WOULD YOU SAY NO TO THIS PROPERTY?
Imagine it is 2012 and you have the chance to buy a partly burnt out property on a busy road in Mt Druitt for $170,000.
Would you say yes or no?
OUR CLIENT SAID YES.
The person who bought this property is a builder. He saw no value in it at the time, but after Nathan persuaded him to go for it, he purchased it for $170,000.
Being a builder, he was able to renovate the house for $20,000 when it should have cost $30,000 to $40,000.
The total cost of purchase was less than $200,000 on a house worth $300,000 at the time.
FIVE YEARS LATER…
In mid 2017, a house on the opposite corner sold for $700,000.
The client has made roughly $500,000 just from holding this property for five years.
As if that wasn’t impressive enough, the owner of this house is about to take things to the next level.
For about $450,000, he plans to knock down the house and build a dual occupancy instead.
Once completed, the value of each duplex should be around $700,000 to $750,000.
THAT’S $1.5 MILLION IN TOTAL.
The total gains he will make if he sells will be around $750,000 to $850,000.
While this market is very different now, there are other opportunities out there for the taking.
YOU JUST NEED TO KNOW WHERE TO LOOK …
Have you made money on a property that others said no to? Please share your experiences in the comments section below.