Mike’s Beldon Deal

My 3 top learnings from this deal were:

  • Exercise Patience with the Intermediary and the Bank.
  • Discuss with Council if DA is required for the structural alteration or BA only. If using a Private Certifier who has certified the plans do not wait for plans to come out of council – go straight ahead and commence building save yourself 14 days on the time frame.
  • Pick your reseller carefully – make sure they have a game plan.

Before

After

 

Money calculation

Purchase price $325 000 
TotalExpenses – including
cost of the reno,
arrears,
council rates etc
purchase costs
$125,000
Mortgage registration Fee $168.70
Transfer Fee $238.70
Title Search $25.30
Stamp Duty $9,785.00
Selling Costs
Agent’s Commission
$9,750.00
Advertising and Marketing $1,000.00
Legal Fees Out $1,100
Sale price $583 000
After CGT I believe will be approx. $78,000 Profit

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