Announcing The 30 Day Challenge: Earning $50,000 in 30 days
It would take 33 weeks for the average Aussie to earn $50k worth of income (says the Australian Bureau of Statistics). But what if it could be done in just 30 days?
How Does Earning $50,000 In 30 Days Sound?
My good friend, esteemed colleague and fellow fundraiser, Nhan Nguyen, has just announced a 30 Day Challenge to prove it can be done, and you and I get to follow along as the deal unravels!
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I think there’s a lot to be learned from this challenge, so I talked to Nhan, who graciously agreed for me to share the story and his progress with you.
Buckle up, because by the end of this challenge your brain will be buzzing with ideas and you’ll start finding opportunities everywhere!
But before we jump in… two things you need to know:
- Nhan wasn’t even in the country when it all started and this deal was brought to his attention. It just proves the power of creating a solid network, getting on agents’ hotlist, and being able to crunch numbers fast!
- While Nhan educates hundreds of property investors every year (me being one of them), this ain’t rocket science! Don’t let the fact that he’s an experienced property educator make you feel like this isn’t possible for you. It is. (By the way, his half-day workshop is highly recommended if you haven’t attended one yet!)
The Deal
So how did Nhan acquire this deal and how will he make $50k in 30 days?
Let’s start with the deal itself. Here it is:
Doesn’t look like much right? Well the gold in this deal is in the back yard.
This is a 4 bedroom house on 670m2 in Brisbane and the land is zoned for residential multi unit dwellings.
It’s a very unassuming development site, ripe for a duplex or triplex to be built in the backyard or bowl the old thing over and build some nice townhouses.
But that’s not the plan.
You see, Nhan has done some small developments in this area already and knows what to look for which is a key insight…. so take note of what I am about to share!
The Strategy (How Nhan Plans To EASILY Make $50k in 30 Days)
The first thing Nhan did, was to become an area expert in this suburb. Of course, this is a process he started long before this deal came around (keep reading and you’ll learn how to do the same.)
Nhan knows the median price and what each property is worth at a glance. He knows what you can fit on each site and what the end sale value of any new development would sell for.
So if he’s not going to develop the site where is the $50k profit coming from?
Well Nhan has perfected the art of finding deals before they hit the market and he managed to secure this site substantially under market value.
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So the strategy is to just flip the deal by selling it back to the market and have the cash in the bank within 30 days…
Basically, buying at a wholesale price and selling at retail.
Pretty simple… but how did Nhan come across this deal, and manage to acquire it before it hit the market? Now that’s the burning question, isn’t it?
How Did Nhan Find This Deal Before ANYONE Else?
One word. Leverage.
Like me, Nhan knows and understands the power of leverage. Also like me, he likes to travel overseas with his family but still remain active in the property market.
So while he was on his recent holiday to Vietnam with his family, Nhan employed a property researcher to do a letterbox drop in the area.
As it turns out, the owner of the above property is looking to sell due to the tenant moving out. And he’s happy to get the deal done without an agent involved.
The long and the short of it is Nhan arrived back in the country last Tuesday, was made aware of the seller’s interest, and had a signed contract 24 hours later for $320k with a 30 day settlement… Boom!
Nhan reckons blocks like this should sell for around $400k so it’s currently listed without an agent for $395k to test the waters. If there are no written offers in a week he’ll bring an agent on board.
So the clock’s ticking… and we will keep track of Nhan’s progress and see how this challenge unfolds to a (hopefully) successful outcome in under 30 days…. (No pressure, Nhan!)
Can Anyone Do This?
If you haven’t worked it out already, there are 3 key things to take away from Nhan’s approach.
- Area expert: Nhan knows this part of Brisbane like the back of his hand and that’s what is required if you want to secure a site with confidence once it’s brought to your attention.
- Leverage: Letterbox drops are often seen as a shotgun approach but as I’ve said in a recent blogpost, it’s a great iron to have in the fire (and you can find 4 more irons here)
- Action: When you’re confident in the knowledge of your area, you have the confidence to take action when an opportunity arises.
All three of the above points can be applied by anyone. You don’t need a university degree to make this happen!
Now I know this deal is going to raise a lot of questions about the specifics of the project, like:
- Why he’s not developing the site himself to maximise the profit?
- How did he choose this area over others to focus on?
- What’s his back up plan if it doesn’t sell?
So I intend to grill Nhan for some answers in the coming weeks.
Do you have any specific question you’d like me to ask Nhan?
Post your question in the comments below and I’ll be sure to have them answered directly from the man himself!
And don’t forget to keep an eye out for the next instalment of Nhan’s 30 Day Challenge on our blog! 🙂
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Is the $50k net after stamp duty & legal costs, or is Nhan flicking it without actually taking ownership? If an agent is employed is this likely to drop further or will the price have to go up to cover the agent, and will the market sustain it? What about GST, CGT and income tax considerations? After everything’s said and done, what will the true net profit be?
Thanks for the questions Rachel and I’ll make sure I clarify tax implications with him for the deal. By the look of it this will be $50,000 net profit which would be outstanding.. more to come 🙂
Thank you Matt. Great Information here!!
Thanks Yuna, glad you are enjoying the content… plenty more to come 🙂
Will his own or bank finance be used to purchase the property?
Hi Lisa, in this scenario Nhan used some of his own cash as well as some from a money partner. Having cash ready to go and being ‘deal ready’ allowed him to take action quickly when the opportunity came up. It also meant he could make an offer with confidence knowing he didnt have to wait for the banks to approve anything… hope that helps. Cheers, Matt
can i have the property address? what is result?
Hi Peng
Thanks for your comment. Unfortunately I can’t give this particular address out but I will be posting the results in my next blog, so keep an eye out!
Cheers
Matt