First Home Buyer buying a stunning rental property with 15% deposit.
A called and expressed her frustration with the prices of Auckland. She thought that with her deposit of around $75,000-$80,000 it would make up a 40% down payment for a rental property. That would put her budget at around $200,000. She was thinking that perhaps buying an old property in Rotorua was a great way to get on the property ladder.
20 min after our initial call, we have crunched the numbers and advised that she would actually be able to get into a beautiful 140sqm high spec townhouse at $550,000 mark. Which is exactly what we had done 2 weeks after the first call.
At the time of purchase the rental appraisal was $480 per week. However upon settlement the client was able to rent her new property at $500 within days of settlement.
A couldn’t be happier with a purchase and we couldn’t be happier for her. The property she bought was a fantastic value for money and we are unlikely to see the mix of great quality, size and great price like this ever again.
Just like with all other clients, we have set A up with the following structures:
– Accounting structure to derive benefits from tax structures
– Financial Structure that will enable an efficient pay down of the mortgage
– Property Management
– Independent Legal Advice
– Chattel Valuation
– Registered Valuation
– Pre-settlement inspection
– Landlord insurance
– Drug testing