Anne Marie – Glenfield, NSW

Real Estate Rescue Graduate


Background

Anne did a complete joint venture on this project with no upfront costs for herself, the owner was heading into retirement and wanted a quick sell, Anne had planned a quick renovate and flip.

The Number

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

Expenses Cost
Purchase price $ 360,000
Stamp Duty $ 11,690
Conveyancing/Legal Cost $ 1,200
Renovations $ 24,000
Holding cost during renovation $ 5,935
Selling costs $ 16,500
Total Cost $419,325
Total Net Profit $27,585

Before and after photos from the renovations

Living Room
Kitchen
Bathroom

Anne top 3 learning from this real estate flipping house deal was:

  • Be very clear with agent on what your offer is don’t assume that they understand your terms
  • In these times have a plan B if sale doesn’t happen work out a strategy especially (if working with money partners) on a course of action acceptable to both if a quick sale doesn’t happen.
  • Getting Pest & Asbestos inspection before you start

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