Gary’s Journey

Gary* contacted Empower Wealth after listening to The Property Couch podcasts. A bachelor of sorts and living with three other lads, Gary realised that the good income he was earning should be invested more wisely. As an IT consultant working long hours, time was the other factor that had kept him out of the property market. Although a very competent and educated person, Gary acknowledged the property market was not his strong point and realised through listening to the podcasts that asset selection was a key ingredient to making sure his first investment purchase was the right choice.

As Gary lived in a trendy beachside location of NSW it was clear to our buyers agent, Christa, that lifestyle was a big driver towards the property investment selection. Once a budget was established, Christa worked through the key factors that were important to Gary around property performance potential. With lifestyle, yield and a balanced growth on the list, this lead us to a ripper of a location just 450 metres from a popular beach, surf lifesaving club, shopping centre and an array of cafes, restaurants and bars. The selection was made easy by the recently completed renovation, location and performance of the current yield.

We knew this property was not going to last long, especially in the current market. Fortunately, Christa has had a prior relationship with the sales agent and this helped our negotiations favourably.

Following our due diligence process, Gary was encouraged to include a building and pest inspection as part of the contract’s negotiations. Interestingly, the building report came back a couple of days later and identified a critical issue that would be costly to repair. Because of the location and yield, and the fact that the defect could be fixed, Christa re-negotiated the contract price to a lessor price to compensate the required repair and it was promptly accepted. Another win for us!

Settlement took place prior to Christmas and as part of our post-settlement services, Christa also follow through with the changeover of property managers to ensure the tenant remained in advance of rental payments. The transition went smoothly without adverse effect to the current tenant. As the lease was due to expire, negotiations to increase the rent and secure a continued lease agreement were also achieved.

What do they think about our services?

Christa – Thanks again for all your help through the process – much appreciated. Hopefully, we can see some performance from the property and use your services in the near future.