Case Study: Welcome Bay
This is a deal from 2019. It was good then, and great now. Remember it is about time in the market and not timing the market!
A Wellington based client knew a deal when he saw it. He put his trust in the iFindProperty team and as a result, secured a fantastic property that could have sold a dozen times over.
He moved swiftly and confidently, and within a matter of 2 hours of the deal being sent out to our database, he had it secured and ready to complete his due diligence.
- Low maintenance 4 year old brick and tile duplex, comprising of a 4 bedroom 2 bathroom home, with a 2 bedroom flat separated by their own garaging.
- PP including fee $757,500
- Rent Estimate $950 per week (not bad est. as that is exactly what it ended up renting for).
- Yield - 6.5%
- Cashflow P.A - $10,000 + on 3.5% Interest rates
- Equity gain $60K upon purchase – closer to $160k now.
We were able to recommend our trusted network of supporting professionals such as property managers, building inspectors, valuers and others to make the process easy while our client remained in Wellington.
The moment I walked through the door of this property I knew it would make a fantastic investment.
However, the listing agents had poorly targeted the marketing (at homebuyers), and by asking a series of carefully worded questions, I had an understanding of the level of vendor motivation. Using this to our advantage, my strategy was to hold back initially and wait for the marketing to flop. Eight weeks passed by and we were in a prime position to negotiate a large discount for our database.
We worked with Chris Sim and iFindProperty to help us purchase our first investment property in Tauranga and we are very happy with the result. The property is only 4 years old and composed of a 4 bedroom, 2 bathroom house and a 2 bedroom, 1 bathroom granny flat. The high rental income and low maintenance materials ensures positive cashflow and we also got it at a great price meaning we gained at least 60k in equity instantly through the purchase.
Chris was a pleasure to work with throughout. He is very friendly, highly knowledgable and responsive to all the questions and support we needed. As we live out of town, it was fantastic to have his local knowledge and have him meet and coordinate with agents, builders, property managers as required. As new investors, his advice helped greatly working through this deal but also in shaping our thinking on growing our portfolio from here.
Prior to working with iFindProperty we had been looking for an investment property for 4+ months and had spent countless hours online and at open homes only to just miss out on several tenders. Working with Chris and iFindProperty made this process so much easier and I would strongly recommend working with their team if you are looking to find a great investment property.