A very interesting deal we entered in 2017. The project is our first regional NSW deal and also our first Joint Venture (JV) deal. This one came up straight after we signed the contract to purchase our first deal. A colleague from the industry sourced this house under market value and gave us the opportunity to collaborate in the deal which consisted of a quick cosmetic renovation then flip.
The renovation costs were under our original budget and we were able to put the property back on the market straight away. An important lesson learnt in this deal was to consider the population of the area and days on the market. For our first JV deal, it did turn out to be a great experience, with unexpected cashflow coming from the property while it was on the market for sale. The deal was profitable for both parties even taking longer than expected to sell. We are currently involved in two other deals in NSW together with the same JV partner and it is a great way to keep moving forward.