Anne Marie & Stuart Rayner – Mount Pritchard, NSW

Property Development Graduate

Background

Anne Marie found this land, that had subdivision potential being a big block at just over 2000m2. She found the land to be flat considering Mount Pritchard as being known for a hilly area. The strategy for this deal will be to subdivide the land into four 900m2 lots.

Drawings

The Number

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

Expenses Cost
Purchase Price $900,000
Reno costs (subdivison) $405,000
Stamp duty $35,990
Interest $212,000
Holding Costs $8,200
Agent’s fees $30,600
Advertising $4,500
Conveyancing $8,000
Expected sale price / or sale $1,800,000 (4 blocks)
Projected Profit $120,000 (neett)

Key Learnings:

  • Research what you can do with the property – don’t take the sellers word for it
  • Don’t lose control of the project, even when you outsource to other parties
  • Be patient, it’s going to take longer than you think – even allowing for delays and extra slow councils !!!
  • Be the squeaky wheel…don’t worry about upsetting people…be polite but be persistent.

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