How you can flip houses, in 9 days, for profit
Trish is a first time rookie renovator, keen to get her hands dirty and ‘put her money where her mouth is’ after years of talking and dreaming about flipping properties.
Her husband Mark has always been the main bread winner, but after a recent heart attack he has doctors orders to wind back his working hours. This has been the trigger for Trish to put her dream into action so they can reduce work and spend more quality time together. She’s settled on a three bedroom fixer upper in her local area, but she’s broken the golden rule – LOCATION, LOCATION, LOCATION! Can Cherie and the team help her make over this ugly duckling and still make a profit?
RENOVATION STRATEGY:
A rookie low budget cosmetic renovation comprises of:
- Complete internal refurbishment including painting of all rooms,
- new skirting boards and architraves,
- new down lights throughout,
- installation of new kitchen and appliances,
- re-fresh of existing bathroom,
- install timber privacy screen in front of lounge room,
- new front door,
- new door handles throughout,
- new wardrobes,
- new blinds,
- floor sanding,
- polishing throughout,
- complete external refurbishment including cement rendering of all exterior walls,
- exterior painting of all external trims and walls,
- update timber screens on the front verandah,
- installation of new garden beds and plants,
- new front fence and
- letterbox.
Property Value Before Renovation: $295,000
Rookie Renovation Spend: $30,014.96
Renovation Timeframe: 9 Days
Property Breakeven Point: $325,000
Property Value – Post Renovation: $385,000
Profit Margin (After Reno Costs): $59,985.04
