- wannabe2Member@wannabe2Join Date: 2003Post Count: 65
the numbers:… we have 2 ip’s in sydney both 3 bed brick townhouses worth approx 250k each with owing on them 270k leaving 230k equity, one is rented for 270 pw and the other rented for 240 pw but needs a new kitchen before the rent will be put up.
we live at coffs harbour nsw and have seen an empty house that the owner (who lives in sydney) has just employed builders to renovate before re renting out. our question is.. we’ve approached the owner looking to see if he’s interested in a swap before he pays for a reno and he’s talking to his sons,but how could we make this deal work if he says he’s interested?? i am assuming that he has nothing owing on his house due to the age,it would need approx 50k to renovate this new house and i reckon on the value being approx 400k as it is now ,once he’s paid for the reno i think the rental for him on this property could rent for approx 400 pw, but as i said we want it as a ppor..any help would really be great as i can see this being a win win and possibly the deal of a lifetime for both of us,just not sure of the legals etc…