[THE VAULT] $1 M PROFIT ON SYDNEY DUPLEX DEVELOPMENT IN 2016!
Who said you can’t make money in the Sydney property market?
This duplex development has earned $1 million in profit in today’s market! And it took just 12 months from start to finish.
LAND PURCHASED FOR WHOLESALE PRICE
The land for this dual occupancy was built on was nabbed for just $620,000. It is located in the north-western Sydney suburb of Kellyville.
Land of this size in Kellyville is worth upwards of $900,000. That’s around $300,000 below market value!
COMPLETED MARKET VALUE
These four bedroom duplexes would sell for about $1.1 million each in the current market.
The total project value stands at $2.2 million.
HOW MUCH DID THE PROJECT COST?
It cost just $600,000 to build both duplexes – that’s a total cost of $1.2 million together with the land.
This means with a market value of $2.2 million, the profit stands at $1 million. Not bad for 12 months work!
Currently, these dwellings are on the rental market for $700 a week, making them neutral cash flow.
DIFFERENT STRATEGIES FOR DIFFERENT OPTIONS
Now that lending is much tighter than it was five years ago, it is important to think outside the square. Developments like this maximize the amount of profit you can make off a line of finance.
These sorts of deals also provide different options for those who undertake them. Selling for profit could mean paying down debt for one investor, or funding several more deposits.
It all comes down to what you can currently achieve financially, where you want to be in the future, and how you plan on getting there now.
Have you undertaken a bulk land deal with Binvested? Please share your experiences in the comments section below.
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