Type of Property: House
Reason of Purchase: Investment3 1 1
As the effects of the COVID19 Pandemic descended on the world, some people where a little nervous about investing, but while some where concerned about the market and sat back, we pushed forward securing this great investment well below market value.
Automatic valuations put this property in around $475,000 based on its block size, location and bed/bath/car accom.
In reality the property needed some cosmetic works and really I believe it sat around the $420-440,000 mark.
With auctions cancelled and the public trustee then shifted to an Expression of Interest strategy that Zoran used to his advantage to secure the property for the amazing price of $390,000.
Needless to say the clients where thrilled with the outcome.
Post settlement Hot Property Buyers Agency assisted the client with some renovations and improvements needed to get the property tenant ready.
These works include:
- Lighting update throughout and installation of split system AC
- Internal repaint
- Painting of kitchen Cabinets and updating of door handles
- New window furnishings
- Grout and silicone replacement to kitchen, bathroom and laundry
- Tree trimming to yard
- Basic landscaping
- External house wash
The aim of these renovations was to not only increase the value of the property but increase the rental yield. Also these works assisted in reducing potential future maintenance at the property as well.
Purchase Price: $390,000
Rental Return: $360 Per week AS IS ( $390-$410 post renovations)
Bed/Bath/Car: 3 / 1 / 1
Proximity to CBD: 13km Direct line to the CBD
Notes: The scope of renovations and competitive buy price, give this client the potential to manufacture equity and increase cash flow in a short period of time. Taking advantage of a subdued market due to COVID 19, Buying opportunities like this can be secured in any market, it’s about the right property at the right price, not trying to time the market.
Purchased by Zoran Solano
Brisbane born and bred, Zoran Solano, has been immersed in property investment since he was a young boy.Learn More
Zoran and the team at Hot Property Buyers Agency have been exceptional with their service, providing knowledge and expertise that comes from being Brisbane born and bred as well as understanding the market, suburb profiling and housing structure. They were able to find and acquire a gem of a property for us, and we look forward to working with them for the next one! – C Dimopoulos