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.
