RER Elite Mentoring Graduate

Craigieburn, VIC


Background

This DGI Graduate found this deal from a court listing. By helping the owner and making the process as easy as possible a positive outcome was achieved for both parties. The plan was to go in clean the house and renovate, then getting it on the market for a fast turnover.

The Number

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

Expenses Cost
Reno costs (cosmetic): $34,000
Selling Fee + Styling $14,000
Mortgage + Costs Payout: $263,000
Payout to owner $38,000
Return to money partners: $26,000 (4 months)
Sale Price $444,000
Profit $80,000

Before and after photos from the renovations

Backyard Before

Backyard After

Kitchen before

Kitchen After

Bedroom Before

Bedroom After

Living room before

Living room after

Top 4 Learnings: 

  • Deals can go pretty smooth (legal side and paperwork, easiest one done)
  • Smokers in a home need extra painting and cleaning
  • People can be overly fond of their pets
  • This is probably the cleanest cut deal I have had with dealing with the owners and probably the worst house to renovate. Its amazing what a simple renovation can do!

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