New deal for the naysayers.... Chester Hill Sydney

The duplexes sold for $345k and $343k.

We had them sold a few times however the buyers fell over on finance as desktop valuations did not reflect the product of what we had done. it just pulled up the recent sale of the duplexes from when it was purchased from our end.


Money is still being made in the market.
 
An excellent result Nathan! I especially like the quick turnaround times on these transactions. Most lose control of their costs and opportunity costs in being too slow at flipping. You are showing us all how it's meant to be done...

Kudos to you!
 
The numbers are as follows....
Paid, $367,000
in/out costs $35k
reno costs $60k, i say this as an over conservative figure.

=$482,000

sale price = $650,000
Hi ya Nathan.

Great result mate. So the end sale price was actually better than first thought. Was the $482K purchase price (including costs and reno) accurate or did costs come in under/over that figure.

Also (if it's ok), how much deposit did the purchaser put down?

Do these type of deals come your way often or are most of your deals the typical buy, reno & hold type.

Again, great work.

Regards
Marty

**Edit** Just re-read thread and noticed that costs came in under budget.
 
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Hi Nathan,
Gr8 story. thx for sharing it.

A question or 2...

1. How do u get in to the property to start work b4 u actually own it? couldn't the vendor re-neg on the contract before u finish and take all your work for nothing? What kind of legal safeguards do u have? (And even then, u wouldn't want to go to court anyway and pay lawyer's fees.....if the vendor re-negged would u?)

2. How many tradies would it take to get the job done so quickly?

3. Do u sell these renos via auction mostly, or not?

thankyou,
JB
 
Thanks for the posts.

Yep result was more then initial figure because we try to be ultra conservative.

With the early access its important you have it set up right, and you know your vendor. If vendor has a outstanding loan the bank may not release the title.


Other way is to slap a cvenant on the title, but you MUST get legal advice before doing anything like that.

We had 1 builder doing reno, and seperate trades doing paint, landscaping, tiling, etc.

Private treaty sales via the local agents.
 
Thanks for the posts.

Yep result was more then initial figure because we try to be ultra conservative.

With the early access its important you have it set up right, and you know your vendor. If vendor has a outstanding loan the bank may not release the title.


Other way is to slap a cvenant on the title, but you MUST get legal advice before doing anything like that.

We had 1 builder doing reno, and seperate trades doing paint, landscaping, tiling, etc.
.
Thx very much. Cleverly done!
JB
 
CAn you outline how the deal ended up please

Hi Nathan,
For those of us just starting out, would you mind outlineing the final outcome please. I note that it looks like an awesome profit was made, but what other costs went into that?

Thank you very much and very well done by the way.
Mick
 
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