Divorce is a good one, i got a nice one, had to be fast and the main issue was to get the contract signed as there was no way the couple could meet or even talk/email.A pain & no documentation/history/REA getting no reply from the vendors.
Divorce is a good one, i got a nice one, had to be fast and the main issue was to get the contract signed as there was no way the couple could meet or even talk/email.A pain & no documentation/history/REA getting no reply from the vendors.
but signed on the spot, earned my day.
did you get to deal directly with the couple or was there an agent in between ? I may be wrong but I believe that by the time the agent managed to get his hands on one such property, it's too late for the buyer, the agent will have taken whatever money that could be made
You carry on like kids trading marbles, this fake success from property is breeding a new generation of douches that has never existed before in the history of man kind!
It is not fake, people work hard and buy property and add value to it. this is a wealth generating mechanism that has provided stepping stones out of the poverty trap for generations. You are worse than the religious puritans with your harping on about your misguided perception that there is something immoral about it.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
You carry on like kids trading marbles, this fake success from property is breeding a new generation of douches that has never existed before in the history of man kind!
How many bathrooms have you renovated? How many new kitchens have you put in? If the answer is more than 1 or 2 then you'd know there are ways to do a great job for not much money. Renovations that refresh wet areas generally have the best payoff. It's still easy to buy something unattractive and do a moderate reno for good profit.
But it's easier to slag off than to actually do something, isn't it...
How many bathrooms have you renovated? How many new kitchens have you put in? If the answer is more than 1 or 2 then you'd know there are ways to do a great job for not much money. Renovations that refresh wet areas generally have the best payoff. It's still easy to buy something unattractive and do a moderate reno for good profit.
But it's easier to slag off than to actually do something, isn't it...
I've reno'd a few places and yes I agree, plain white bath, clean grout or new tiles doesn't cost much (if you do the work yourself). The trouble is that now, everyone thinks they are reno experts (they watched the block). This means that potential reno properties sell for not much less than houses in tip top order.
I looked at a shitty 3x1 two weeks ago listed at 429k which is only 20k below what you would expect to pay for a similar property in good order. It was pitched at 429 because the FHB stamp duty threshold has just been changed in WA to 430k so it was aimed at FHB's.
Just looking around the place, you'd have to replace all the flooring (70's vinyl) repaint everything, replace the kitchen units (pine effect melamine) and the brown bath with gold taps would have to go. The windows were fucked with most of the latches broken and the glazing seal had broken down into a sort of dried up chewing gum. The garden was a mess, the fences were all asbestos and busted to hell and the guttering and downpipes were full of rust.
The place sold for 420k but materials alone would set you back minimum 30k so it wasn't a viable property to buy and flip.
Same goes for the old fibros. One sold locally on 800m2 two years ago for 210k and the buyer (a local brickie), knocked it down and built his family home on it. Viable as well if he built and sold. He would have turned a decent profit. Now, in the same area, old fibros are selling for 350k, even though the general market hasn't moved up by much. RE agents are spruiking these places as potential subdivisions and suddenly everyone thinks they are a property developer.
It is like anything. Once people cotton on that there is money to be made, more people get into it and it and the market becomes too competitive.
That is my whole reasoning for thinking that Perth is in a bubble. For the last ten years, people earning FIFO or other mining related big money, have been piling into property because "property doubles every 10 years" and they can't lose. They compete with each other to get hold of their golden geese and bid up the prices.
Just like the dumb money now piling into the Dow because it has gone up for five years so it must be a good bet.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
I've reno'd a few places and yes I agree, plain white bath, clean grout or new tiles doesn't cost much (if you do the work yourself). The trouble is that now, everyone thinks they are reno experts (they watched the block). This means that potential reno properties sell for not much less than houses in tip top order.
I looked at a shitty 3x1 two weeks ago listed at 429k which is only 20k below what you would expect to pay for a similar property in good order. It was pitched at 429 because the FHB stamp duty threshold has just been changed in WA to 430k so it was aimed at FHB's.
Just looking around the place, you'd have to replace all the flooring (70's vinyl) repaint everything, replace the kitchen units (pine effect melamine) and the brown bath with gold taps would have to go. The windows were fucked with most of the latches broken and the glazing seal had broken down into a sort of dried up chewing gum. The garden was a mess, the fences were all asbestos and busted to hell and the guttering and downpipes were full of rust.
The place sold for 420k but materials alone would set you back minimum 30k so it wasn't a viable property to buy and flip.
