Real Estate Rescue Graduate

Doncaster, VIC

Background

The property is a deceased estate which had only one beneficiary. This Doncaster deal was found through a Real Estate Agent that went on for auction. The graduates had initially bid on it; however, the owner decided not to go ahead with it. Three to four weeks later the owner came back, and after a hard negotiation, the Graduates was able to obtain the property at the price they were after well below market value just for the land ($180,000) discount. The property strategy is for a renovate & flip dedicated to a higher-end market.

The Number

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

Expenses Cost
Purchase Price $920,000
Stamp duty $46,000
Conveyancing $2,800
Building insurance $1,000
Utilities $1,500
Rates $800
Gas connection $500
Loan Interest $13,800
Renovating Cost $216,511
Agents fees $20,800
Total cost $1,209,811
Sale Price $1,600,000
Profit $390,189

Top 3 Learnings: 

  • Get contract looked over by conveyancing agent
  • Never give up looking as the right deal could be the next one that comes along. We looked at over 120 properties before buying this one.
  • Build good relationship with agents and know your area

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