🏡😁🏡 WOOHOO...JUST PURCHASED..NO 17 BY EASY BUYER'S AGENT. Bought at an #auction, mortgagee in possession. 3x2 renovated, 686sqm zoned R15/25, won at $170k. It was way under reserve, and when we got it, seller's agent even said, "Jesus Christ..what a bargain you get". How come? Read on ⬇️
Client is an investor looking to add more to the portfolio.
🏡 PROPERTY'S STORY:
When we spotted this property 3x2 renovated and will be sold under Auction, we were immediately interested. We knew that 3x1 around the area has sold for at least $197-$220k, some were even going higher. Truth be known, the property was mortgagee in possession. So, we attended the auction and long story short we won it at $170k, which, we agree with the seller's agent, it's a crazy bargain.
What is even more interesting is, the property as is can rent for $250-$280/week, making it a 7.6%+ yield. However, the way the property has been setup is, there is actually a separate access for the 1 bedroom and 1 bathroom. Meaning, our investor can potentially earn 2 income. $220-$230 for the 3x1, and $120-$150 for the 1x1, which will push yield way higher.
Here's a kicker...the owner bought it in 2007 for $293,000...talking about potential equity growth! Our investor is putting in 10% deposit (including purchase costs: $25k), we are almost confident that by the time the property settles, the valuation itself will be more than $200k. Meaning, at $30k growth, our investor would have doubled their money straight away.
🏡 Don't go investing the old way only in the areas you know. Go speak to us first before you buy any property, you'll be surprised by the kind of deals we can find for you.