Highway Palm Beach, QLD
Matt Hope is a Property Uplift Program Elite Mentoring Graduate and also a Real Estate Rescue Elite Mentoring Graduate, he has purchased a beachfront property in Highway Palm Beach, Queensland with an estimated discount of 100k. His strategy will be developing the lot into a triplex and selling with the aim of starting development end of 2020 to spring 2021.
- Anticipated resale from agents (1.2m per unit)
- Seller Agent commission at 1% with sliding scale above minimum resale value
- Estimated Total Profit (1,200,000 x 3 = 3,600,000)
These cost include estimated cost of development and estimated profits.
|Remaining development estimated||$1,600,000|
|1% Agent commission||$36,000|
|Total Net Profit||$884,000|
Top 3 Learnings from this deal:
- Need to do it for the right reasons-money shouldn’t be a reason
- Be fearful, don’t be scared
- Get a mentor