Same goes for the old fibros. One sold locally on 800m2 two years ago for 210k and the buyer (a local brickie), knocked it down and built his family home on it. Viable as well if he built and sold. He would have turned a decent profit. Now, in the same area, old fibros are selling for 350k, even though the general market hasn't moved up by much. RE agents are spruiking these places as potential subdivisions and suddenly everyone thinks they are a property developer.
It is like anything. Once people cotton on that there is money to be made, more people get into it and it and the market becomes too competitive.
That is my whole reasoning for thinking that Perth is in a bubble. For the last ten years, people earning FIFO or other mining related big money, have been piling into property because "property doubles every 10 years" and they can't lose. They compete with each other to get hold of their golden geese and bid up the prices.
Just like the dumb money now piling into the Dow because it has gone up for five years so it must be a good bet.
I've reno'd a few as well, and I'll admit right up front that unless you get the property for a decent discount then it's not really worth the effort. I like properties that are structurally OK, but ugly as hell. New kitchen and bathrooms, recarpet, paint, new curtains/blinds and tidy the yard usually brings a decent return.
That said, I don't flip. I keep them and rent them out. I've used the renovation method to make several ratty old townhouse/units very liveable, and find that the return on the renovation is usually enough to pay off the work in 3-4 years. That the property is worth more is nice I suppose, but for me the main aim is solid long-term rental yield.
I'll take your word about Perth. I don't own any property there, and have only been there 4 times in my life, so I'm not familiar with that market. In Canberra, though, there are a lot of really shit properties for sale, and you can still occasionally land one for a good price. I'm not looking any more, though, as I've bought all the property I want for the short/medium term.
I've reno'd a few places and yes I agree, plain white bath, clean grout or new tiles doesn't cost much (if you do the work yourself). The trouble is that now, everyone thinks they are reno experts (they watched the block). This means that potential reno properties sell for not much less than houses in tip top order.
I looked at a shitty 3x1 two weeks ago listed at 429k which is only 20k below what you would expect to pay for a similar property in good order. It was pitched at 429 because the FHB stamp duty threshold has just been changed in WA to 430k so it was aimed at FHB's.
Just looking around the place, you'd have to replace all the flooring (70's vinyl) repaint everything, replace the kitchen units (pine effect melamine) and the brown bath with gold taps would have to go. The windows were fucked with most of the latches broken and the glazing seal had broken down into a sort of dried up chewing gum. The garden was a mess, the fences were all asbestos and busted to hell and the guttering and downpipes were full of rust.
The place sold for 420k but materials alone would set you back minimum 30k so it wasn't a viable property to buy and flip.
Same goes for the old fibros. One sold locally on 800m2 two years ago for 210k and the buyer (a local brickie), knocked it down and built his family home on it. Viable as well if he built and sold. He would have turned a decent profit. Now, in the same area, old fibros are selling for 350k, even though the general market hasn't moved up by much. RE agents are spruiking these places as potential subdivisions and suddenly everyone thinks they are a property developer.
It is like anything. Once people cotton on that there is money to be made, more people get into it and it and the market becomes too competitive.
That is my whole reasoning for thinking that Perth is in a bubble. For the last ten years, people earning FIFO or other mining related big money, have been piling into property because "property doubles every 10 years" and they can't lose. They compete with each other to get hold of their golden geese and bid up the prices.
Just like the dumb money now piling into the Dow because it has gone up for five years so it must be a good bet.
For a number of reasons including the ones you have listed I think that the days of flipping are over for most amateurs. It's still possible to add value and increase the rental return and a canny buyer can buy well and build equity, but the days of fast easy money are gone.
That market needs a lot more suckers to make it viable again. Bunnings have worked that out by marketing to the DIY crowd.
Any expressed market opinion is my own and is not to be taken as financial advice
How many bathrooms have you renovated? How many new kitchens have you put in? If the answer is more than 1 or 2 then you'd know there are ways to do a great job for not much money. Renovations that refresh wet areas generally have the best payoff. It's still easy to buy something unattractive and do a moderate reno for good profit.
But it's easier to slag off than to actually do something, isn't it...
Ive done my fair share of reno's!
A few kitchens and a couple of bathrooms for investment props.
Anything with good bones in a growth area that have run down kitchens, laundries & bathrooms are selling @ a premium, its not worth the hassle.
Jimbo
12 Aug 2014, 08:51 AM
The trouble is that now, everyone thinks they are reno experts (they watched the block). This means that potential reno properties sell for not much less than houses in tip top order.
Some of the two bob jobs I seen when looking for a ppor last year where bunnings weekend warrior overdoses.
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