Flipping thread

Discussion in 'What to buy' started by ATANG, 26th Apr, 2018.

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  1. Starlite

    Starlite Well-Known Member

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    Starlite, 6th Jun, 2018
    #61
  2. Otie

    Otie Well-Known Member

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    It is. Especially considering the renovation didn’t look all that expensive. I wonder what it would have sold for had they done nothing? It’s hard to tell how much is from the Reno and how much just from the insane growth we have had in Melbourne over the past 36 months
     
    Otie, 7th Jun, 2018
    #62
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  3. hematite

    hematite Well-Known Member

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    My REA also appraised my place, and no-one would even put an offer in! I'd take it with a grain of salt.
     
    hematite, 10th Jun, 2018
    #63
  4. bob shovel

    bob shovel Well-Known Member

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    i agree. Bottom end of his range as is. Top end when i finish a few more things
     
    bob shovel, 11th Jun, 2018
    #64
  5. hieund85

    hieund85 Well-Known Member

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    16 Richmond Cres, Werribee passed in at auction today, now for sale at $570k. After cost, probably no to minimum profit. @Westie , @G TOWN
     
    hieund85, 16th Jun, 2018
    #65
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  6. JProperty

    JProperty Well-Known Member

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    Definitely a fail of a flip, the renos look pretty extensive. They may get $550k.
     
    JProperty, 17th Jun, 2018
    #66
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  7. hieund85

    hieund85 Well-Known Member

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    $485k purchase price. $25k buying cost. $5-$10k hold cost, $30-$40k renos, selling cost $10k-$15k. Total $550k-$560k :(
     
    hieund85, 17th Jun, 2018
    #67
  8. TMNT

    TMNT Well-Known Member

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    TMNT, 18th Jun, 2018
    #68
  9. yamahamoto

    yamahamoto Active Member

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    yamahamoto, 29th Jun, 2018
    #69
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  10. housechopper2

    housechopper2 Well-Known Member

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    housechopper2, 26th Jul, 2018
    #70
  11. Illusivedreams

    Illusivedreams Well-Known Member

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    $5,000 per sqm+
     
    Illusivedreams, 27th Jul, 2018
    #71
  12. housechopper2

    housechopper2 Well-Known Member

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    Not following. The house looks about 150sqm.
     
    housechopper2, 27th Jul, 2018
    #72
  13. Codie

    Codie Well-Known Member

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    So based on 150 sqm - a $750k renovation then? Ha Ha

    Id be disappointed if it cost me more than $180 - 200k to be honest.
     
    Codie, 27th Jul, 2018
    #73
  14. Brady

    Brady Well-Known Member

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    Brady, 27th Jul, 2018
    #74
  15. hieund85

    hieund85 Well-Known Member

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    hieund85, 27th Jul, 2018
    #75
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  16. Codie

    Codie Well-Known Member

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    Not that I know anything about buying/selling in S.A but Stamp duty if any plus selling and holding costs would eat up $40k? Leaves you with $120k, the Reno looks like it wouldn't of been far off $100k? Then pay tax on $20k - very rough obviously but doesn't seem like a great deal
     
    Codie, 27th Jul, 2018
    #76
  17. Brady

    Brady Well-Known Member

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    $400k PP + approx $22k purchase cost = $422,000
    Renovation guessing this wasn't amateurs when it was done over 3 months over that period.
    Lets call it $60,000 reno plus around $10,000 selling costs and maybe $8,000 holding costs
    Total costs around $500,000 still looking at $65,000 net profit (less tax)
     
    Brady, 27th Jul, 2018
    #77
  18. hieund85

    hieund85 Well-Known Member

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    Without knowing the details, I think your numbers look reasonable.
     
    hieund85, 27th Jul, 2018
    #78
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  19. chrisoooo

    chrisoooo Member

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    Just wondering if anyone can share a feasibility or there actual numbers of a flip. Looking at this currently. Seeing how number work ecetra. Mainly on anything in Sydney.
     
    chrisoooo, 28th Feb, 2020
    #79
  20. Brady

    Brady Well-Known Member

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    What is it that you're looking for?
    Numbers will vary pending each property?

    Purchase price + Purchase costs + reno + holding + sale costs
    - Sale price
    Difference = gross profit
     
    Brady, 28th Feb, 2020
    #80
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