Land Purchase - Duplex Construction & Sale

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After a GFC-fuelled, frankly embarrassing and learned break from regular property transactions, I wondered if I had lost the ability to spot opportunity. I certainly didn’t know it then, but I have since come to realise that I learnt as much – and maybe more – from my failures during the GFC period as I did beforehand when times were good. This project was the first after that phase. During this time, I lost both my parents and got divorced, so it's safe to say my confidence wasn’t shot – it was decimated.

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I don’t add this for sympathy, but rather context; I was unsure, but I had to walk again. The reality was that my ability to spot a value add project had not changed, if anything, it had developed through my journey. In time I would realise that I never stopped seeing them, I just stop looking and acting on them. One way I gained my confidence back was to note all the projects I’d helped others through or spotted but couldn’t act on in the past period; there were many.

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Honestly, getting back into it was the same and my knowledge was all still there. The familiar feeling of creation was satisfying. I found a corner site sitting vacant in a housing estate now fully developed. I was attracted by price, but then discovered an expired duplex approval which was unusual as the site was on the small side. Nonetheless, after a redesign and lodgement to council, we were approved and under construction quickly before selling both homes before completion. Making some 20% on cost, the project has now gained that much again for the purchaser.