About the client: Single young professional who wants to start building on a property portfolio at a young age while working two jobs in nursing, using creative strategies.
- Location: Hunter Valley, NSW
- Land size: 850m2
- Strategy: Subdivide into two lots, renovate the existing house and build a second house at the back using a battle-axe access. Sell the renovated property and Keep new property after refinancing to go on and do another similar or better deal. Started with less money but has now a new property and more cash at hand.
Let’s talk numbers:
- Asking price: $415
- Negotiated Price: $399K
- Client saved: $16k
- Renovation, subdivision and building costs: $400K
- Sale of the renovated house – Intrinsic value: $400K
- Value of new house: $700K.