Mary – Melton, VIC
Real Estate Rescue Graduate
Background
A referral from a previous project contacted this Graduate; it was a mortgagee situation and executed through a takeover deal.
The project had some complications with the bank not being open to negotiations. However, by laying down some upfront money, the project was able to continue and ended up the other end victorious.
The Number
These costs include the purchase price, stamp duty, holdings, renovations and relevant adjustments, including the selling costs.
| Expenses | Cost |
|---|---|
| Purchased for (Price includes purchasing the owner a caravan) | $300,000 |
| Arrears | $20,000 |
| Clean-Up | $20,000 |
| Purchasing costs | $15,000 |
| Sold Price | $400,000 |
| Profit | $45,000 |
Before and after photos from the renovations
Living Room before
Living Room After
Living (Different angle) before
Living (Different angle) after
Bedroom Before
Bedroom After
Top Learnings:
- Be prepared to walk away from a deal – know your boundaries and bottom line
- Sometimes renovation doesn’t always give you a profitable return on investment
- The magic of furniture staging
