The clients were Kiwi offshore investors based in Sydney. They were looking for a multi income property that was cash flow positive and had upside for development down the track. They were open to multiple locations, not just Hamilton. As the client was based overseas, they relied on our connections for the due diligence part of the process, including sourcing a building inspector, council communication, and pre settlement inspections.
A large 1,004m2 section with two lots. There was a three bedroom house and a separate one bedroom unit on the property. Even though it was currently being used for residential purposes, the land was commercially zoned, and therefore had development potential for this. As it was two lots, it could also be subdivided and a larger house moved or built on site in the place of the 1 bedroom unit. This would greatly increase the rental return on the property.
As is, the 3 bedroom house is rented at $400pw and the 1 bedroom at $250pw. The property was purchased for $459,000 inclusive of our finder’s fee, resulting in a gross yield of 7.36%, and a positive cash flow projection of over $9,000 per year with a 30% cash deposit on interest only lending.
Our client was based in Auckland and was looking for a lower priced property, preferably under valued and cash flow positive. As they were unable to get down to Hamilton to view the property, they relied on our services for all aspects of the due diligence on the property, including negotiating with the vendor, sourcing a building inspector, organizing rental appraisals and taking video footage of renovation work that was completed to ensure work was up to scratch.
The original listing agent was unable to sell the property for the vendors once we hit lockdown, however the unique way that iFindProperty works enabled me to get a great outcome for both my client and the vendors.
The deal was a relatively new, low maintenance 2 bedroom unit located close to the Hamilton Lake and CBD. The property had a contract on it
that fell over just prior to COVID-19 lockdown. The vendors were keen to get the property sold in order to move on to another project. The
unit was valued in the range of $380,000 - $405,000. I managed to secure it for my client at a price of $353,000, roughly $45,000 under
market value. The property is tenanted for $420pw, resulting in a gross yield of 5.8% inclusive of our finder’s fee, and is cash flow