{"id":9100,"date":"2016-08-29T01:00:40","date_gmt":"2016-08-28T15:00:40","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9100"},"modified":"2016-08-29T01:00:40","modified_gmt":"2016-08-28T15:00:40","slug":"flipping-a-property-week-2","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/","title":{"rendered":"Flipping a property – Week 2 – Nhan Nguyen"},"content":{"rendered":"

 
\nThis is week 2 of the 30 day flipping exercise with Nhan Nguyen<\/strong>.
\nHe is attempting to buy and sell a property in 30 days and make a big profit along the way. We will continue to follow his journey to see what we can learn. He gets some good news today.
\n <\/p>\n

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

Kevin:\u00a0 <\/b>You might recall last week, I was talking to Nhan Nguyen from Advanced Property Strategies about his flipping exercise, where he secured last week a property that he intends to onsell within a 30-day period. He joins us again.
\nGood morning, Nhan.<\/b>
\nNhan:\u00a0 <\/b>Good day, Kevin. How are you going?<\/b>
\nKevin:\u00a0 <\/b>Tell me what\u2019s happened since last weekend. You secured the property. I understood it was under contract, and you\u2019ve said to me \u2013 if I remember correctly \u2013 that you\u2019re planning not to do much work to it. Where are you at with that?<\/b>
\nNhan:\u00a0 <\/b>We put the property on the market I think about three or four days after signing the contract. It had a little bit of response, but what happened is we have a buyer who\u2019s missed out on a house in the street, and I thought the other house had sold for $418,000. We purchased ours for $320,000 and he\u2019s coming in with an offer. I think in this last 24 hours, we\u2019ve recently just signed a contract at $410,000 with him. Very keen on the property, because he\u2019s missed out on the other property.
\nHe then proceeded to tell me that the other property on the street, which is lower, he\u2019d missed out and his offer was 440. So I\u2019m thinking maybe I\u2019ve sold the property too cheap, but we\u2019d been out there doing a bit of marketing, and when you\u2019re in the right place at the right time, it\u2019s pretty uncanny. We\u2019d just put it out there, put offers over $399,000 on the Internet to see what happens, and it looks like we have someone who\u2019s really keen and can go on from there.<\/b>
\nKevin:\u00a0 <\/b>I understand the process, but let\u2019s talk it through, because a lot of people are probably scratching their head and saying \u201cHang on a minute. You haven\u2019t even settled on this property yet. How can you onsell it?\u201d Take me through that process. What are the legalities there?<\/b>
\nNhan:\u00a0 <\/b>Really, once you\u2019ve signed a contract, my understanding is that you have the right to do whatever you want with it. Obviously, I can\u2019t move in without their permission, I can\u2019t take position, but I can market it for rent and market it for sale. The only challenge is I can\u2019t do the transaction from a transfer point of view until I have title.
\nI could do what\u2019s called a transfer by direction, which is a simultaneous settlement on the same day, however I don\u2019t have the authority to do that. We\u2019d have to settle first, and then 24 or 48 hours, later do another settlement on selling the property.<\/b>
\nKevin:\u00a0 <\/b>You could do what\u2019s called a simultaneous and contemporaneous settlement, which is where you settle, then you settle the purchase the property, and then you settle to sell the property again in the same transaction. Is that what you\u2019re planning to do?<\/b>
\nNhan:\u00a0 <\/b>At this stage, it hasn\u2019t worked out that way. I think the dates between the first contract and the second contract have been 13 days or so, so with the new buyer, he has 30 days to settle, so it\u2019s going to be a bit of a lag of possibly up to two weeks between my settlement and his settlement.<\/b>
\nKevin:\u00a0 <\/b>So you\u2019ll have to fund the purchase and carry it for 13 days, but you\u2019ve a profit in there of some $50,000 I think was the original projection. Is that right?<\/b>
\nNhan:\u00a0 <\/b>Yes, that\u2019s right. A purchase price of $320,000, on-purchase price of $410,000, so we\u2019re looking at a gross profit of $90,000 after stamp duty and legals. Yes, we\u2019re talking about somewhere between $70,000 and $75,000. It hasn\u2019t been quite the 30-day challenge I\u2019d planned, but once we settle and we settle again, it\u2019s going to be 13, 14, maybe 15 days from settlement to settlement and I\u2019m really happy with that, assuming it goes through.
\nLook, even if it doesn\u2019t go through, at the moment, I\u2019m working on a backup contract with someone else to sign a contract on it at a higher price, so basically, I\u2019m leaving nothing to chance.<\/b>
\nKevin:\u00a0 <\/b>This is a great response. Is it because you purchased well or purchased in an area that\u2019s in high demand?<\/b>
\nNhan:\u00a0 <\/b>I personally believe that I\u2019m an area expert in this area. I have two other projects \u2013 one is finished and the other one is being finished \u2013 and I know that the property was worth at least $390,000 \u2013 so $390,000 to $410,000 \u2013 like I mentioned on our last interview. Median price is $384,000, so I just knew that the property is under market value. It has four bedrooms, tile roof, and 700-odd square meters.
\nWith that 700-odd square meters zoned low-to-medium residential, there is a huge demand, especially at this price point. If you go into Sydney or Melbourne, anything like this within 15 kilometers, you\u2019re talking at least $700,000, $800,000, $1 million even. There\u2019s a lot of interest in this particular property, and we love it.<\/b>
\nKevin:\u00a0 <\/b>You purchased this property on the south side of Brisbane. You are based in Brisbane. Would you do this in other parts of Australia if you were not living there?<\/b>
\nNhan:\u00a0 <\/b>Mate, <\/b>I\u2019d do it wherever I could. I think it\u2019s having a marketing strategy and finding properties off-market. Oftentimes, people go to RealEstate.com.au to find deals, and by the time it\u2019s hit the Net, I believe it\u2019s too late.
\nRealEstate.com.au is a really good tool for selling property, to get top dollar and get it out there because everybody is on the Net, but to get properties under market value or dealing with property owners direct, I think you do need to either door knock, send out letters, [5:06 inaudible]<\/b>, and deal directly with owners. That\u2019s how real estate agents get leads.<\/b>
\nKevin:\u00a0 <\/b>Yes. And what you\u2019ve explained to us last week in the show, too, is how you actually secured that is that you have a marketing person who\u2019s doing exactly that.
\nNhan, we\u2019re going to continue to follow this through. I want to follow it all the way through to the final settlement, if we may, to see what \u2013 if any \u2013 problems do emerge that we can learn from. Thanks for your time.
\nIt\u2019s an interesting journey that Nhan Nguyen is taking us on as he\u2019s looking at flipping or turning over a property within 30 days. It\u2019s probably going to be a little bit longer than that, but it will be successful by the looks of it. Nhan, of course, from Advanced Property Strategies.
\nThanks for your time, mate.<\/b>
\nNhan:\u00a0 <\/b>Thanks, Kevin. Thanks for having me.<\/p>\n","protected":false},"excerpt":{"rendered":"

