VIC First IP, advice!

melbournian · 19th Mar, 2016

ashimashi said: ↑

I was the first person to speak to the agent actually, because one of my work colleagues lives a couple of doors down from the property and was the one who referred another friend of ours as the real estate agent to the vendor. Its on a main street in Preston, agent told me if i got in nice and early with a decent offer it stood a decent change being accepted, because the vendor was pretty desperate, urgent need of selling. Was even looking for a 30 day close, didn't disclose why.

Looked like a good deal, i stalled. I might have been able to pick it up around the 600k mark, or low ball 600's. But it was way out of my comfort zone with those kind of figures for a first IP, so i didn't go ahead.

But, as per expected the open was quite popular and opportunity out the window as i think that same weekend they received 3 offers.

I agree, my intention was never to actually be in the 500k price range for my first IP as previously mentioned. And it still isn't even though i occasionally come across a property i find interesting at the high 400, low 500s. I am not going to lie, i would personally love to invest interstate and it is still an option. Besides Brisbane, i was having a look into some properties in Hobart but due to work commitments its not easy committing to interstate purchasing at the moment. I was actually going to send mum down to Brisbane to have a look at a couple of properties on my behalf over the easter long weekend, as i definitely don't want to be buying unseen. Send her down on a mini holiday, and while she's down there she can inspect a couple of the properties for me close up.

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Seem strange - most preston properties i know go to auction - even the worst located ones (like right next to the train tracks - 5 meters) also goes to auction. Only ones that are private sale are passed in or failed to meet reserve in auction. U initailly said that you were currently looking 500-550K mark though u now realistically only wanting high 400K to low 500ks.

I myself like to purchase in balwyn and doncaster landed houses which past sales are 1+ million but although i see the ranges in 800-900K being advertised i am under no illusion that it will go for those figures so i avoid seeing properties not in my expected spend. Maybe good idea to look for properties that realistically sell in that range.

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VIC First IP, advice!

melbournian Well-Known Member

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VIC First IP, advice!

melbournian Well-Known Member

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