This case study is about a property that was bought by Ricky and Alana, clients of ours through our Premium
Chris Sim was helping Ricky and Alana, who are based in Auckland, to look in Rotorua, when he identified a portfolio of properties up for
sale from the same owners. The target property consisted of a 4 bedroom home with a small 1 bedroom second dwelling in Western
I was involved with this purchase a little and visited the open home with our buyers. The excitement kicked in when an emergency last-minute
meth test identified a positive result. That certainly spooked a few buyers but credit to our clients for sticking to their guns and
understanding that most, if not all, problems are fixable.
From here I'll hand it over to Ricky and Alana...
"We engaged Chris Sim from iFindProperty as we had previously found properties to purchase, but didn’t have the confidence to take
the leap. Chris helped us narrow down our criteria, and kept our expectations realistic with his market knowledge and our budget in mind.
He found us the property we purchased and attended the open home with us. We checked for meth and it returned positive, so we had a more
comprehensive test done... which came back really positive! We worked through what to do with Chris and Nick Gentle and ended up having the
vendors approve an auction variation that they would rectify and re-test prior to settlement, leaving us a clean house and benchmark going
The 4 bedroom was generally in good condition as the carpets were replaced due to meth. We did external house paint, kitchen cabinets
and a tidy general tidy. Bringing it up to meet the healthy homes was the most expensive (heat pump, extractor fan and rangehood)
The second dwelling - one bedroom was in need of more hard work. Consents were lacking and that was just the start; it required a new
deck, curtains, heat pump, range hood, new bathroom and to strip the wallpaper and paint. It is a lovely home now and is returning well.
Chris did all of the legwork, attended the auction and bid on our behalf. He answered all questions we threw at him, and he helped us
understand the numbers. We learned a huge amount from Chris and the iFind team which has put us in good stride for our next investment
purchases going forward."
$470 + $320 = $790
We would highly recommend getting in touch with Chris and the iFindProperty if you are in a similar position. Experienced and calm heads
meant we bought a property we would have balked at in the past and had a great financial result."
It's not just about finding a deal, to truly grow as an investor you need to plan towards your end portfolio and work with people who can help you move towards that vision. iFindProperty has a service that achieves that for clients, and we are excited to share it with you
As an accountant is not a place for my personal political opinions, but professionally speaking I’m pleased with this result, and cautiously
optimistic we might have a friendlier tax environment for the property sector for at least a few years. But what does this mean for property