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.
These costs include the purchase price, stamp duty, holdings, renovations and the relevant adjustments including the selling costs.
|Purchase price||$ 360,000|
|Stamp Duty||$ 11,690|
|Conveyancing/Legal Cost||$ 1,200|
|Holding cost during renovation||$ 5,935|
|Selling costs||$ 16,500|
|Total Net Profit||$27,585|
Before and after photos from the renovations
Anne top 3 learning from this real estate flipping house deal was:
- 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