Existing Residential Purchase and Renovation

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The former owner of the property was a barmaid at the pub across the street for over 40+ years. Sadly, she passed in her later years and we purchased the property as a deceased estate. If only the walls could talk, I bet they would tell some fun stories here.

The house was dated but in overall good condition, so it was rented out as is. Unfortunately, two tenants into the process and we stumbled into drama. Now, please understand we own a property management business and pride ourselves on process and knowing what it’s like to own property, but sometimes bad tenants just get through the system. Or worse still, good tenants become bad ones. In this case, the drug epidemic – seemingly affecting so many young people, struck our single mother tenant. After unpaid rent and a local police drug raid on the home, we nursed her through the Christmas period, but to no avail. With $2,500 in rental arrears we obtained a warrant to regain possession of the house through the local police. As she now had other drug related charges, she was escorted from the premises with only what she could carry, and promises by family to return and collect furniture and personal items never eventuated. She must have known time was up though, as someone managed to destroy the bathroom, some of the kitchen, several wall panels, doors and fly screens along with other items in the house.

Why am I telling you this? Well, we filmed the damage and subsequent repair to renovation and as you will see in my message, I have owned well over 100 properties in just under 30 years of property investment, and this has only happened about three or four times. I have also had termites substantially damage homes twice, with minor damage more times than I can remember. And I still believe property (primarily residential) is the best and lowest risk to create real wealth that can change lives. To complete this project, the repair/renovation costed around $20,000 and added over double that to the homes, but it also took the rental from $310 for a dated old home to $420 for a fresh charming country cottage. Is property investment worth the bad days? I think so.

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(Note; We have a video series that documents this full project, follow the link to see more: Scott Series).

You can also see them over on the Videos Tab.