JP lives & flips for $300,000+ profit!

Recently, JP had been looking more into the North Shore for flips. He works closely with an agent who got in touch with him about 42 Holyoake Place a couple of days prior to it going to auction. 

Because of the COVID lockdown and a whole lot of uncertainty going on at the time, this house was not getting a lot of interest at all. JP, with the experience needed to take charge of such a house in dire need of renovations, was able to grab this property undervalue.  

He did his research and the numbers stacked up. Properties around the Chatswood area were all going for around $1.1 million, so even as he bought it for $945,000 at auction, he was making a profit. His intention was to do it up and flip it off for the cash. 

But as time went on and circumstances changed, JP decided to live in this property whilst working on it. He lived here for about a year, meaning that he sidestepped a huge tax bill after selling and overall spent less on the renovations. 

As always, he painted the exterior. JP has found that buyers often look at old listings and are immediately drawn to obvious changes that they see. A good coat of exterior paint piques interest. He also repainted the interior, changed the carpet, light fitting and gave it new curtains and blinds. 

A spiral staircase was removed to alter the floorplan to provide a second, separate dwelling on the first floor. JP saw the immediate value in this move and it paid off as he enjoyed $300,000 in profit after he sold it to make room for a development opportunity in the works.