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.
Stamp duty$19,700Holdings$27,000
| Expenses | Cost |
|---|---|
| Purchased for | $520,000 |
| Agent commission | $13,500 |
| Renovation | $120,000 |
| Legal | $3,300 |
| 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.
