Mat Hope – Highway Palm Beach, QLD
Property Development Graduate
Background
Mat Hope is a Property Uplift Program Elite Mentoring Graduate and also a Real Estate Rescue Elite Mentoring Graduate, he has purchased a beachfront property in Highway Palm Beach, Queensland with an estimated discount of 100k. His strategy will be developing the lot into a triplex and selling with the aim of starting the development end of 2020 to spring 2021.
- Anticipated resale from agents (1.2m per unit)
- Seller Agent commission at 1% with a sliding scale above the minimum resale value
- Estimated Total Profit (1,200,000 x 3 = 3,600,000)
The Number
These cost include estimated cost of development and estimated profits.
| Expenses | Cost |
|---|---|
| Purchase price | $1,080,000 |
| Remaining development estimated | $1,600,000 |
| Other Anticipated Cost | $320,000 |
| Total Expense | $3,000,000 |
| Total Project Profit | $600,000 |
Top 3 Learnings from this deal:
- Need to do it for the right reasons-money shouldn’t be a reason
- Be fearful, don’t be scared
- Get a mentor
