We are a young couple, Arna and Leigh, in our early thirties with two small gorgeous children. We have always had a passion for property and bought our first investment property for $183,000 in 2004. As you can see from the picture it wasn’t a palace but solid construction and situated in a growth area in south east Queensland.
We always wanted to learn more about property and this lead us to attend Mark Rolton’s Property Options. Through the fantastic home study kit and 3 Day live workshop, Mark showed us how to look at property from every possible angle and strategy and how to make a profit regardless of the market.
We listened closely to Mark’s strategies for renovating and left the weekend feeling inspired to give it a go. After speaking with agents prior to renovating, they told us at best we could get $280,000 for the house. We set ourselves a modest renovation budget of around $20,000 and through Mark’s brilliant advice of dual exclusive real estate agents, sold our property for $353,000. If you look at it from a purely renovation perspective, we made any extra $53,000 from the work we did, the rest of the profit was capital gains.
We were thrilled our work and vision had been rewarded and were grateful we had attended Property Options to expand our knowledge about property. We are feeling motivated to branch out into the other strategies Mark teaches such as Splitters or strata titling and are looking forward to our next project. Next time we will not purchase the property ourselves and be in debt, but rather use an Option as Mark suggests that way we have no risk and none of our own money in the deal.
Step 1: Getting Started
We purchased a modest investment property in a growth area in south east Queensland. We attended Property Options to learn as much as possible about property strategies and property options. We believed that knowledge was the key to our success and the weekend with Mark gave us a smorgasbord of strategies that we could implement and profit from.
Step 2: Choosing the Right Strategy
It made sense to us that the renovation strategy would suit our situation perfectly. We planned the types of renovations that Mark suggested would increase our valuation and sale price the most and budgeted and completed them. We engaged dual exclusive agents to sell the property as it ensured we would have 2 motivated agents to sell our property.
Step 3: Know the Numbers
We learnt at Property Optionsthat it’s important to know the numbers regarding your renovations and profit. We were very pleased with the profit we made and are excited to tackle our next project.
- Purchase Price: $183,000
- Renovation Costs: $18,974
- Sale Price: $353,000
- Profit: $151,026
Before renovating the agent told us to only expect $280,000 for the property. After our modest renovation the property sold for $353,000 – we pocketed an extra $53,000, so we were thrilled! It exceeded our expectations and we were very pleased we had used our knowledge from Property Options.