My Auckland based client was looking for an investment property under $450,000 and wanted to do a renovation for up to $50,000. So all in, they had a budget of $500,000. She wanted it to be cash flow positive
It was a multi-offer situation and we successfully secured the property for $420,000. I was able to get a builder in for an estimate and a property manager immediately, so we knew we could renovate the property to be able to rent it out for the amount my client wanted after renovating it within the budget she needed.
- 3 Bedroom
- PP: $420,000 (not including fee)
- Rent Appraisal: $535
- Gross Yield: 5.8%
The iFindProperty Difference
The selling agent I was working with has a good relationship with iFindProperty so even though it was a multi-offer situation, the agent knew that our buyer was pre-approved and would not waste the vendor’s time. Also, having connections with local contractors enabled us to begin the renovations the day after settlement so the client had the shortest vacancy in her property possible during the renovation period.