Michael (Flipping House Deal)
Smart property flippers can see potential in even the saddest and most unloved of dwellings. Buying and renovating an abandoned house in Beldon, WA, earned DGI graduate Michael a handsome profit of $110,000.
These costs include the purchase price, stamp duty, holdings, renovations and the relevant adjustments including the selling costs.
|Total Net Profit||$111,932|
Before and after photos from the renovations
With its smashed windows and graffiti-covered walls, it was no wonder the home in Stadia Court, Beldon, WA, had a reputation with locals as a ghost house. With the original owner having defaulted on the mortgage, the property had lain derelict for more than two years and vandals and the elements had taken their toll.
Michael top 3 learning from this real estate flipping house deal was:
- Exercise Patience with the Intermediary and the Bank.
- Discuss with Council if DA is required for the structural alteration or BA only. If using a Private Certifier who has certified the plans do not wait for plans to come out of council – go straight ahead and commence building save yourself 14 days on the time frame.
- Pick your reseller carefully – make sure they have a game plan.