This two bedroom unit was a great buy. Located less than five minutes from the hospital precinct and university. With a shopping centre undergoing an extension and extensive refurbishment across the road, it was in a prime location to buy, renovate and sell.
We have a friend and mentor, a fellow renovator who recommended we go and check this place out on the weekend round of inspections. He had put in a cheeky offer that was rejected and in the process had got the agent offside.
It was a small block of eight flats, four up and four down. The agents usually directed people up the back stairs from the car park. The unit owners had covered the verandah with shade cloth so you could not see the view and from the back set of stairs it looked like only trees anyway. We had walked up the other set of stairs and we could see that there were water views from the bedroom if you removed the shade cloth, that’s if you could see out of the window.
Once inside we found that every window in the unit was either walled in or covered in black plastic, inside and out. The reason that we were given from the agent was that the owners worked night shift and they needed to sleep in the day……mmmmmm. From our point of view this kind of place is a golden opportunity because we know that most people would take one look at this unit and then walk straight back out never seeing through the cosmetic ugliness and never knowing that the valuable view was just waiting there to be unveiled outside.
So knowing that we would have little competition and after quizzing the agent and finding that the owners were committed elsewhere we promptly followed with another cheeky offer.
The owners accepted our offer, so we gutted the whole unit and had it back on the market in five weeks with nothing original left inside, everything was modernised and new and marketed for a young professional or young professional couple.
A young surgeon bought our property with the view of living in it for a year and then renting it out. His father was also a surgeon and a property investor and was helping his son get started in property investment.
So it was a win win for all. Our young surgeon bought a great investment in a great location with the added benefit of considerable depreciable tax benefits from the new interior and for us we made a tidy profit for a mere five weeks of our time, even in a slow property market.