I did something bad....

Ok,

I made a vow not to purchase any more fire damaged properties due to time constraints now days.

Whats bad with that?

Well, I woke up Saturday morning to have the agent ringing me as no one has registered to bid on a property for sale? I said I wasn't interested, and the reply was, it is going to be cheap (i.e. land value) and thats when I thought I would scan a phone bidding consent to the agent.

The result is, that I purchased the property for $25,000 and requires a $20,000 - $25,000 renovation completed at the property.

$50,000 purchase (after reno)
$100,000 market value (after reno)
$200pw rent.

See pics attached, I drove down to inspect my purchase on Saturday arvo and took a video which I will put up soon.

Enjoy!

p.s. I will post some of my most craziest deals over the next week.
 

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Congrats Nathan

I know how you feel mate but you need to let them go.
Question:
Why didn't you offer it to your deal finder clients?
cheers
 
Congrats Nathan

I know how you feel mate but you need to let them go.
Question:
Why didn't you offer it to your deal finder clients?
cheers

It was put on Deal Finder, no one proceeded with it.... The deal was presented before it was on the internet and everyone had 6 weeks to look at it but no one wanted to take it on...
 
You must have bought a house similar to the one close to where we are staying in Tennant Creek.
It is a structure, a house shell, with no walls...but the family is still living in it.

Natural a/c

Congrats
 
Land Value is only $25,000 in the area :eek:

How much does that work out to per sq/m

Look forward to the updates also Nathan
 
Thought you'd buy it.

:D

Nathan,
Thanks for posting this!

I seriously considered this property also.

I had even organised phone bidding.

However, I used a large amount of will to prevent myself from submitting my intent to bid. For reasons very similar to what you said.

This is the forth time you have bought a property that I was genuinely considering buying. Most people would see it as a negative thing, however I see it as a sign that I am on to something. :)

If I can be half as successful as you i'd be happy.
 
Thanks for posting Nathan. How did you go with the floods out there? I thought a lot of places went under? Would have been nice - fire damage followed by flood damage! :eek:
Wonder how the insurance cover would have dealt with that scenario? What kind of insurances do you use when renovating burn outs?

cheers, RS
 
Thanks for posting Nathan. How did you go with the floods out there? I thought a lot of places went under? Would have been nice - fire damage followed by flood damage! :eek:
Wonder how the insurance cover would have dealt with that scenario? What kind of insurances do you use when renovating burn outs?

cheers, RS

Good question mate, the media like to hype things up. The town itself wasnt flooded only acces to it and low lying parcels of properties outside of town. This one was high and dry.

I think this property will be in a magazine next month :)
 
Re: the comment you made about the electrician in your first video (regarding the musswellbrook reno). You said he charged $77 an hour, and you ended up with a bill of "$395 or whatever it was".

I had a look at the photos of the reno and just wanted to ask how much of the electrical did you get for "$395 or whatever"?
 
The electrical rough in whole job from a large scale electrician company.

I held the reel of white and his tools as his labourer to fasten him up for his $77 per hour :)

Not ideal, but was doing a challenge for self fulfilment within a budget so did some physical work.
 
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