Mary Liu – Geelong, VIC
Real Estate Rescue Graduate
Background
Through a takeover deal, Mary was able to help an elderly couple from a mortgagee situation with the bank nearly repossessing there home. Mary was able to work with the couple and help take the pain and stress away to create a WINWIN outcome.
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 3 Learnings From This Deal:
- Acting quickly and decisively
- Being proactive
- Listen to the home owner objective
