Mary – Geelong, VIC
Real Estate Rescue Graduate
Background
Mary was able to secure this property via a Take Over deal and was able to help the elderly couple out of a mortgagee situation with the bank who were in the process of repossessing their home. Mary was able to work with the couple to help take the pain and stress away from their situation and create a WIN WIN outcome for everyone.
The couple did not expect to walk away from this deal with any equity however ended up with a payment of $60,000.
The Number
These costs include the purchase price, stamp duty, holdings, renovations and relevant adjustments, including the selling costs.
| Expenses | Cost |
|---|---|
| Mortgage to bank (capitalising arrears): | $190,000 |
| Payment to owner: | $60,000 |
| Bills, rates and Other Payments: | $20,000 |
| Cost of Purchase: | $270,000 |
| Renovation Cost | $30,000 |
| Total Cost | $300,000 |
| Sold for | $400,000 |
| Total Net Profit | $100,000 |
Before and after photos from the renovations
Kitchen Before
Kitchen After
Living room before
Living room after
Bedroom Before
Bedroom After
Top Learnings:
- Acting quickly and decisively
- Being proactive
- Listen to the home owner objective
