RER Elite Mentoring Graduate

Meadow Heights, VIC


Background

This particular deal was one of the first deals performed by a Real Estate Rescue Graduate. The deal was found through the court list provided by the program. A WIN-WIN outcome was achieved with a payout to the homeowner of $90,000 & cash for a new vehicle. The graduate also went above and beyond and was able to help assist the owner purchase a caravan.

The Number

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

Expenses Cost
Mortgage to bank (capitalising arrears): $101,000
Payment to owner: $90,000
Bills, rates and Other Payments: $20,000
Cost of Purchase: $211,000
Renovation Cost $50,000
Agents, Conveyancing, Bills, etc. $39,000
Total Cost $300,000
Sold for $450,000
Net Profit $150,000

Before and after photos from the renovations

Living room before

Living room after

Kitchen Before

Kitchen After

Bathroom Before

Bathroom After

Bedroom Before

Bedroom After

Top 5 Learnings From This Deal:

  • Fit for purpose renovation can be done quickly
  • MUST have security surveillance at reno site
  • How to find good trades
  • The bank can be your ‘friend’
  • GST, GST, GST

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