Renovator's Delight with 7%+ Gross Yield
ANOTHER ONE...Purchase #61 by Easy Buyer's Agent. This is a renovator's delight purchase for our local investor. Purchase: $230,000, a 4-bedder sitting in a suburb with vacancy rate of 0.5% with data showing potential selling price between $340,000-$420,000. After renovation this property should be able to fetch $400/week+ making it 7%+ gross yield. Read on.
Our local investor is looking for flipping project, either retain-subdivide, building or renovation.
When we spotted this property, we thought it was interesting. The reason was, the property was a 4-bedder sitting on 700+sqm land in a suburb that has shown 16.7% 12-months growth with 0.5% vacancy rate. When we checked the data, we saw that tidy 4-bedders have sold for $340,000-$420,000.
We managed to secure this property for $230,000, beating another offer on the table. With WA property market that is strengthening and how well we have managed COVID, we are expecting the property market to go from strength to strength. And if our buyer changes his mind and decides to hold onto this, once renovated, a 4-bedder should be able to fetch $400/week+ making it 7%+ gross yield positive gearing.
It is now up to our buyer to do his magic with the renovation. The room is there to create equity.
Looking to buy property in WA? You know who to call. Don't just "buy any property and hope for the best". We always try to apply multiple strategies to every property we research to get the most value out of it. Let's just chat property, consultation is free. Until the next purchase. Peace.