Then, next up, our Real Deal presenter will be Leanne Stien.
Leanne has been successfully developing properties, mainly small developments, since 2010. She enjoys putting deals together and prefers to buy unusual deals...after all Property Development is like a big jigsaw right!? When you get all the pieces right, it's exhilarating to see the finished product and to put cash in the bank.
Leanne's Real Deal will explore a 1x Renovation & New Build in Murrumbeena, Glen Eira City Council.
There were many obstacles to overcome, but Leanne managed through it all with her inspiring positivity. The development site was 637m2 and zoned NRZ1 for SBO at the rear of property; and when we asked her what kind of deal it was, it became clear that there were MANY POSITIVE FEATURES coming from this project! However -- there did seem to be a fair few hiccups along the wayā¦
Leanne along with her JV Partner purchased the site in Murrumbeena, and the strategy seemed simple from the get go. Build a single level townhouse at the rear of the property and renovate the front house from a two-bedder into a three-bedder. Simple rightā¦!?
Things started off well, they got their plans ready to submit to Council prior to settlement, but that's where things started to get interestingā¦
So...what were these grizzly bits I hear you ask?
The delays were endless. First there was the problem with her JV partner's finance and it seemed like everything would be put off until every single 'itty bitty' condition was met: you know what we mean right?!
Next up were the blowouts due to increased Finance costsā¦seriously not fun aspects to deal with, and when finance costs heavily outweigh what you had forecasted it can make the situation even worse, compounded further by the need to request additional time for Financeā¦Eeek!
So, what actually went WELL THEN...? They had a great team working alongside them, including their builder and real estate agent (the final one at least). And ofcourse...each other!
Come and learn how Leanne's team solved the many issues at hand throughout this whirlwind deal, with an eye towards what happened in terms of bottom line results too!