So we’ve emerged from our recent renovation project that has kept us busier than busy the past weeks. But aside from that reno, we’ve also been busy attending to some clients over at Property Zest. And we’re happy to share another purchase wherein the client allowed us to document the process of using a buyers agent so that we can share her experience to our readers.
Peta currently holds an executive position in a major corporation—to say that she is flat chat busy would be an understatement. While she clearly knows the kind of investment property she wants —one that has good growth, yield of 5%, and has a potential to add value for manufactured growth—she knew it would take time (if not forever!) to find that investment property she’s eyeing on. Aside from being busy, Peta also needs to factor in the distance. She is from Sydney and would like to buy into the Brisbane market. She knew the work involved in buying an investment property in a location that one isn’t familiar with. And for these reasons, Peta decided to tap the services of a buyer’s agent.
Now Peta isn’t a neophyte in property investment. She has bought an apartment in Sydney a few years back. This apartment had good renovation potential and Peta capitalised on this potential. She not only increased the rental capacity but she also managed to leverage on the growth the apartment has brought her. She was able to buy her next property investment off that growth.
Wasn’t that a clever move?
This reminded me of one of the strategies mentioned in Jane Slack-Smith’s book, “Your Property Success”.
We are also glad to know that Peta, as most smart investors are, is very inquisitive and analyses the data and other information presented to her.
In this first series, we gathered Peta’s buying criteria, which we initially listed below.
- Budget: $400 – $420k
- Within 10km of the CBD, units or houses
- Capacity to add value through renovation – not necessarily straight away though
- Yield > 5%
- Location growth factors – e.g. close to transport, hospitals, shopping centres, freeway access etc
In the second part of the series we will discuss the process we took to find a location for her. Be sure to stay tuned!