Here’s a sweet little deal that one of Nhan Nguyen’s’ students did recently in Brisbane – in a nice family friendly suburb.
There were some positives to this deal.
Good purchase price – bought on the evening before auction for $767,000.
And it was on a lovely big block.
On the downside – pools may seem nice, but if you’re looking to add value and sell… it’s just another thing to take care of.
Pools can go green quickly!
Then you have problems with council.
And, the house was in bad shape, which caused issues with getting bank finance.
These students ended up knocking down the house, and selling it off as two blocks of land.
1 x 600 sq. metre block $532,000
1 x 400 sq metre block, $439,000
After selling costs, this left them with $953,000 total return.
Minus their development costs…they snagged a profit of $91,000 before tax.
The good part about this $91,000 is the project only took 6.5 months from settlement to settlement.
So, that’s around $13,000 per month extra income – not bad.
If you want to discover how to find deals like this – and yes, there are still plenty of them about if you know how to find them….
Make sure you come along and meet Nhan at Deals on Fire, because he’ll get you started in finding cracker deals like this…