Sandra strategy for this particular deal will be a developing 2-4 small townhouses selling some and holding some where possible.
There will be a 12 month settlement, undertaking planning permit application during settlement period. Demolishing and building 3 townhouses as soon as possible after.
These costs include the purchase price, stamp duty, holdings, renovations and the relevant adjustments including the selling costs.
|Purchase price (10% self fund & remaining money partner)||$737,000|
|Total work (demolition, architect, drawing, landscaping, council etc)||$1,002,386|
|Total Net Profit||$111,551|
Sandra Top 3 Learnings from the property development deal:
- To get out of my own head
- To talk through options and solutions with coach, family, friends, colleagues & facebook group
- The more I think about “what have I done?”, the less actually happens. Not to be over-confident – it makes me do impetuous things like buying at auction without having done sufficient due diligence, leading to the anxiety of “what have I done?”. Never let a day slip by without doing something to advance my progress as a property developer.