Young 27 year old man from Melbounre came to Sammy in the early days with only $65k and a willingness to follow him into anything, to his reward.
Scott’s first deal was a structurally affected home that Sam secured for him and project managed the reno for him. After purchasing for $268k and putting $15k into the repairs, the property was valued at $360k and is now worth circa $550k, 2 years on .
Scott’s second deal was similar to the first, negotiated off market and termite ridden, Sam negotiated a huge $25k reduction which covered the additional works required on top of the reno,and after the anticipated renovation came in perfectly on the lower end of the budget of $40k, Scott was up circa $80k at this point, in just 3 months.
Once the granny was completed on the deal he was in a net equity position of circa $170k and was in front with positive cash flow to the tune of $18k per annum, with a brand new build out the back. The market has since continued to climb and that property would now be worth circa $720k – $750k. A $250k equity gain