Gideon Garnett, a Western Australian property investor, transformed a negatively geared single-occupancy house in Queensland into a high-yield co-living property with INVIDA’s expertise. After facing bureaucratic hurdles in his attempt to build a dual-occupancy property, he boosted weekly rent from $850 to $2,040, turning a financial drain into a profitable investment.
Overcoming Bureaucracy and a Past Scam
Gideon’s single-occupancy house in Queensland, purchased in 2018, was costing him $15,000 annually due to low rental yields. He initially planned to convert it into a dual-occupancy property to increase income, but bureaucratic obstacles derailed the process. “The paperwork and bureaucracy were infuriating,” Gideon recalls. Frustrated, he considered selling. A cousin’s recommendation led him to INVIDA, but after being scammed $10,000 a year earlier, he was cautious. To ensure trust, Gideon flew from Perth to Sydney to meet Tolga, INVIDA’s sales representative face-to-face. “I wanted to check the quality of people I was dealing with,” he says.
Partnering with INVIDA for a Turn-Key Solution
After building rapport with Tolga, Gideon committed to INVIDA’s co-living conversion model in late 2024, spurred by a year-end deadline. Tolga’s thorough evaluation and clear communication alleviated Gideon’s concerns, despite the significant $300,000 investment from his savings. “It was nerve-wracking to hand over that kind of money after my previous experience,” he admits. INVIDA’s transparent process and detailed due diligence gave him confidence, and the conversion began swiftly.
A Rapid and Seamless Conversion
The renovation, transforming the older Queensland property into a modern co-living property, was completed in just one month, astonishing Gideon’s colleagues. “I told the guys on the boat, and they couldn’t believe it was finished so fast,” he says. Despite minor plumbing issues, INVIDA’s team handled everything efficiently. “It wouldn’t be a renovation without a few challenges, but they got it all sorted,” Gideon notes. The process was hands-off, allowing Gideon, who works on a boat in Western Australia, to focus on his job while INVIDA managed the project remotely..
Exceptional Results: A Financial Turnaround
The conversion turned Gideon’s Queensland property from a $15,000 annual loss to a $35,000 positive cashflow. Weekly rent soared from $650 to $1,800, delivering a $1,150 weekly uplift. “Turning a property from costing me 15 grand a year to making me 35 grand a year is a real opportunity,” Gideon says. The increased equity now enables him to consider new investments, such as a block of land in Margaret River or northern New South Wales, or another co-living project. “I’m pulling about 400 grand out of this, and it’s still positively geared. It’s outrageous,” he adds.
| FINANCIALS |
|---|
|
RENOVATION COST: $277,000 inc furnishings |
| BEFORE | AFTER | RESULT | |
|---|---|---|---|
|
RENTAL RETURN WEEKLY |
$850 per week |
$2,040 per week |
$1,190 per week uplift |
|
CASH-FLOW ANNUALLY |
$44,200 per year gross |
$106,080 per year gross |
$61,880 per year uplift |
The co-living conversion turned Gideon’s property from a low-yield investment into a high-performing asset, delivering a substantial uplift in rental income and improved cashflow.
A Win for Investors and Tenants
The co-living model provides affordable, high-quality housing for tenants, from professionals to students, in Queensland’s competitive rental market. The private rooms are modern and functional, maximising space without sacrificing comfort. Gideon values the social impact: “It’s great to offer affordable housing that works for people.”
Gideon’s Tips for Co-Living Conversion Successs
Gideon shares three key tips for investors considering a similar project:
-
Do Your Due Diligence: Meet the team in person, as Gideon did, to build trust and ensure transparency.
-
Trust the Process: INVIDA’s turn-key solution handles everything, so focus on the outcome rather than micromanaging.
-
Plan for Speed: Align the conversion with tenant vacancies to minimize downtime, as INVIDA’s quick turnaround demonstrated.
Why INVIDA?
Gideon praises INVIDA’s professionalism and efficiency. “From Tolga’s initial evaluation to the final handover, everything was seamless,” he says. The team’s ability to deliver a high-yield property in record time, despite challenges, exceeded his expectations. “I’d recommend INVIDA to anyone looking to turn a property around. It’s a game-changer,” Gideon adds.
WANT MORE? LEARN HOW: you can rapidly uplift your rental returns and own a cash flow positive investment by joining my Free Live Webinar HERE.
