Elizabeth & Mike – Blacktown (Lloyd Street), NSW
Real Estate Rescue Graduate
The Background
Elizabeth & Mike were able to secure this property for $520,000 which included a discount of $50,000. Their aim for this deal was to do a quick flip and to get in and out quickly. By utilising a builder to manage the project they were able to do a full renovation and get it onto the market in 6 weeks.
The Numbers
These costs include the purchase price, stamp duty, holdings, renovations, and relevant adjustments, including the selling costs.
| Expenses | Cost |
|---|---|
| Purchase Price | $520,000 (Discount – $60,000) |
| Purchase Costs | $22,000 |
| Renovation Costs | $130,000 |
| Sale Cost | $16,000 |
| Total Cost | $688,000 |
| Sale Price | $743,000 |
| Profit | $55,000 ($20,000 to money partner) |
Before & After Renovations
Before Deck
Before Backyard
After Living Room
After bedroom
After Living Space
After Bathroom
After Kitchen
Top Learnings:
- When the agent brings you a cheapy, be ready to pounce.
- If something like a shed has to be delivered AFTER settlement, make sure the agent communicates it clearly to the buyer.
- Keep site impeccably clean. Nosey neighbours can dob you into council, EPA or anyone who’ll listen!
