{"id":9081,"date":"2016-08-22T01:00:30","date_gmt":"2016-08-21T15:00:30","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9081"},"modified":"2016-08-22T01:00:30","modified_gmt":"2016-08-21T15:00:30","slug":"making-50k-in-30-days","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/making-50k-in-30-days\/","title":{"rendered":"Making $50K in 30 days – Nhan Nguyen"},"content":{"rendered":"

 
\nOver the next few weeks we will follow the journey of successful property investor Nhan Nguyen<\/strong> as he attempts to buy and sell a property in only 30 days for a gross profit of $50,000.
\nWe start the story today with week 1 \u2013 finding and securing the property.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 House flipping is one of those subjects that fascinates me, and I\u2019ve always thought that you have to get the right time of the market to do it. I wonder if that\u2019s actually the case. Nhan Nguyen from Advanced Property Strategies is undergoing a really interesting exercise that we\u2019re going to follow over the next few weeks. We\u2019ll call it house flipping.
\nIs that what you call, it, Nhan?
\nNhan:<\/b>\u00a0 I\u2019m not sure what you want to call it. Buy and sell, flipping, whatever you want to call it. Making money, that\u2019s what I\u2019m into.
\nKevin:\u00a0 <\/b>Pretty much, it\u2019s securing a property with the intent to sell it and make a profit out of it. Call it flipping, call it turning over property, whatever you want to do. In this exercise, you\u2019re going to do this in a 30-day period. Is that right?
\nNhan:\u00a0 <\/b>Well, that\u2019s the aim. My aim is to make over $50,000, yes.
\nKevin:\u00a0 <\/b>How far are you into the process now? You\u2019ve just started this?
\nNhan:\u00a0 <\/b>Yes, I\u2019ve just started it. I came back from holiday recently. I was overseas. When I came back, there was this property in my inbox. Basically, I have a guy who\u2019s out there looking for property for me. He said, \u201cNhan, there\u2019s a seller, and he\u2019s keen to sell the property for $320,000. I think you should buy it. He\u2019s giving you 24 hours to do that.\u201d
\nThat\u2019s what happened. I came back. The e-mail was in my inbox. I did have a look at that property before I went overseas on holidays, but it hadn\u2019t been on the market. While I was overseas, I did receive an e-mail saying the property was on, but I thought that the property had actually been listed with an agent, so I didn\u2019t even bother to look at it. When I got back, I met with the owner\u2019s family, and yes, we signed off on a contract within one or two days.
\nYes, we\u2019re having fun. My plan is to basically buy it for $320,000. The median price in the area is $384,000. The most comparable property that I\u2019ve seen is going to be somewhere in the $400,000s. A really rundown property sold recently in that area, on the south side, for $388,000. This is zoned low-to-medium residential, which means that you can put townhouses on it. So it\u2019s going to be somewhere between $390,000 and $410,000 is my projection to sell the property.
\nKevin:\u00a0 <\/b>Let me ask you, then, in terms of transparency, the owners of the property are aware of the fact that you\u2019re going to turn this over and make a profit?
\nNhan:\u00a0 <\/b>No, not necessarily. On the contract, we did put a clause on the contract that basically gave us the right to renovate the property after it went unconditional, and at the same time, they\u2019ve given us the right to show valuers, surveyors, engineers, town planners, or prospective occupants through.
\nI wasn\u2019t really sure that I was going to sell it, but basically, once I\u2019d signed the contract, after I\u2019d looked at a few options \u2013 should we develop it, should we renovate it? \u2013 I thought, \u201cOkay, here\u2019s an opportunity for some quick cash. Let\u2019s play and let\u2019s put it on the market and see what happens.\u201d
\nKevin:\u00a0 <\/b>Are you planning to do any renovation to it?
\nNhan:\u00a0 <\/b>As little as possible. In fact, my backup plan is if we can\u2019t sell it, yes, we\u2019ll renovate it and probably rent it out and land bank it or develop it, depending on what the town planners say.
\nKevin:\u00a0 <\/b>How did you find the property?
\nNhan:\u00a0 <\/b>I have what we call a property researcher who works with me, under my training and my systems. He\u2019s out there 5 or 10 hours a week, sending out letters, flyers, business cards in mailboxes. We have a certain area on the south side, about 15 K\u2019s out, housing commission. We\u2019re out there marketing. He got a phone call a few weeks ago, and it\u2019s been bubbling away for a few weeks now.
\nKevin:\u00a0 <\/b>I have to be a bit careful about how I ask this question. The people you\u2019re purchasing it from, is it just that they\u2019re not aware of the values in the area?
\nNhan:\u00a0 <\/b>Let\u2019s just say they live out of town \u2013 about two hours out of town. They bought it for $310,000 in 2007, and they\u2019re just wanting to get out of the property. They\u2019re really, really motivated to sell. I think they have some other court issues that are pending that I found on Google.
\nThey\u2019re just motivated sellers, and they want to get out. I think a few days after we signed the contract, they did get an appraisal. I found out through another agent that, yes, they are aware of the value of the property currently.
\nKevin:\u00a0 <\/b>Excellent. We\u2019re going to follow this journey with you. This is week one. You\u2019ve actually secured the property. It\u2019s now under contract?
\nNhan:\u00a0 <\/b>Exactly.
\nKevin:\u00a0 <\/b>All right. I\u2019d love to come back next week and talk to you about what\u2019s happened between now and then, just to see how it\u2019s progressing, because 30 days to actually find, secure, turn over a property, and do that in 30 days is very, very quick. So, I\u2019ll be keen to follow this journey with you, Nhan.
\nNhan:\u00a0 <\/b>Yes. Me, too.
\nKevin:\u00a0 <\/b>Yes, I\u2019m sure you will be.
\nNhan:\u00a0 <\/b>Thanks, Kevin.
\nKevin:\u00a0 <\/b>We\u2019ll catch you again next week. Thanks, mate.
\nNhan:\u00a0 <\/b>Cheers, mate.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Over the next few weeks we will follow the journey of successful property investor Nhan Nguyen as he attempts to buy and sell a property in only 30 days for a gross profit of $50,000. We start the story today with week 1 \u2013…<\/p>\n","protected":false},"author":176692471,"featured_media":9082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,10,11,13,35,36,17,25],"tags":[101],"class_list":["post-9081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-development-topic","category-property-investment-topic","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nMaking $50K in 30 days - Nhan Nguyen - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/making-50k-in-30-days\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Making $50K in 30 days - Nhan Nguyen - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  Over the next few weeks we will follow the journey of successful property investor Nhan Nguyen as he attempts to buy and sell a property in only 30 days for a gross profit of $50,000. 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