Liz – Blacktown (Craighlea Street), NSW

Real Estate Rescue Graduate

The Background

Liz is an area expert for the Blacktown region, and she was able to leverage her experience and knowledge in this deal. Liz was able to secure this property for renovations.

The Number

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

Expense Cost
Property purchase costs $650,000
Stamp duty $25,030
Other searches (building report, asbestos) $695
Conveyancing costs $,2000
Renovation $55,000
Granny flat $109,000
Holding costs during renovation $8,772
Total Cost $850,497
Estimated revaluation of house $850k-900k or $1.1m if rezoned SP1
Profit $250 p/w positive cash flow

Before & After Renovations

Kitchen before

Living before

Bathroom before

Room before

Bedroom after

Kitchen after

Bathroom after

Kitchen after

Top Learnings:

  • Area expert knowledge is gold! Knowing which streets out perform others, who is buying, and if one suburb is too hot, look at the next door suburb which might be cooler.
  • Be consistent & persistent! Go every week and don’t buy just because you are sick of looking! Tell agents what you are doing and don’t get grumpy with hubby because he’s a West (and I’m an east)!
  • Have more than 1 strategy – a deal might work with one strategy but not another. Evaluate them all after open homes.
Lisa and Jeff Jackson – Mayfield, VIC