Steve Arnold has over 37 years’ experience in residential property management. These days Steve uses his expertise to help landlords improve and upgrade their investments to improve their returns and increase the value of their investment.
In 2020, our client transferred the management of his Charlestown Investment Property to us. At this time the property was in poor condition and had a undesirable tenant paying $330 per week.
After gaining vacant possession and with the Landlord’s consent, Steve invited a trusted Building Contractor to have a look at renovating the property. The Building Contractor had been a Landlord of Arnold Property and had referred a number of clients to Steve over the years.
The advice we received was that this property could easily be converted into a duplex without needing approval from Lake Macquarie Council. An Architect was engaged to draw up plans for the duplex, consisting of 3 bedrooms, 2 bathrooms, carports and landscaping.
Both units have been leased to excellent tenants with a weekly return of $1270.
Other benefits to our Landlord are:
- The value of the property is now around $1.6M, potential to leverage equity for future acquisitions.
- Massive depreciation allowances.
- Interest on loan is Tax deductible.
- Better quality tenants.
If you have an Investment Property that is under performing, please don’t hesitate to reach out to Steve Arnold, Principal of Arnold Property for a confidential chat.
0419 947 980 | mail@arnoldproperty.com.au