Hugh & Elle’s Journey
Young guns Hugh and Elle* were not new the property market — they had bought and sold, and bought and held, several property investments prior to contacting Empower Wealth. One of their purchases was bought off the plan, which, unfortunately, had caused Hugh and Elle some grief. The builder had not complied with certain certifications and, as a result, it was left to Body Corporate to subsidise.
This influenced Hugh and Elle to seek the professional services from our Buyers Agent, Christa Batt, to assist in purchasing a worthy asset in their newly-formed SMSF, set up on the advice of our Financial Planning team.
To assist with Hugh and Elle’s cash flow, we were looking for an investment property at a lower price with a 6.5% yield. As well as this, we were targeting an area that would sustain good growth over the long term journey and attract quality tenants so the vacancy rate would remain low for Hugh & Elle. With this in mind, Queensland became our choice of location as often these parameters are achieved through borderless investing.
A North facing unit in a small complex was found in a pumping area, perfect for Hugh and Elle’s brief. Not only was it close to lifestyle amenities that would draw tenants in and contribute to long term growth; but also it was renovated with a new kitchen and new bathroom.
Although the vendors were a little difficult to deal with, we did manage to secure the property well under asking price. Christa identified a few issues relating to Body Corporate, so settlement, although it did take place, unfortunately wasn’t free of hiccups for Hugh and Elle. But with Christa on their side, all issues were resolved and a tenant was soon found.
The Pre and Post Settlement Service
As usual, what you should expect post settlement, we coordinated all contract reviews, additional contract conditions and various maintenance items that were included in the negotiations to be rectified by the landlord. Lastly, we assisted Hugh and Elle with property management through recommended property management companies.
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