleaning service for the students. He was impressed with the renovation and thought that it looked better than the house we live in. It does!!!
But when I told him that we spent $50,000 and had it valued at $55,000 above what we spent, he was in shock and couldn’t believe that I was happy about it. I tried to explain that we under capitalised and that was a good thing,
all he could say was “I can’t believe you would want to do that, why wouldn’t you just leave it valued at $260,000 are you nuts, what you have just done would just increase your council rates!!!!!! “[lmao]
We buy properties in Adelaide. No Agent Fees.
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http://www.renttoownau.com/ http://www.vendorfinanceau.com/You are a legend Dr X and congratulations on your healthy 9.6% gross return, as well as your CG.
The council rates – phwewph to that!Sometimes I have tried to change some peoples limited view of their capabilities but without success.
Most people love to be stuck, and miserable, and if they can make you miserable too, they will.
I am sure that secretly a few of them wish they had your guts.That’s what this business is all about – guts to challenge what you thought you knew to be true.
If they wanna stay behind – letem!![grrr]Giddo
http://www.standrewsplace.com.au“I am not a religious man; but if you are out there somewhere Superman, save me now! -Homer Simpson
good work on the reno DrX
I find people very interesting, particularly when you look at their backgrounds, finances and future goals and how it all totally relates to their mindset.me too
I have been doing a little bit of negotiating on deals privately of late with mixed results and I find going into people homes and speaking with them is facinating
Spoke to one seller the other day who was selling his house to buy a car. ???
I Buy Property http://www.cashflowproperties.co.nz
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
Really excellent stuff Xenia. Well done to both you and your husband.
Getting off your collective bums and getting out there in the real world, mixing it with real people and creating both cashflow and capital growth…..a shining example to all of those sitting behind their computers in their comfy chairs saying “I can’t find anything like that”.
That full time investing sounds like it agrees with you. You’ve inspired me to dip my toe in that water as well.
Mindset is everything isn’t it……lead a horse to water and all of that….
Make sure you take time out to celebrate your success before tackling that next project…..how satisfying is that compared with working for a wage ?? Onya… [specool]
Xenia thats fantastic. I think Dazzling covered my points also and I definately agree to taking time out to enjoy your work with a small reward. We too are sooo close to finishing our latest reno and hope to post my own brag soon.
Keep inspiring us allAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I’m encouraged too “Dr X”
What amazes me is how my own mindset determins where I will go, and how I have to guard against others imposing their ideas on me.Harley
“I want Eagles Wings”
Gee! thanks everyone, I’m really blushing now[blush2]
Dazz, I think you have more than a toe in already!!
DLPP, we also have been trying to buy properties privately and I agree, it is quite funny dealing with all sorts of people in their own homes! The biggest problem facing us is vendors that think their house is worth $1million when the average for that area is $300,000!
Xenia Ioannou-Mena
Property Manager
Cash Flow Solution specialist
E: [email protected]
M. 0412 437 582The biggest problem facing us is vendors that think their house is worth $1million when the average for that area is $300,000!Agreed but sometimes you can do in half an hour over a coffee what an agent would take three days to do. Plus its heaps more fun!!!
I Buy Property http://www.cashflowproperties.co.nz
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
What a great inspiring story, Dr X – a great acheivement. The conversation with the cleaner goes back to that subject of negative, narrow-minded people and how many of them there are around. I’ve just finished reading Richard Branson’s biography and it gave me a dose of much needed positivism – I’d highly recommend it.
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