23/11/2021
Our first purchase back in 2016. The vendor was the Housing Authority and the property was sold as a 'demolish & develop'.
We saw the potential and by renovating we were able to achieve two things:
1) Exposing beautiful features that would bring up valuation substantially
2) By adding a new bathroom we converted the master bedroom into a self-contained studio that brings in $17,000 a year on Airbnb which pays more than the current interest rate
Because of the condition of this property we were able to negotiate a discount of $130,000 from the original asking price 🔥🔥🔥