Karen Baldwin

Brighton, SA


Background

Karen project was a renovate and flip, the owner was moving into retirement, Karen was able to get a 10% discount on the property at $35,000 off the listed price of $440,000.

The Number

These costs include the purchase price, stamp duty, holdings, renovations and the relevant adjustments including the selling costs.

Expenses Cost
Purchase price $ 335,000
Stamp Duty $ 13,080
Transfer Fee $ 2,608
Conveyancing/Legal Cost $ 1,200
Renovations $37,000
Holding cost during renovation $ 1,500
Cost of sale $ 11,945
Total Cost $ 402,333.5
Total Net Profit $ 37,666

Before and after photos from the renovations

Living Room
Kitchen
Bathroom
Side of house

Anne top 3 learning from this real estate flipping house deal was:

  • A no isn’t always final. My initial offer of $330k was “respectfully declined”. The agent came back to me within 3 days, advising that if I could go to $335K, the property was mine.
  • Always look for win/wins. Following discussions with the homeowner’s son, we bought the 30 day settlement forward to 14 days to allow the family to avoid further penalties.
  • Flipping in quality suburbs is even more important in an environment such as we currently have. Despite the tumultuous times, I’m confident this property will still sell relatively quickly, to downsizers wanting to stay in the area.

Recession Success Livestream

Join Robert kiyosaki, James Rikards, Tim Lawless & Dominique Grubisa To Discover How To Safeguard Your Cash Flow And Assets Whiletaking Advantages of Today's Wealth Creation Opportunities

REGISTER YOUR FREE SEAT NOW