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Below Market Purchase 6.9% Gross Yield Buy-Hold

WE ARE ALWAYS OPEN 24/7....Purchase #55 by Easy Buyer's Agent. This is for our local investor who is looking to add more into his portfolio with buy-hold strategy. Asking price: $239,000. Purchase price: $225,000. Property is sitting in a suburb with vacancy rate of 0.4% with expected rental income of $300/week making it a 6.9% gross yield. Read on.

BRIEF:
Our client is a repeat customer of ours and is the 2nd purchase for him. Our client is looking to add more property into his portfolio with a ready-to-move-in, easy-to-rent property.

PROPERTY STORY:
With the current WA property market condition, it is getting a lot more difficult for our Investor to get a good deal. With 99% of the property offers we have come across ending up way above the asking price, negotiation truly sounds like an ancient concept that is no longer relevant. But...this is why Easy Buyer's Agent exists, that is to find a property deal for our clients regardless how tough and difficult the market is.

We have been eyeing this property for some time. It sits on a 400+sqm land, neat renovated easy-care property and was already tenanted. The only problem at the time was, it was a new listing. There was no way the seller would want to negotiate then. But patience was indeed a virtue. After a while, we noticed the property was still available on the market. Our instinct kicked in that it was time to make the move.

We carefully planned our communication with the agent, and long story short we managed to negotiate $14,000 off the asking price. This property is sitting in a suburb with 0.4% vacancy rate, $242,500 median price and 18.3% 12-month growth. With expected rental income of $300/week, this property would give 6.9% gross yield. 

 

Looking to buy property in WA? You know who to call. Until the next purchase. Peace.