$32,000 profit on first ever Auckland property trade/flip ($385,000 purchase!)

Disclaimer: Nothing in this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.

$32,000 Gross Profit on a $385,000 purchase (yes, in Auckland, and yes...Three bedrooms in a decent area).
 
Are you a numbers person or a pictures person?
 
Well, here's both.
 
Check out the awesome transformation in the photos for this trade in Manurewa.
 
First, check out the numbers (all numbers GST exclusive):
 
Purchase Price: $334,783 ($385,000 incl GST)
Sale Price: $434,783 ($500,000 incl GST)
Renovation Costs: $33,000
Holding Costs: $10,500 Solicitor Costs (x 2 total): $3500 Rates, Insurance,
Other: $1000 Agent Fee: $20,000
Total Costs: $68,000
Profit (after GST is paid but before tax is paid): $32,000
 
Not bad for a first-time trade aye!
 
 
Outside of property...
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