Elizabeth & Mike Blacktown Lloyd NSW

Real Estate Rescue Graduate


Background

Elizabeth & Mike was able to secure this property for $520,000 which included a discount of $50,000 there aim for this deal was to do a quick flip 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 market in 6 weeks.

The Number

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

Expenses Cost
Purchased for $520,000
Agent commission $13,500
Renovation $120,000
Legal $3,300
Stamp duty $19,700
Holdings $27,000
Total Cost $703,500
Profit outcome Sell for $730,000 ($26,500) | $750,000 (46,500)

Top 3 Learnings:  

  • Act quickly if agent brings you a great deal. Negotiate terms to suit you and the vendor even if they seem outrageous!
  • Go back to Dom’s notes about Communication if you have a nuisance neighbour!
  • Renovate all of it and don’t skimp on certain areas
  • Stick to the budget – tempting to keep spending to finish everything to my standards (but don’t). Find hacks to save money instead.

Used a builder to manage the project which absorbed some of our profit BUT sped up the reno. This freed me up to find and buy next deal while demo-ing this one AND improve our processes moving forward.

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