THE STRIKE CONTINUES...Purchase #58 by Easy Buyer's Agent. This is a purchase for our repeat investor. Asking: FROM $230,000, Purchase: $225,000. This property is already tenanted for $330/week, making it a 7.6% gross yield positive gearing. Read on.
This is our 3rd purchase for our Buyer. He is looking to add more into his portfolio using buy-hold strategy.
Our client was specifically looking for a property that does not need work and already tenanted. He didn't mind the land size as long as it is not a property with strata fees. When we spotted this property, we were immediately interested. The reason was, the suburb has recorded 16.7% growth with median price sitting at $280,000. And even at the asking price, the property was arguably below market value. It's sitting on survey-strata title with no strata fee.
We quickly get in touch with the agent and found out that the property was already tenanted which rent price has recently been increased to $330/week. We negotiated and managed to shun $5,000 off the asking price. While it might not sound much, but in this market, negotiation is indeed a rare occurrence. At $225,000 purchase price, this property gives 7.6% gross yield.
Comparable property has sold for at least $240,000. We were confident there is a potential value add but in the meantime, our buyer can enjoy the rental income.
Looking to buy property in WA? You know who to call. We have information on more than 300 suburbs all across WA. Don't invest just in the areas you're familiar with. There are deals everywhere. Get in touch with us now, consultation is free. Until the next purchase. Peace.