I’ll reveal my first property deal

By Tyron Hyde | 03 Apr 2020

Expert Advice with Tyron Hyde

I was about 25 years old (a long time ago!) when I did my first property deal. I was the quantity surveyor on a project converting the Balmain RSL in Sydney into residential apartments.

I approached the developer and told him I was interested in buying an apartment. I did not have a lot of cash, so I had to go halves with a friend. We put in $1,000 each as a holding deposit to secure a one-bedroom unit, with a loft, for $220,000. It was a good start – we didn’t even need to fork out the 10% deposit.

Then the builder went broke halfway through the construction. It was a nightmare. It took another 3.5 years to finish the project. What a headache, for me as the QS and more so for the developer!

In the meantime, however, while construction was being delayed, the value of the property almost doubled. So, our $220,000 one-bedroom plus loft apartment was now worth around $400,000. We had signed a contract on the original price, which meant our $1,000 initial deposit returned quite a handsome profit for me and my friend.

I wish every deal was like that one!

..............................................

Tyron Hyde is the CEO of Washington Brown and is considered one of Australia’s leading experts in property tax depreciation. He is also a registered tax agent.  Washington Brown manages construction costs worth over $2 billion and completes 10,000 schedules annually. For a depreciation schedule quote CLICK HERE and follow the 3 simple steps or estimate your depreciation cost. 
The Washington Brown Free Depreciation Calculator will give you an estimate of the depreciation deductions you could claim on your investment property
 

Read more Expert Advice articles by Tyron
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.

Top Suburbs : artarmon , canterbury , coolbellup , narara , north epping

SHARE