Keith and Terri – Urraween, QLD
Real Estate Rescue Graduate
The Background
Keith and Terri found this property through their contacts on the ground. They had 48 hours notice to find funding for the mortgagee auction. Keith and Terri did the auction via phone and was able to secure the property with a significant discount from the market price.
The Number
These costs include the purchase price, stamp duty, holdings, renovations, and relevant adjustments, including the selling costs.
| Expense | Cost |
|---|---|
| Purchase price | $175,000 (Discount estimate – $165,000) |
| Reno Cost | $80,000 |
| Sale Price | $370,000 |
| Projected Profit | $96,000 |
Renovations
Before
Current Renovation
Top Learnings:
- Importance of connections and networks including DGI/coach support, existing real estate connections.
- Value of working with family and friends as money and property partners.
- Value of working with our Self-Managed Super Fund to purchase – we also avoided losing money in shift to property over shares in current market conditions.
