Michael – Beldon, WA
Real Estate Rescue Graduate
Background
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.
The Number
These costs include the purchase price, stamp duty, holdings, renovations and relevant adjustments, including the selling costs.
| Expenses | Cost |
|---|---|
| Purchase price | $325,000 |
| Renovation costs | $135,218 |
| Selling costs | $11,850 |
| Total Cost | $472,068 |
| Total Net Profit | $111,932 |
Before and after photos from the renovations
Kitchen Before
Kitchen After
Bedroom 1 Before
Bedroom 1 After
Bedroom 2 Before
Bedroom 2 After
Top Learnings:
- 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.
