Our client was based in Auckland and looking for multiple investments - specifically a multiple income property and a trade.
The property was a condemned house valued at section value. Over the course of year, our client had completed a full renovation of the
property before selling. Below are some photos of the property at purchase and after the renovation.
Condemned 3 bedroom home
Good location - easily rentable
PP of $35,000
Yield - 6.8%
We originally sold him the property for $35,000 as it was a shell of building. He completely rebuilt the property including rewiring,
re-plumbed, sub-floor work, walls and floors etc.
The property is in a good location within walking distance to town and all levels of schooling with many other good quality properties
The rental appraisal at the time of purchase, price factoring in remaining work the buyer needed to do, gives a yield of 6.8%. The property
was a three bedroom 110sqm home and has potential for both a 4th bedroom and small minor dwelling on the rear of the property.
The vendor was happy to have made some money on the project and move onto another, while the buyer is happy with his new portfolio
We were able to meet in the middle to make both sides happy!
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