Mary Liu – 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 3 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

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