Instant equity and cashflow positive

by Kara Niles on Jul 12, 2021
Article appears under: Case Studies, About Property Investment, Investment Strategy, Property Management, Renovations and Maintenance

The brief

My Auckland based client was looking for an investment property under $450,000 and wanted to do a renovation for up to $50,000. So all in, they had a budget of $500,000. She wanted it to be cash flow positive.

The deal

It was a multi-offer situation and we successfully secured the property for $420,000. I was able to get a builder in for an estimate and a property manager immediately, so we knew we could renovate the property to be able to rent it out for the amount my client wanted after renovating it within the budget she needed.

The details

• 3 Bedroom 
• PP: $420,000 (not including fee)
• Rent Appraisal: $535
• Gross Yield: 5.8%

The iFindProperty Difference

The selling agent I was working with has a good relationship with iFindProperty so even though it was a multi-offer situation, the agent knew that our buyer was pre-approved and would not waste the vendor’s time. Also, having connections with local contractors enabled us to begin the renovations the day after settlement so the client had the shortest vacancy in her property possible during the renovation period.

As out of town buyers we weren’t sure how we were going to make it work, searching for and purchasing a property, but Kara from iFindProperty made the whole process a breeze. Kara was friendly and very patient with all of my questions. Her knowledge of the area was so valuable, and with her guidance we successfully purchased the perfect place for us! We would recommend Kara and iFindProperty to anyone and look forward to working with her again soon.

Before and after