Anne – Glenfield, NSW
Real Estate Rescue Graduate
Background
Anne did a complete joint venture on this project with no upfront costs for herself, the owner was heading into retirement and wanted a quick sell, Anne had planned a quick renovate and flip.
The Number
These costs include the purchase price, stamp duty, holdings, renovations and relevant adjustments, including the selling costs.
| Expenses | Cost |
|---|---|
| Purchase price | $ 360,000 |
| Purchase cost | $ 12,890 |
| Renovation Costs | $ 24,000 |
| Sale Costs | $18,900 |
| Total Costs | $402,825 |
| Sale Price | $465,000 |
| Projected Profit (before interest costs) | $45,675 |
Before and after photos from the renovations
Backyard Before
Backyard After
Living Room Before
Living Room After
Bedroom Before
Bedroom After
Top Learnings:
- Be very clear with agent on what your offer is don’t assume that they understand your terms
- In these times have a plan B if sale doesn’t happen work out a strategy especially (if working with money partners) on a course of action acceptable to both if a quick sale doesn’t happen.
- Getting Pest & Asbestos inspection before you start
