Investing in the regional Victoria.

Ditto. I'm following along too. Let us know

 

@Tillie AND @BunnyXiao Thank you so much for asking! So, We got the keys to the house on the Monday afternoon around 3pm. Then we started work. This is the list of what we did-
- Replaced two sets of curtains. The curtain rod and previous curtains fell down and broke when we opened the front door for the first time on Monday. I hope it isn't as bad omen.
- Purchased & put sheers into the main bedroom & the lounge. Literally purchased the rest of the stock of these sheers, so had to put them in the most important rooms.
- Installed rods for the sheers to hang from, and new rod in lounge.
- Built and installed wardrobes into two bedrooms, one huge three slider and one small robe.
- Built kitchen cupboard, then realized the online measurements were wrong so we couldn't use it
- There was no towel rack or toilet roll holder. Replaced with new.
- Installed a shelf for tea/ coffee stuff in the kitchen. Every little bit of extra storage is a plus.
- Put skirt behind where the washing machine would go, because there was a gaping hole.
- Ceiling fan installed in bathroom.
- Installed a shower curtain for the bathroom, I figured renters might forget to buy one.
- Put silicon around bathtub.
- Had broken electrical switches replaced around the home.
- Tested and found the ceiling fan was broken in the lounge & the switch sounded like it was sparking. Replaced fan with a new one, and had sparky install.
- Had wiring in the small wood shed (why?) tested, found there was live bare wires!!! Sparky disconnected to make it safe.
- Testing electrics in the shed
- A very full trailer load of green waste removed.
- Kitchen draws and kitchen pantry lined with new lino, so tenants have a nice fresh base to put their food.
- Lino put in the base of the laundry sink unit.
- A spare price of lino placed where the washing machine will most likely go.
- Keys cut ready for real-estate agent.
- Hot water regulator knob put on the hot water system.
- Smoke alarms and carbon monoxide detectors fixed.
- swept and vacuumed, wiped down.
Before purchasing: All gas appliances were checked.
Two day turn around.

 

Thanks for sharing Bee-mumma. Love reading your investment stories.

Wow! A lot of maintenance stuff done within 2 days. Was it only you, your hubby and a sparky? Interesting that you already had tenants lined up, even before all the maintenance was done. Did they lease the property as it was or did they know that you will do all the enchancements e.g. curtains, sheers etc.

 

Yeah I agree. Phenomenal turn around to lease story.

 

So yep... we just made it! The renters were in the next morning. Hopefully they love the place and treat it well.

 

So, the way that we like to do it is to buy the house empty. This was outlined earlier, but it makes it a lot easier to set the house up for tenants. Checking everything over and making sure that it is ready and they are not stepping into a place with a whole lot of aggravating niggles.

Generally, depending on the REA we can get in during the settlement period and the REA can show prospective tenants through the property. This way, it can be leased as soon as possible so the house isn't left vacant longer than it has too and it can start making money.

This one, the vendor was not agreeable to allowing us early access. We organized a license agreement through our solicitor but they were not agreeable, so we had to wait until it settled. They were fine with the REA showing prospective tenants through though. So that was a small win.

Purchase price was $190K on this one, renting now for $280/week. I can post a few pics if you are interested.

 

Oh @BunnyXiao it was me, my hubby and we managed to call a sparky around for an hour at short notice. Because you know, that stuff had to be dealt with before tenants arrived.

 

It's a phenomenal story. I want to do this. But I'm just me no plus one. I need to come back in the next life as Bob the Builder.

 

Nah, if I can do it so can you @BunnyXiao Just find one that needs a little not a lot. Most of the time it is the organization and timing that counts, the muscle power you can hire if need be. I'm just lucky that my hubby is handy too. Because, I haven't learnt how to use a chainsaw yet! Flat packs I can do though. I'm good at the organization, doing the figures, making sure we stick to a timeline, working things out between all parties (bank, REA's, conveyancer, solicitor) and negotiating.

https://photos.app.goo.gl/S2khkixstyXm3xnbA

 

Wow beautiful home! Exactly the type of property and grade I want to try my hand on. yes, I think to start simple first. Yes, I can find trades to help me. You never know. Shared common interests n all. I think it could be good for my brain too. It's turning to mush a bit as a kinder teacher. Used to be good at that stuff. And awesome people on this forum if I feel a bit lonely only old tired scared pitty party pickle

 

You sound like you need a challenge to spice things up & fire up your investment thinking @BunnyXiao. Who knows who you will meet and what path you will travel once you are doing something that aligns with your 'spark' alongside your career. I must say Kindergarten teaching is really hard work and a very meaningful career. The development of little people is fascinating. The one thing I appreciate about this kind of investing is that it is relatively passive income once things settle into place. Allowing us to concentrate (mostly) on our day jobs.

 

I had a career I loved as a Regulatory Affairs Expert. I retired at 47. Now I'm working as a kinder teacher for the disgustingly large salary and benefits and the crazy stupid amount of paid holidays. Rewarding? I guess. It gets me my goals. My third life jaunt I want to be an active IP investor rather than passive. So its my next challenge. So I love following your story

 

Fantastic outcome Bee-mumma. The house looks nice and neat and ready for the tenants. Good return with $190k purchase price and $280,- rent.