George Marks and her mum Lu can now call themselves expert flippers with their second fully renovated home currently on the market.
The duo have transformed two Richmond homes together over the past six years.
First it was 60 Appleton Street, which they sold in 2013 and made over $750,000 in profit on.
They used part of this profit to invest in a new flip, newly completed project 70a Cutter Street, which is currently on the market and goes to auction Saturday, 25 May.
When they bought the house in 2015, it was a 1970s two-bedroom worker’s cottage which they purchased for $1,037,500.
“Before finding Cutter Street, we looked at a lot of properties and a few dumps,” says George.
George even did letterbox drop-offs in Richmond to see if any homeowners would be interested in selling their home.
“You have to be careful not to be too ambitious and also be mindful of resale. It’s important to choose areas that won’t be limited by zoning and problematic areas, plus take note of houses close to developments overshadowing the property, and of course, orientation,” George explains.
The mother-daughter duo saw 70a Cutter Street’s potential and the scope to upscale it by extending the side boundaries and building upwards.
Today, it’s a contemporary four-bedroom, two-bathroom home with two storeys and a spacious back courtyard and a lock-up garage.
Lu and George worked hard together to see the project through to completion which was helped by their professions and previous experience.
George studied architecture specialising in interiors and practices at an architectural firm. As she works independently she was responsible for the home’s design and floor planning. Lu had worked as an architectural draftsperson and had flipped a home before with her father, so she knew exactly what to expect and wanted to share that experience with her daughter.
“I bought my first house with my father and we renovated it together which was a wonderful learning experience,” says Lu.
George said that the hardest experience was gaining respect from building industry professionals, which she suspected came down to being a 20-something year-old female.
“I project managed and often found that it was hard to be heard and respected by the builders who worked across the home,” George says.
“I experienced the same thing with the Appleton Street property and I think a lot of it came down to the fact that I am a young woman. They often made me feel that my opinion wasn’t valid or called for which was frustrating.”
However, both Lu and George agree that the best part of the flipping experience is moving back into the home after completion.
They have been able to enjoy the fruits of their labour for the last six months and are only now moving on and selling.
Sadly, the dream team will be splitting up for the next venture with Lu looking in the same Richmond location for a home and George looking down the Mornington Peninsula.
When it comes to advice for other mother-daughter flipping teams, George says it’s important to have similar taste.
“Both parties have to agree on almost every aspect from architectural design to the interior fit-out. Fortunately, we have very similar design taste which made the whole process enjoyable,” she says.
“You have to be prepared to work long hours, often picking up the tools when you come home from work, which is hard going but it’s incredibly rewarding achieving your dream at the end of it all.”
70a Cutter Street, Richmond will go to auction at 11:30am, Saturday 25 May.