Hi all, Thought I would post some details about our 1st investment property. Retail shop in Cairns, within the mantra complex Purchase price - $300,000 Stamps, bank, legals - $14,000 Outgoings - approx $5,000 pa Current rental - $25,119.64 + GST pa Lease – 3+3+3. Currently 18mths into first term So happy this deal finally got across the line as it definately came with some hurdles. Initial selling price was $350,000 and with a seller reluctant to budge far from price, we agreed to $345,000. Now with that offer agreed, i set out in getting building inspection and getting solicitor to do their thing. Next was for the bank to complete valution. Now with only 2 days left of our 14day finance period, valuation comes back at $280,000. Even got second opinion on val, same result. At this point, i was ready to walk away knowing that we couldnt come up with additional funds to complete purchse. So i made one last take it or leave offer, of $300k. Knowing how reluctang the seller wax previously to reduce price, i wasnt holding my breath. That afternoon, agent rang and told me offer was accepted. Requested settlement extension and herd we are now with out first investment property! A massive thankyou goes out to @Shahin_Afarin for all his hard work and efforts in getting this deal across the line. Also a big thankyou to @Paul@PFI for answering all my tax qustions Cheers to you both Adam..
