Vijay – Laverton, VIC

Property Development Graduate

Background

Vijay during an Elite Mentoring session met another graduate who got the idea to investigate Laverton. Doing his due diligence, he became an area expert and stumbled across this land. The strategy for this deal will be to build three 3- bedroom houses catering to the areas market.

Before
Initial Planned drawings

The Number

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

Expenses Cost
Purchase Price $545,000
Purchase costs $4,250
Stamp duty $27,250
Development costs $776,743
Holding Costs $28,500
Total Costs $1,381,743
Estimated costs of sale $38,400
Expected sale price $1,660,000
Projected Profit $239,857

Key Learnings:

  • Every lead is worth exploring
  • Negotiation skills are very important – negotiated a 6 month settlement period by which time I had started processing the building permit papers.
  • Be an area expert – I was able to negotiate below market
  • Create strong rapport with real estate agents

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