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!