  This is week 2 of the 30 day flipping exercise with Nhan Nguyen. He is attempting to buy and sell a property in 30 days and make a big profit along the way. We will continue to follow his journey to see what we…<\/p>\n","protected":false},"author":176692471,"featured_media":9101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,34,10,11,13,35,17,22,25],"tags":[101],"class_list":["post-9100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-development-topic","category-property-investment","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nFlipping a property - Week 2 - 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\/flipping-a-property-week-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flipping a property - Week 2 - Nhan Nguyen - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  This is week 2 of the 30 day flipping exercise with Nhan Nguyen. He is attempting to buy and sell a property in 30 days and make a big profit along the way. We will continue to follow his journey to see what we...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2016-08-28T15:00:40+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"Flipping a property – Week 2 – Nhan Nguyen\",\"datePublished\":\"2016-08-28T15:00:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/\"},\"wordCount\":1196,\"commentCount\":2,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"podcast\"],\"articleSection\":[\"Case Studies\",\"Finance\",\"Kevin Turner\",\"Kevin's Update\",\"Latest Stories\",\"Property Development\",\"Property Investment Topics\",\"Research\",\"Sponsored Channels\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/\",\"name\":\"Flipping a property - Week 2 - Nhan Nguyen - Realty Talk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2016-08-28T15:00:40+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/flipping-a-property-week-2\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Flipping a property – Week 2 – Nhan Nguyen\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\",\"name\":\"Realty Talk\",\"description\":\"Your Trusted Voice For Property Investing. Anywhere, Anytime.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\",\"name\":\"rolanrush\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"caption\":\"rolanrush\"},\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/author\\\/rolanrush\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Flipping a property - Week 2 - Nhan Nguyen - Realty Talk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/","og_locale":"en_US","og_type":"article","og_title":"Flipping a property - Week 2 - Nhan Nguyen - Realty Talk","og_description":"  This is week 2 of the 30 day flipping exercise with Nhan Nguyen. He is attempting to buy and sell a property in 30 days and make a big profit along the way. We will continue to follow his journey to see what we...","og_url":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/","og_site_name":"Realty Talk","article_published_time":"2016-08-28T15:00:40+00:00","author":"rolanrush","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rolanrush","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/#article","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/"},"author":{"name":"rolanrush","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"headline":"Flipping a property – Week 2 – Nhan Nguyen","datePublished":"2016-08-28T15:00:40+00:00","mainEntityOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/"},"wordCount":1196,"commentCount":2,"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/#primaryimage"},"thumbnailUrl":"","keywords":["podcast"],"articleSection":["Case Studies","Finance","Kevin Turner","Kevin's Update","Latest Stories","Property Development","Property Investment Topics","Research","Sponsored Channels"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/","url":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/","name":"Flipping a property - Week 2 - Nhan Nguyen - Realty Talk","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/#primaryimage"},"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/#primaryimage"},"thumbnailUrl":"","datePublished":"2016-08-28T15:00:40+00:00","author":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"breadcrumb":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/channels.realty.com.au\/realtytalk\/flipping-a-property-week-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/channels.realty.com.au\/realtytalk\/"},{"@type":"ListItem","position":2,"name":"Flipping a property – Week 2 – Nhan Nguyen"}]},{"@type":"WebSite","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website","url":"https:\/\/channels.realty.com.au\/realtytalk\/","name":"Realty Talk","description":"Your Trusted Voice For Property Investing. Anywhere, Anytime.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/channels.realty.com.au\/realtytalk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d","name":"rolanrush","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","caption":"rolanrush"},"url":"https:\/\/channels.realty.com.au\/realtytalk\/author\/rolanrush\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/9100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/users\/176692471"}],"replies":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/comments?post=9100"}],"version-history":[{"count":0,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/9100\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/media?parent=9100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/categories?post=9100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/tags?post=9100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}