Dan, an exercise physiologist, was focused on building his investment portfolio and was open to a property that needed work, provided the opportunity was well researched and the upside was clear.
Dan wasn't looking for a standard investment property. He wanted an opportunity that offered both strong cash flow and the potential to create additional value.
The property we identified was a large character home on 659sqm in Whittington, just 4km from the Geelong CBD. It also included a self-contained dependent person's unit (DPU) that was not approved to be rented separately - exactly the type of complexity that causes many buyers to walk away.
Before Dan committed, we worked with our network of town planning professionals to assess the feasibility of bringing the DPU into compliance, allowing him to move forward with a clear understanding of both the risks and potential rewards.
We secured the property off-market for $720,000. Following settlement, Dan invested approximately $15,000 in council fees, metering and fencing works to bring the DPU into compliance so it could be rented separately.
The result:
Demand proved exceptionally strong, with the granny flat receiving more than ten rental applications shortly after being advertised. For an investor purchasing the same property today with a compliant dual-income setup already in place, we would expect a materially higher purchase price.
"Great experience working with Teagan, Saul, and Alessandra. Most impressive was their level of due diligence, communication and how proactive they were throughout the entire process. Highly recommend their team to anyone looking for a smooth process with diligent and professional buyers agents"
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