How We Secured An Investment Property For Only $290,000
Let us take you back…
It was mid 2021 and we were searching for a new investment opportunity for one of our repeat clients. Our instructions were clear — it didn't matter if the property required renovations or a bit of extra love, the main goal was just to find a solid property with hidden potential.
And after searching high and low for the perfect opportunity, we found an absolute cracker.
It was a two-bedroom, one-bathroom unit in rapidly gentrifying Nundah set to auction with the Public Trustee. This ticked all the boxes, and provided we could secure it for the right price, we had no doubt our clients would be thrilled.
Images Of York Street Before The Renovation
The auction.
Zoran Solano attended the auction on behalf of our client with the authority to bid up to the high 200k mark. Unfortunately, we weren't alone in our appreciation of the property, and it ended up selling under the hammer for a whopping $345k.
So we moved on, secured another excellent property for our client, and that was that.
Or so we thought.
Months later, Zoran met with the Public Trustee to inspect one of their properties when they asked him if he was still interested in the Nundah unit. It turns out the buyer had failed to settle the property, and the elusive beauty was now back on the market. Due to all the stuffing around, they were keen to offload this property, which was music to our ears.
Now whilst our client had already bought a different property, this was too good a chance to pass up. We told them that if they had the capacity and the money, this could be a golden opportunity, and trusting our advice, they jumped on board.
Now the exciting part.
Thanks to our team's expert negotiating skills, we secured the property for just $290,000 That's $55,000 less than it had previously sold for at auction!
And the story doesn't end here. Now we had to make it into something special.
The property's original condition left much to be desired, so we stripped it all back to its bones and put in about $100,000 to bring it up to well above standard.
What some may call overcapitalising, we call future-proofing. With the way and speed at which the Nundah market is moving, our experience tells us that this was the smart choice.
Images Of York Street After The Renovation
The results speak for themselves.
As a result of the renovation, we are now renting out the property for a fantastic $450 p/w which is a strong rental yield for our client and includes significant depreciation benefits and low maintenance moving forward.
So there you have it, what a ride! And with how the QLD market is headed, those returns will only increase over time.
Find Your Perfect Investment Property in Brisbane Today, With Hot Property Buyers Agency.
If you're looking to find your next investment property, get in touch with our team today. We can help you find the property, secure it for a great price, and even manage and plan value-adding renovations to maximise your returns.