Renovation of Two Freehold Homes Side-by-Side

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You don’t always have to create a property title or home to add value, sometimes you can just fix what is there! In the middle of an upswing in the property market where tight supply saw homes often move in days, these two properties sat for quite a while. Why? Well, there were problems. The homes were run down; they looked tired, they weren’t pretty, and no owner occupiers would have wanted them.  For investors, the yield was crap, in my opinion they were under-rented. Again, why? Well, to me the answer can be one of the biggest winners in value add buying you will find: the seller! Yep, the seller. Maybe they have decided to sell it themselves, or maybe they chose the wrong agent or just under-appreciated the value of their property, but there are also other reasons. Like they want or need a quick sale, or the best one – they’re tight arses and for years have treated their property like crap! These opportunities ticked a few of those boxes, and knowing my turf, I spotted them immediately – just like a pedigree pup at the pound. Purchasing both (two titles, two homes) for land cost at $480,000, we spent just on $20k on renovations and had them both re-rented within a month (see our video here). Market estimates have their collective worth at $650,000.