Zin Minn, a Sydney-based investor, transformed a negatively geared Queensland property into a high-yield co-living asset with INVIDA’s expertise. Overcoming tenant issues and council delays, she boosted weekly rent from $420 to $1,710, achieving financial freedom. The conversion enabled early retirement, replacing her salary and funding new investment opportunities.
Navigating Tenant Challenges and Council Hurdles
Zin purchased her Queensland single-occupancy house in 2014, renting it for $350 per week but facing a loss due to a problematic tenant and poor condition. In 2022, she contacted INVIDA to explore a co-living conversion, but a flood overlay led to council rejection, pausing the project. By early 2024, with the tenant’s lease expiring in May, Zin faced a critical decision: sell or convert. The council approved the conversion, but the tenant refused to vacate, stopped paying rent in April, and left the property in disarray. “It was a stressful situation, especially since I live in Sydney and the property is in Queensland,” Zin recalls. Legal action via QCAT and police intervention were needed to regain access.
INVIDA’s Support: Beyond the Contract
INVIDA’s project manager, Brad went above and beyond, arranging the clean-up of the rubbish-filled property despite it being outside the contract. “Brad’s support showed me they truly care about their clients,” Zin says. With the property cleared, INVIDA began the conversion, transforming the house into modern micro-apartments. The process was seamless, with Brad providing clear timelines, stage-by-stage updates, and photo progress reports via a shared drive. “I didn’t have to chase tradies or worry about delays,” Zin notes. Transparent, stage-based invoicing ensured no financial surprises, making the interstate project stress-free for Zin, who works full-time in Sydney.
A Swift Transformation and Rapid Tenanting
The renovation was completed efficiently, with INVIDA’s team navigating minor challenges while keeping Zin informed. Post-conversion, INVIDA’s property management team staged and advertised the property, achieving full tenancy within two months. “The process was truly stress-free—I could sit back and watch the transformation happen,” Zin says. The co-living setup now generates $1,710 per week, a significant leap from the previous $420 per week.
Life-Changing Financial Freedom
The conversion turned Zin’s property from a $15,000 annual loss to a $45,000 positive cashflow, with weekly rent increasing by $1,290. “The outcome has been life changing,” Zin says. The property, which doubled in value over 10 years, now provides a steady income stream. Coinciding with her redundancy from a decade-long job on 31 July 2024, the rental income replaced her salary, enabling early retirement. “Thanks to INVIDA, I didn’t need to find another job. The income more than covers my expenses,” she says. With her redundancy payout, Zin traveled to the USA with her husband to explore further investment opportunities and is now planning to expand her property portfolio.
| FINANCIALS |
|---|
RENOVATION COST: $360,000 inc furnishings |
| BEFORE | AFTER | RESULT | |
|---|---|---|---|
RENTAL RETURN WEEKLY | $420 per week | $1,710 per week | $1,290 per week uplift |
CASH-FLOW ANNUALLY | $21,840 per year gross | $88,920 per year gross | $67,080 per year uplift |
A Win for Investors and Tenants
The co-living model offers affordable, modern housing for Queensland tenants, from professionals to students, in a competitive market. The micro-apartments maximize space while maintaining comfort, creating value for both Zin and her tenants. “It’s rewarding to provide quality housing that meets people’s needs,” Zin says.
Zin’s Tips for Co-Living Conversion Successs
Zin shares three key tips for investors considering a similar project:
Partner with a Reliable Team: INVIDA’s support, especially Brad’s extra efforts, was crucial in overcoming tenant and clean-up challenges.
Leverage Professional Management: INVIDA’s staging and tenanting services ensured quick, reliable income, especially for interstate investors.
Plan for Unexpected Hurdles: Account for potential tenant or council issues in your timeline and budget to avoid stress.
Why INVIDA?
Zin credits INVIDA’s professionalism, transparency, and dedication for her success. “Brad and the team made a stressful situation into an opportunity for financial freedom,” she says. Their efficient process, clear communication, and commitment to client success transformed her property and her life. “Choosing INVIDA was one of the best decisions in my property journey,” Zin adds.
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