🏘️💥 TENANTED INVESTMENT...JUST PURCHASED #24 by Easy Buyer's Agent. Asking price $250,000. Purchase price: $230,000. This is an already-tenanted investment with long term tenant who is happy to stay, currently paying $290/week = 6.56% gross yield positive gearing. Read on 👇
Our Buyer is a local investor who is looking to add more into her property portfolio. Her investment profile is super low risk. She is not keen on anything that needs work. Property has to be ready-to-move-in with no extra cent required. Set-and-forget safe investment is what she is after.
🏘️ PROPERTY STORY:
Finding a ready-to-move-in property is easy. However, finding a ready-to-move in property that has potential value add with below market purchase is super difficult. A ready-to-move-in property is often a renovated property, or somewhat has undergone a major clean up, fresh paint or some sort which, due to the work undertaken, Seller would normally bump up the purchase price.
When we spotted this 4x1 property that was already clean, we were immediately interested. It ticked the first box: ready to move in. As we investigated further, it was actually already tenanted. Tenant has been there for more than 2 years and is happy to stay. Currently paying $290/week which current lease agreement is still running until January 2021. This ticked the second box: safe investment.
Finally, the property was purchased in 2017 for $265,000 and was for sale for $250,000. This checked the third box: potential value-add and equity gain. It has been on the market for 2.5 months which gave us the opportunity to negotiate harder with the seller agent.
Long story short, we got it for $230,000 - $20k down from asking. With the property being 4x1, there is a lot of potential to be made because 4x2 in the area has sold for at least $350k. With a margin of $100k, our buyer has the potential to increase its value by adding a bathroom and further cosmetic renovation.
🏘️ Looking to buy or invest in property in Western Australia? Look for no other than Easy Buyer's Agent. We provide one of the best buyer's agency services in Western Australia. Coming from IT Software Development background, our Director Tommy Segoro whom you will deal direct with, has that edge of analytical skill in searching for great property deals.
We can help First Home Buyers, Owner Occupiers and Investors. Give us a call now for free consultation. Let's just chat property.
Until the next purchase.