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.
