Late 20s renvestors based in Melbourne

So, now we move on to Matt and he had a really smart couple out of Sydney in their late 20s who, again, are really thinking about their futures and they were Renvestors.

They were looking for their first investment property, and they were also property wealth planning clients as well. Now, for their particular situation, they hadn’t moved as quickly as they wanted to and one of them is actually in the Army posted currently in Afghanistan. So, good on them for obviously doing that great work for our country but they’re also getting on with their job of looking after their own backyard.

The brief was $700,000 to $750,000 and they were looking for Melbourne, so that’s a bit of a tough brief because normally around that price point you’re not going to get big bang for your buck closer in you need to look at either townhouse or moving a little bit wider. So, it is a difficult brief because it’s a growth asset brief. That’s important to note. So, Matt got a great result here and how he got this great result is he opened his eyes, he lifted his eyes and saw the research and went down into the, you know, extended bayside area there and he bought into a beachside area where the land is sort of landlocked.

So, all the lands have been fully utilized but it was a high-income pocket down the extended area of the eastern suburbs in Melbourne. Now, he was able to buy a brick home, four-bedroom, three-bath, two-car on a full sized block and he bought it below market value. Now, I don’t like that statement very often, I don’t like to say how do you buy below market value? I mean, ultimately the market is the market but the backstory here is why he was able to do that.

He originally identified this property, rang the agent and the agent said no, we’re asking more for it, so he moved on.

But then he worked out that the real estate agent made a silly mistake and he put the campaign too high on this property.

So, he circled back once he worked out. It hadn’t been sold and the Vendors had actually committed somewhere else. So they needed to get a quick sale away, else they were gonna lose their deposit on the home that that bought!

Matt was able to take advantage of what was a very poorly marketed property, you know, the campaign was botched by the selling agent and he was able to negotiate a fair sale price, which was in the best interest of his clients. So, well done Matt. Now, for that couple. Well, obviously one of them still in the army of in Afghanistan but they can start to think about how they’re going to get on with their life, knowing that they’ve got that first investment property into their portfolio.

So, a great result for that couple.

(Recommended video: What is Rentvesting?)