Comprehensive Investment Services Secures Property
Our comprehensive property investment service covers everything from financial planning, mortgage brokering and sourcing investment properties to the management of the property post purchase. This full turnkey service helped our clients through the entire process, to secure their first investment property.
Planning & Finance
This overseas based client contacted Toby Hunn at Erskine & Owen to assist with buying an Investment property that would achieve strong capital growth over a 10 year + timeframe. He immediately began working with Wendy Ryan-Kidd, our in-house mortgage advisor. Wendy assisted our client to gain finance approval, without the need for our client to travel to NZ.
Property Profiling
We then created a specific property brief for the client. With a budget of $1,000,000 we focused on areas close to transportation links with high decile schooling & a focus on good land size. Initially the client wanted a property that would rent out immediately, but during our search, we located a property, that with some cosmetic renovation, would rent well. This was communicated to the client, who agreed for us to proceed on this basis.
Due Diligence & Property Sourcing
We initially contracted on this Property at $880,000 and initiated our Due Diligence processes. During the building inspection, it was noted that the guttering was in need of repair, and so we re-negotiated with the vendor to obtain a further $15,000 price reduction and settled at $865,000.
The team then arranged for cosmetic works which included re-painting, re-carpeting & insulating the property, working within our clients pre-approved budget of $30,000. As these works were undertaken, we began to actively market the property through Point Property Management and found tenants that moved in the week after the works were completed. These tenants are paying $630 per week, providing a gross yield of 3.7%. Our client has had a very positive experience and also signed up for a second property in Hamilton, with Wendy leveraging equity in this property to gain finance.
|
Property Type |
Residential |
|
Title |
Freehold |
|
Land |
1067 m2 |
|
Floor Area |
160 m2 |
|
Dwelling |
1960’s brick home with decramastic tile roof |
|
Configuration |
3 bedrooms, 1 bathrooms |
|
Garaging |
Single Garage |
|
Purchase Price |
$865,000 |
|
Gross Yield |
3.7% |