I bought this property for $384K, spend $44K and sold it for $490K. I was hoping to get $520, but this economic climate through me back a little. This one was a lot of work and took me four months. I kept the property for nearly two years.
Please leave me comments, thanks!Thanks Joel, I enjoyed the video. Looks like you’ve got a good support team in place to help with renos!
Awesome and inspiring Joel! The Reno wasn’t half bad either!
couldn’t help myself!
The kitchen was amazing and such big rooms in the house. The concrete backyard probably didn’t do it for me…I’d want a huge boat to park there to utilize it! The colour pallet was great, were the floor boards under the carpet? Or are they floating, hard to tell but I love the colour of them!
great job and hard to believe only 4 months of work!
I think I want your prawn dinner recipe! Or borrow your cook!$384,000 + ~$13,000 Stamp Duty + $44,000 Reno + ~$50,000 Interest + ~$15,000 Sales costs + $Rates + $Insurance + $your time= $506,000+
How much rent did you get over the period? Does seem to be a close shave.
bumskins wrote:$384,000 + ~$13,000 Stamp Duty + $44,000 Reno + ~$50,000 Interest + ~$15,000 Sales costs + $Rates + $Insurance + $your time= $506,000+How much rent did you get over the period? Does seem to be a close shave.
This was double posted and in the other thread I asked the same question but got no reply. I agree it looks great but I can't see any profit in it.
Very good effort Joel! The house was a classic untouched premises that was dying for a make over.
Shame you didn’t get what you wanted for it – you certainly deserved it.
Did you manage to make a tidy profit out of it given bumskin’s breakdown?
What were your lessons out of this reno and what tips would you pass on to people looking at doing the same?
If the labour costs are factored into the costs, the profit might be even slimmer? My guestimation of the profit could be between 5-15K, but that's without including your own labour cost. I agree it is hard to make a profit in the current market condition. Not factored into the equation also is the CG of the property?
Was the plan from the starts, flipping the property? If the market was tough to sell, given you had a beautiful finished product, have you thought of renting it out until the market improves then selling it?
couldn’t help myself!
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