Nick and Narina – Maylands (Falkirk Avenue), WA

Real Estate Rescue Graduate

The Background

Nick and Narina found this property through a local agent, with whom they had formed a professional relationship. It was a mortgagee but had to go to market. Nick and Narina were able to secure the property for an under market price, and after some renovations, they were able to flip the property for a profit.

The Number

These costs include the purchase price, stamp duty, holdings, renovations, and relevant adjustments, including the selling costs.

Expense Cost
Purchase price $169,000 (Discount $31,000)
Purchase Cost $5,650
Renovation Cost $24,700
Sale Cost $5,400
Total Cost $204,750
Sale Price $247,000
Projected Profit $42,250

Before & After Renovations

Bathroom Before

Kitchen Before

Lounge Room Before

Bedroom Before

Lounge Room After

Living Space After

Bedroom After

Bathroom After

Kitchen After

Top Learnings:

  • Importance of agent relationships for buying and selling.
  • Units are a quick flip without the worry of exterior work and can provide a good profit if you buy at the right price and watch your budget.
  • Networking to find reliable and fairly priced trades to build a team.