Three birds renovation

Discussion in 'Repairs & Maintenance' started by hillsguy, 13th Sep, 2016.

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  1. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I didn't twig that the family room and bed 4 was the old garage.
    I agree they should have put a carport in front of bed 4 - even a simple single gabled carport would have been easy.
     
    Westminster, 14th Oct, 2016
    #41
  2. hillsguy

    hillsguy Well-Known Member

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    Well ... it's sold now !

    I think they made some $$'s on this one ... would be good to see final price when it becomes available.
     
    hillsguy, 15th Oct, 2016
    #42
  3. vbplease

    vbplease Well-Known Member

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    Sold price $1.35m - $922.5k = $427.5k pure profit. Nice one girls :cool:
     
    vbplease, 15th Oct, 2016
    #43
  4. bob shovel

    bob shovel Well-Known Member

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    Pure profit?
    The numbers guru's can break it down further
    Selling costs
    Holding costs
    Reno costs. I didn't see the before but is say 127k at a guess :p
    Purchase costs
    Chamagne
    Etc etc
     
    bob shovel, 15th Oct, 2016
    #44
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  5. vbplease

    vbplease Well-Known Member

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    Huh? Buying, selling and Reno costs? Oh, pooey.. I prefer to live in 3 bird fantasy land :p
     
    vbplease, 15th Oct, 2016
    #45
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  6. bob shovel

    bob shovel Well-Known Member

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    Bahaha :D never let the truth get in the way of a good story!
    With nrl husbands the coke will be flowing for days :p
     
    bob shovel, 15th Oct, 2016
    #46
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  7. vbplease

    vbplease Well-Known Member

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    No doubt there will be a few more jimi choo's and prada handbags after all that "hard work".
     
    vbplease, 15th Oct, 2016
    #47
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  8. hillsguy

    hillsguy Well-Known Member

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    Remove CG from profit and divide by 3 and not much left is there ???
     
    hillsguy, 17th Oct, 2016
    #48
  9. lightbulbmoment

    lightbulbmoment Well-Known Member

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    Yes divide by three not much in it for them i dont think. Way over hyped and people get sucked in by something which will date quickly. 4 bed and 2 bath and no car spot??
     
    lightbulbmoment, 17th Oct, 2016
    #49
  10. bob shovel

    bob shovel Well-Known Member

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    These guys are really annoying me! :mad:

    From what i can work out they are just "kardashian house renovators". They buy a house and do a reno them vomit social media everywhere :p
    The social media must get some sort of income or freebies from sponsors to decorate the rooms.
    They are real life back yard blitz girls.

    The pre condition to this house had a bit structurally there. They just added the back living room off the kitchen.
    They don't seem to divulge numbers from what i can see.
    FB_IMG_1476709307335.jpg
    FB_IMG_1476709327512.jpg

    60-80k reno (??) assuming they hired all the interior furniture and obviously used trades for all the work.

    To break it down some more (need done checking and gaps filled :D )
    Purchase costs 922 x 5% 46k
    Deposit? They have a company they've bought with, what likely min deposit required?
    Holding costs - purchased 30/5/16 sold 15/10 4.5 mths hold
    Selling costs $1.35 x 7% = $94,500
    Reno.... ? Id think 60-80k

    Deposit probably doesn't matter to much as they get it back after selling. But assume they put a bit down. So holding for 4.5 months at 4% on 800k loan = 12k

    427k - 46 - 94.5 - 80 -12 = 194.5k profite'

    Do my numbers look close? What did i miss? It's looking ok if my number are reasonably close

    Capital gains tax!
    So 1.35 - 968.1k (922 + 5% buy costs )
    382k gain @30% cgt =115k donation
    194.5k - 115k = 79.5k:eek:

    Can someone double check what I've done and tidy it up:cool:
     

    Attached Files:

    bob shovel, 18th Oct, 2016
    #50
  11. Joshwaaaa

    Joshwaaaa Well-Known Member

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    No doubt they are getting trades and fitting "cheap" but I would have thought way more then $80k in reno costs, considering all structural work and spec they finish to.
     
    Joshwaaaa, 18th Oct, 2016
    #51
  12. EN710

    EN710 Well-Known Member

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    Nothing wrong with self promotion @bob shovel if this is a different type of business, they would be commendable for the effort to get out there

    Re CGT I think this would be reduced from Reno cost as its capital improvements, and holding cost as well?
    If the CGT is divided across the 3, could be lower
     
    EN710, 18th Oct, 2016
    #52
  13. Joshwaaaa

    Joshwaaaa Well-Known Member

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    Would probably eligible for GST on sale wouldnt it, from this thread Flipping too costly?

    I would say these are pretty substantial reno's
     
    Joshwaaaa, 18th Oct, 2016
    #53
  14. bob shovel

    bob shovel Well-Known Member

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    My rough guestimation numbers
    Extension 20k
    Kitchen 15k
    Front 10k
    Deck and back area 15k
    Decorating (hire) and painting 15k
    Misc 5k

    Maybe could be bumped up to 100k for Joe blow but they've gone max impact without doing heaps
     
    bob shovel, 18th Oct, 2016
    #54
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