Jonno couldn’t afford to invest in the area of his choice so we helped him find an alternative location to add onto his property investment portfolio.
Jonno had saved $60,000 for a deposit and wanted to invest in a property in Sydney. However, he struggled to find a property that accepted his deposit. He engaged us to evaluate his financial situation and wanted recommendations on what properties he could invest with the deposit he had saved.
New Property Specialists found a brand new apartment for him for just over $300,000. With his 20% deposit and healthy rental yield it meant he did not have to pay anything towards holding the property on a monthly basis. As part of his package, he was referred to an appropriate mortgage broker, solicitor and building inspector. The team at New Property specialists arranged for a property manager to come on board to help him manage the rental.
A quantity surveyor was commissioned for Jonno to prepare a building allowance and depreciation schedule so that he could annually claim as a tax deduction the entire cost of building the property and the fixtures and fittings in the property.
Jonno has a long-term plan…he will keep the property until its value increases, and use the equity to buy another property before going through the process again.
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