Real Estate Rescue Graduate

Geelong, VIC


Background

Through a takeover deal, Mary was able to help an elderly couple from a mortgagee situation with the bank nearly repossessing there home. Mary was able to work with the couple and help take the pain and stress away to create a WINWIN outcome.

The couple did not expect to walk away from this deal with any equity however ended up with a payment of $60,000.

The Number

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

Expenses Cost
Mortgage to bank (capitalising arrears): $190,000
Payment to owner: $60,000
Bills, rates and Other Payments: $20,000
Cost of Purchase: $270,000
Renovation Cost $30,000
Total Cost $300,000
Sold for $400,000
Total Net Profit $100,000

Before and after photos from the renovations

Kitchen Before

Kitchen After

Living room before

Living room after

Bedroom Before

Bedroom After

Top 3 Learnings From This Deal:

  • Acting quickly and decisively
  • Being proactive
  • Listen to the home owner objective

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