Andrew – Dromona, VIC

Real Estate Rescue Graduate

The Background

Andrew and his business partner Fiona were searching in the Mornington Peninsula area for their first deal. They were looking at a particular street due to the great sea views. This property was the worst house on the street and came onto the market. Andrew and Fiona found out the agent were from out of town and therefore was unable to do many open houses. They were able to secure the property very quickly and at below market value. After a few months of renovations, they were able to sell the property at a higher price than initially projected.

The Number

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

Expense Cost
Purchase price $470,000
Buying Cost $28,000
MP’s Cost $50,000
Renovating Cost $120,000
Selling Cost $12,700
Total Cost $680,700
Sale Price $727,500
Total Profit $46,800

Before & After Renovations

After Living Room

After Decking

After Bedroom

After Kitchen

Top Learnings:

  • Real estate agents are our friends
  • Resilience is essential
  • The price of money is expensive
  • Carefully select your property, be patient through the buying process and have a good understanding of your intended outcome
  • The first deal is not about profits rather about momentum and learnings
Anne Marie & Stuart Rayner – Mount Pritchard, NSW