澳洲Australia property I just exchanged on a house + land for $5


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


Ok so time to reveal a property I secured 2 - 3 months ago, but prolonged my exchange to get further delayed settlement.

It is a little cottage home in a soon to be rezoned area.

It doesnt have street power or water, however similar properties are selling mid - high $100,000's. As for the property it has an exsisting rights on it where it has council bin service being picked up from the property also.

It is certainly a unique position, where one can make good future gains. It is not a good foundation style property, yet it is a low entry high upside deal with strong cashflow to support it in its current market.

Enjoy the pics - http://binvested.com.au/sydneys-cheapest-house-58000-rent-220-250pw/

and the video - http://www.youtube.com/binvested#p/a/u/2/RWAnNuF_t4c

Nath.  

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Congrats Nathan
Keep them coming :)  

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no street power or water?

is that likely to change?  

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How do you get around the fact the dwelling is not council approved?
Can you still get insurance, public liability?  

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Yep, looks like there's a few challenges in this one!

Can't wait for the updates, Nathan. (Especially on how you'll only spend $10K or so bringing it up to scratch.)  

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Thanks everyone.

It is in a location which is contained to exsisting rights, so cannot rebuild if burns down and cannot build now. But council wont force these people out of their own homes.

I did the video some months ago, and the figure I anticipate to spend is $20,000 for reno.

As for water it is tank water, and power is solar grid with back up batteries for night time and wet weather. It is an interesting project, challenging yet I see that this block of land being in high and dry position in the newly released area will soon add some strong growth.

As for the area, there is new schools and houses a little further up the street and this is right in the thick of being rezoned.

If this was a normal building block today it would sell for $250ish, however its not and discounted to reflect, however it was bought as a bargain even taking into account its neative attributes.

Not sure what possessed me to buy this as it is out of my usual requirements, however the numbers worked and I thought it was a funny one to talk about today, and even funnier when I tell my children one day. :)  

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Nathan said: ↑
and even funnier when I tell my children one day. :)Click to expand...
One day they'll be glad they have a mad dad :)
Hurry up and have kids so that you can start buying IP's in their names ;)  

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Nathan said: ↑
Ok so time to reveal a property I secured 2 - 3 months ago, but prolonged my exchange to get further delayed settlement.

It is a little cottage home in a soon to be rezoned area.

It doesnt have street power or water, however similar properties are selling mid - high $100,000's. As for the property it has an exsisting rights on it where it has council bin service being picked up from the property also.

It is certainly a unique position, where one can make good future gains. It is not a good foundation style property, yet it is a low entry high upside deal with strong cashflow to support it in its current market.

Enjoy the pics - http://binvested.com.au/sydneys-cheapest-house-58000-rent-220-250pw/

and the video - http://www.youtube.com/binvested#p/a/u/2/RWAnNuF_t4c

Nath.Click to expand...
Nice work Nathan, seems like a great pos cash flow pick up.  

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Nathan said: ↑
It doesnt have street power or waterClick to expand...
Hi Nathan

How is it rented out?
Or is this expected rent?  

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