Case Study: purchase from iFindProperty Hotlist

by Dean Horo on Jun 29, 2021
Article appears under: Case Studies, About Property Investment, Investment Strategy

The deal

This was a private sale by a Dunedin vendor (Owner Occupier) to an iFindProperty client from Auckland, who followed up on a deal which I promoted through an email to my Dunedin Hotlist.

The deal came about as a result of checking out the adjoining cross lease property of a property that was on the market for a different Premium Buyer client as to whether the neighbouring owner would consider investing in removing the property from the existing cross lease - should my Premium Buyer purchase the property. During the process, the owner of the adjoining property informed me they would be keen to sell their property so I viewed, analyzed, took photos and promoted the property to my Dunedin Hotlist.

This was a great inner-city location, walking distance for city workers to walk to work. The property required some cosmetic renovation and Healthy Homes upgrades post purchase before it could be rented - which was included in the analyses of the property prior to purchase. Info provided included post-renovation rental appraisal, paint quotes and warts & all detailed evaluation of the property, and what upgrades needed to be completed, which were optional or could be delayed.

The vendors who had lived in the property for 13+ years were new to the process of property transactions, so I spent time explaining the process and what they could expect at each stage. While it was made clear to the vendor that my fiduciary responsibility is firstly to my iFindProperty General Buyer client, I also have a responsibility to keep all of those involved in the transaction safe during a private sale.

The deal took 3 and ½ months from initial contact to the deal going unconditional, with an additional 3-month settlement period. The client came to Dunedin in between COVID-19 outbreaks to view the property during the due dilience period.

Happy client, happy vendor. This is what they both had to say:

We have just sold our house to an investor who was using Dean Horo as his broker. While Dean was working for his client, he still provided exceptional service and guidance for us, as we were a bit lost in the process at times. He kept us fully updated right throughout, and you could tell he genuinely wanted to get the best results for both parties. We have no hesitation in recommending Dean.

I was introduced to Dean shortly after deciding to invest in Dunedin. There was very little stock available in my price range, but through Dean’s connections, he found something that fit perfectly within the price and geographic criteria. Dean carefully negotiated with the vendor, professionally managing both sides of the sale process. A sale was agreed and both parties came away feeling like there was a tremendous amount of value added. Would highly recommend Dean’s services for anyone looking for property in Dunedin!

The details

• Owner Occupier
• Inner-city location
• Cross Lease
• PP: $459,000 (Inclusive of Chattels – all whiteware)
• Rent: $485-$520p/w Pre-renovation
• Upside: Rent increase post cosmetic renovation