Lance Piper, a property investor, faced challenges with low rental yields on his 1950s Queenslander property, purchased in 2016. Seeking innovative solutions, he discovered INVIDA’s co-living conversion model, which promised to significantly boost his rental income. This is the story of how Lance transformed his underperforming investment into a cashflow-positive asset with the help of INVIDA’s expert team.
The Challenge: Low Rental Yields on an Older Property
Lance’s Queenslander, located in a desirable area with great street appeal, was not delivering the rental returns he had hoped for. Built in 1950, the property had charm but struggled to generate sufficient income. “Due to some challenges around rental yields, I was looking for innovative solutions,” Lance recalls. That’s when he came across INVIDA’s co-living model, which offered the potential to rapidly increase his rental yield through a co-living conversion.
Discovering INVIDA and the Co-Living Opportunity
In 2024, Lance learned about INVIDA’s approach to creating high-yield, co-living properties. The idea of converting his existing property into a co-living property resonated with him. “I thought it was an opportunity to jump on for the purpose of rapidly increasing my rental yield,” he says. After reaching out to INVIDA, Lance connected with Tolga, a sales representative who quickly built rapport and provided high-level modeling to confirm the viability of the project.
The Conversion Process: Seamless and Efficient
As Lance’s property was nearing vacancy, INVIDA was able to schedule the conversion promptly. The process was remarkably smooth, with the INVIDA team—led by project manager Brad—handling everything from drafting plans to construction and certification. “The wait was quite limited, and we were able to marry the vacating of the previous tenants with the conversion schedule,” Lance notes.
The conversion involved transforming the four-bedroom Queenslander into a co-living setup with compact yet functional private rooms. Despite the property’s age and unique structure, INVIDA ensured the renovations preserved its classic Queenslander charm. “The conversion process and the finished product haven’t detracted from that Queenslander feel, which was a pleasant surprise,” Lance says. The team added bathrooms and reconfigured spaces without compromising the property’s character, even working around the challenges of plumbing in a raised Queenslander.
Brad’s frequent communication kept Lance informed throughout the process. “He gave me updates on all the bits and pieces, including interactions with the certifier and payment schedule. It was seamless and painless on my side,” Lance explains.
The project was completed slightly ahead of schedule, taking just under six weeks, which exceeded Lance’s expectations. “I thought the speed might have been overstated, but it was actually understated,” he says.
A Hands-Off Experience for a Busy Investor
As a busy professional, Lance appreciated INVIDA’s flexibility and accessibility. “The team was available early mornings, before work, and even into the evening,” he says. “They accommodated my schedule, which was a positive for me.” Communication was clear, with designated points of contact like Brad and Tolga ensuring Lance always knew who to reach out to. “If I had any clarifications, I’d go straight to Brad, and he’d clear it up very quickly,” Lance adds.
The Results: A Fully Tenanted, High-Yield Property
Post-conversion, the property was fully tenanted within a short time, delivering the rental returns promised by Tolga during the pre-sales phase. “The rent per room is meeting all the stated expectations,” Lance says. The co-living setup now generates significantly higher yields than the original single-tenancy arrangement, turning the property into a cashflow-positive investment.
Rob, from INVIDA Property Management, played a crucial role in tenanting the property. “Rob has been in regular communication, sending emails and text messages after every inspection,” Lance says. “He kept me across the vetting process, which has now led to all five rooms being fully tenanted.”
The private rooms are compact but well-designed, offering tenants comfortable living spaces. “The living spaces are good—better than a lot of hotel rooms I stay in when traveling for business,” Lance notes. The bathrooms, while compact, are functional and maintain the property’s appeal. “Really, I couldn’t be happier.”
| FINANCIALS |
|---|
RENOVATION COST: $188,000 inc furnishings |
| BEFORE | AFTER | RESULT | |
|---|---|---|---|
RENTAL RETURN WEEKLY | $775 per week | $1,550 per week | $775 per week uplift |
CASH-FLOW ANNUALLY | $40,300 per year gross | $80,600 per year gross | $40,300 per year uplift |
The conversion turned Lance’s property from a low-yield investment into a high-performing asset, delivering a substantial uplift in rental income and improved cashflow.
A Win-Win for Investors and Tenants
The co-living model not only benefits Lance but also provides affordable housing for tenants. The co-living arrangement caters to a range of residents, from professionals to students, offering compact yet comfortable private spaces at an accessible price point. “The finished product is very impressive, and it’s added to the Queenslander’s appeal,” Lance says.
Lance’s Tips for Co-living Conversion Success
Lance shares four key tips for investors considering a co-living conversion:
Work with a trusted team: INVIDA’s expertise and communication made the process seamless. Ensure your conversion partner has a proven track record.
Plan for minimal downtime: Align the conversion schedule with tenant vacancies to minimise income loss, as Lance did.
Choose low-maintenance features: Opt for durable, easy-to-clean materials like floating floors to reduce ongoing maintenance costs.
Leverage expert property management: A specialised co-living property manager, like Rob from INVIDA Property Management, is essential for tenant vetting and ongoing management.
Why INVIDA?
Lance credits INVIDA’s turn-key solution for his success. “From the pre-sales phase to completion, everything went beyond my expectations,” he says. The team’s professionalism, clear communication, and ability to preserve the property’s character while delivering a high-yield investment made the experience exceptional. “I’d recommend INVIDA to anyone. It’s a well-defined process, and you’ll sleep well at night knowing it’s in good hands,” Lance adds.
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