Presentation on theme: "Something's Cookin' Cook St Cracker Deal. Before the deal. I was undecided on a suburb. Undecided on a deal type. Everything x Everywhere = I had to get."— Presentation transcript:
Before the deal. I was undecided on a suburb. Undecided on a deal type. Everything x Everywhere = I had to get clear.... Suburb. Deal Type.
Initial Goal. In the Redlands. 3B 1B Buy 320-340K Sell 375-400K. Quick reno. Cosmetic Only. 10-15K Profit. 4-6 weeks
What I found. A continually moving market in the Redlands. How did I ever plan to keep in with all of Brisbane? A lot of RE agents doubting my ambitions. Other agents willing to network & support. My biggest competitor. First home buyer. Emotional buyer. Multiple crashed contracts & offers knocked.
What I found RE.com.au (luck and persistence) Listed at offers over 290K. 3B 1bath. I'd done my homework and it was already a good deal. Pushed for an immediate inspection. Paid the requested price $297500.
Rough Plan 15K budget for a full cosmetic reno. In and out. Buy for $297500. Sell $365,000. 20-25K Profit. 6-8 weeks. REALITY STRUCK.... Cook St Style.
Just a quick summary.... Storm water issues 5 Termite Nests on the property 8 Termite entries into the property
Just a quick summary.... No waterproofing in the bathroom Rot in the kitchen Tree roots under the built in wardrobes 4 Possums in the roof :-)
Game Plan Change Still making money.... Asked for a $67500 discount Negotiated a $12500 discount Factored in an additional $5000 to fix issues. Also, realised the property's true value due to recent sales in the area.
Updated Plan 20-22K budget for a structural reno. Buy for $285000. Sell $390,000. Early Access to renovate. 45-55K profit. 10-12 weeks Get as much help as possible! Party like I'd just bought a splitter for 120K!
Feaso Final Purchase Price285,000.00 Purchasing Costs12,932.00 Renovation Costs22000 Subdivision Costs0 Total Holding Costs6,532.20 Project Timeline4 Months Additional Outgoings0 Project Income.00 Sale Value #1390000 Selling Costs9750 Median Projected Profit 53785.8
Issues Exhausted almost all of my help So many non-value adding renovations Uni semester in full swing Issues with my builder/tiler 5K bill came off the reno budget 2 weeks behind. 12wk. Xmas around the corner Lots and lots of little things.....
Actual Feaso Final Purchase Price285,000.00 Purchasing Costs12,932.00 Renovation Costs16800 Subdivision Costs0 Total Holding Costs8,165.25 Project Timeline4 Months Additional Outgoings0 Project Income.00 Sale Value #1390000 Selling Costs9750 Median Projected Profit57352.75
Looking to Network Answering any questions People who are new or just starting out Investors/Joint Venture Partners People interested in getting involved
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