We are thrilled to introduce the first of of three...Read More
ADF HOUSING INVESTMENT PROPERTY: SUCCESS STORY #46
I actually met Barry in the year ‘BA’ – before Axon. He’s a RAAF officer. We remained friends over the years and I bumped into him at the Qantas Club in Sydney in mid-2020, where he said we should catch up to discuss expanding his property portfolio – this is that story.
He and his wife, Lyn, were living in Sydney with Barry posted to Air Comd. They’re in their mid-to-late 40’s and they came to me with 2 properties, both located in really decent suburbs of Brisbane. Lyn is a firecracker. Never short of a good yarn and a great person to complement the more reserved and analytical Barry.
After serving time in the British Defence Force, Barry is very committed to a long career in the ADF. This means he and Lyn will enjoy subsidised housing for many years to come. Hence their strategy is to ‘rent-vest’ until they decide to move on from the ADF and live in their dream home.
We put a plan together for them to acquire a brand new investment property. To preserve their very good cash holdings, we used equity from one of their IPs for the deposit and costs. What you’re seeing here is the outcome of IP#3!
- Purchase price: $569K (FULL turn-key package)
- Land settlement: Aug 2021
- Key handover: Sept t 2022 (incl. 98 days of construction delays)
- Expected rent at EOI: $520pw
- Actual rent: $650pw (it only took 10 days to have tenants!)
Comparable properties a few streets away are now selling for approx. $750K.
The property is located in a master-planned community in another part of SEQLD. The region still has billions of dollars of approved infrastructure with really strong population growth. These 2 factors alone will keep the supply v demand equation in a positive state for Barry and Lyn. Peace-of-mind personified!
We recently did our end of build coaching session (EOBCS) with them. I asked Lyn how it felt to build her first property with Axon: for probably the first time, she struggled to find words… she expressed ‘with such a busy life, she did not feel as if she’d done anything’. The ultimate compliment a client can give us.
During the build they moved to Townsville and now they’re already packing up to head to Canberra next year. Ahhh the life of an ADF officer. However, with concurrent activity, they have another asset that boasts the stats listed above. How good!
Let us know what you think of this property and this success story!