I purchased Preston Road, Parmelia for $290,000 and expected an $80,000 renovation cost & to sell it for $510,000. 🏠
I borrowed $365,000 from Money Partners which included the purchase & majority of the Renovation. I ended up contributing a little over $20,000 of my own funds… almost a No Money Down Deal 🤑
The house was in bad shape and required 😱
-New Ceiling to living area
-New kitchen
-New bathroom
-New laundry
-Hybrid floor throughout
-Paint inside & out
-Lighting throughout
-Electrical rewire & metre box upgrade
-New tapware throughout
-Kitchen walls needed to be floated
-Bobcat to clear backyard
-Reticulation & grass
-Garden tidy-up
-Fence on RHSFrom my initial feasibility after all expenses including paying back my Money Partner my expected profit was $92,000. 💰
I purchase in a company structure to avoid CGT, but like any business have company tax to pay from my profit 👎
I got the property under contract late October & settled 30 days later on November 22nd 😉
It was about a 6 week renovation but I pushed it out so I could go to market mid January (after Xmas) 🎄
I went $6,000 over my renovation budget…I received some market growth & sold it for $545,000, giving me a $121,000 profit 🌱
