Case Study: Welcome Bay

by Chris Sim on Sep 27, 2020
Article appears under: Case Studies, About Property Investment, Tauranga, Local Markets

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.

The deal

• 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 details

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.

What the Client said....