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
