PHOTO: SUPPLIED Steve Goodey said he would seek out properties that were “cosmetically distressed” and do them up.
Upper Hutt property trader Steve Goodey says there’s still big gains to be made in the market.
In March, he made $70,000 in a matter of weeks when he bought and then immediately resold a Naenae house.
He said it was in such poor condition that the vendor was embarrassed to do open homes.
Knowing Goodey was a cash buyer, the agent got in touch with him and the deal was done.
“I’d lined up a buyer before I’d settled. It was a $70,000 margin for being in the right place at the right time.”
He rattles off more deals – a renovation that netted $60,000 in a matter of months. An Oriental St, Petone, house bought for $572,000, on which $125,000 was spent in renovations, was recently revalued at $950,000.
READ MORE VIA STUFF