RER Elite Mentoring Graduate
This DGI Graduate found this property from court listing letter and obtained it through a takeover deal. The graduate originally planned it to be a renovate and flip however ended up subdividing the lot sold part of the land and stayed on the other part as there family home.
These costs include the purchase price, stamp duty, holdings, renovations and relevant adjustments, including the selling costs.
|Reno costs (cosmetic):||$49,000|
|Arears and costs||$131,000|
|Sale price of land:||$450,000|
|Profit (50/50 Split with Joint venture)||$247,000|
Before and after photos from the renovations
Top 4 Learnings:
- Subdividing takes longer than anticipated – Allow for more time
- Allow for extra costs and be flexible and creative If you can dream you can have it
- Renovate all of it and don’t skimp on certain areas
- With this deal I ended up buying the property and I lived in it while we did renovations and subdivisions. I took over the loan repayments and money partner covered all the costs for renovation and subdivision. It was a big job but we got there and I have been living in it for the last 5 years and the ex owner and I are friends and stay in touch. We gave him more money from profits…it wasn’t in any agreement and he was as emotional as were we.