What was your first property flip? I turned around an apartment in Bellevue Hill, NSW, that I bought for $970,000, and in three months I made close to $280,000. I didn’t sell it straightaway because of capital gains, which is something you have to worry about.
Do you have a starting point for every project? I always begin with a worst-case-scenario budget. Basically, you start out with the property versus holding cost, taxes, stamp duty, agent’s fees, build cost, and how long it will take. Then you are left with a semblance of a profit – and the fun part of designing the project.
Your Bondi project (shown) was three years ago. Given all the changes since then, is renovating for profit still viable? The market has changed immeasurably. Obviously,…
