Status: In Progress
Timeline: From 10/2015 to 05/2016
Duration: 7 Months (Based on Timeline)
Project Owners: Jayden & Murray Hansford, Rock Garden PTY LTD
Total Project Value at Completion: $750,000+
Project ROI: 25%
Finance Summary: Purchase Price: $390,000. Renovation Budget: 150K. Sale Price: 750k.
Over 100 year old home never renovated in great street with sales of over $700,000 our goal is to extend and renovate and sell through the local agent.
Challenges and Solutions:
The challenge was finding the deal with discussion with Kevin we were able to develop a relationship with the LJ Hooker local principal of the Tamworth office and through our mum and dad they were able to look at various deals on our behalf. We had a joint venture partner in place and once we found the deal we were able to inspect the property just after auction failed to reach an acceptable bid. We signed a contract for $390,000 and got Dymphna, Kevin, and Nick and Kelly, from Living Happens to fly down and spend the day looking at the deal. Once all parties inspected the property Nick and Kelly drew us a plan of the extensions and from this finalised the drawings so we could focus on a scope of works. For assistance we went to the local press for help and Andersons carpets and flooring are assisting us with wholesale discounts and discussions with BlueScope for roofing is coming along.
Lessons Learned & Investor Comments:
Knowing what you (project owners) know now:
• Be market ready as soon as possible, you never know when a deal will come your way.
• Know your area, so when a deal pops up you can make a quick informed decision.
• Get to know the agents, they can be your biggest asset.
• Find out what the seller wants so you can come to an agreement that suits you both; for example, our vendor just wanted to get out, so we
were able to agree on an early settlement.