Mary Liu – 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 3 Learnings From This Deal:

  • Acting quickly and decisively
  • Being proactive
  • Listen to the home owner objective

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