Lisa & Shane – Greenfields, WA

Real Estate Rescue Graduate

The Background

This was Lisa & Shane’s first deal. They found it on the market whilst doing inspections. Upon speaking with the agent, Lisa & Shane learnt that this property had 2 previous offers fall through. They were able to make an offer that secured the deal. The property had very good bones but had been neglected by renters, so Lisa & Shane commenced renovations, with a plan to rent then flip in 1-2 years.

The Number

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

Expense Cost
Purchase price $215,500
Planned Selling Price Projected selling price $310,000
Estimated Rental income $300 – 330/wk (7.5% yield approx.)

Current Renovation State


Living Area



Top Learnings:

  • Double check your figures – accidently deleted a major kitchen reno line item when playing with the figures – this is a splat that we have to claw back in other areas.
  • Be open to different strategies – the Covid-19 situation meant the bank was willing to sell quickly after previous deal had fallen through (dropped price further $20,000). Flip side is current unknowns for market when trying to sell back out.
  • Keep relationships with agents going all the time – mortgage bank wouldn’t allow access conditions, but agent allowing some trade quotes via lock box arrangement.
Lisa and Jeff Jackson – Mayfield, VIC