Anare Koliavu – Noble Park, VIC
Real Estate Rescue Graduate
Background
This DGI Graduate found this deal through a court list letter. This particular takeover deal was a little more complex where the homeowner had accumulated a significant amount of interest & fees that were being compounded. However, the numbers still cleared and that a WINWIN outcome was still achieved.
The Number
These costs include the purchase price, stamp duty, holdings, renovations and relevant adjustments, including the selling costs.
| Expenses | Cost |
|---|---|
| Purchased for | $500,000 |
| Second mortgage | $250,000 |
| Arrears | $20,000 |
| Clean-Up | $40,000 |
| Purchasing costs | $25,000 |
| Sold price | $890,000 |
| Profit | $55,000 |
Before and after photos from the renovations
Backyard Before
Backyard After
Kitchen before
Kitchen After
Bedroom Before
Bedroom After
Top Learnings:
- Don’t give up when there’s multiple creditors involved.
- Keep the home owner in regular communication to foster great relationship
- Reward tradies with your rubbish! Your waste is another person’s treasure
