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Forced motivation

Discussion in 'General Property Chat' started by inertia, 26th Aug, 2016.

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  1. inertia

    inertia Well-Known Member

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    I was going to wait until the dust settled, but then I thought stuff it, you lot might "enjoy" the journey with me.

    So we have been renting from family for almost 6 years. When we moved in, we had just moved home to Newcastle and the plan was to rent for maybe a year, then buy a place to live in. We did end up buying a place, but it already had tenants in there paying decent rent, so we figured we may as well stay where we are.

    I am not particularly happy with the house we are renting - 5 people in a 2 bedroom, 1 bathroom, run down house is a bit much - but the rent is (super!) cheap, the location is awesome, we are living next to (nice!) family on one side, and awesome neighbours with kids the same age as ours on the other. Apart from the cr@&^y house, idyllic really. I was keen to move at some point, but my wife is less motivated by physical surrounds, and would have lived there indefinitely.

    I have been keeping an eye on property, researching, researching, researching, while we have been saving money and our IP has been appreciating (we somehow managed to buy in what in hindsight was a slump in the market!). And as coincidence would have it, a house in the street behind us came up for auction. Very nice, probably more renovated than I'd like, but we got the finance ball rolling in a very low-pressure way. Just going through the necessary steps to get our ducks in a row, and if approval came through in time for the auction, and the house went for a bargain, then jolly good!

    Then our situation changed. There was talk about the inlaws' parents eventually moving in to where we are renting, but the parents had always been disinclined. Until about 2 weeks ago. We have not been given notice, and certainly no pressure to move, but our "limitless" tenancy now has a definite limit.

    So, we will have to move. Our interest in the property in the street behind went from dis-interested, logical, investment potential, to emotional. Potentially bad! Fortunately we are pretty sensible people (mostly!) so we wont go crazy on price, and as a worst case scenario, we can move in to our current IP - but it is a whole 700m further away from school! Our biggest drama at the moment is how close our kids are with the neighbours kids - being able to jump the fence back and forth has been priceless, it feels like they are having an old-school neghbourhood experience!

    Anyway, finance is approved up to our sensible limit. The auction is tomorrow morning. Barring Sydney money coming up and being silly, I think we are in with a shot. If we miss out, so be it, we will buy a few cheaper IPs instead!

    I'll update y'all tomorrow!

    Cheers,
    Inertia.
     
  2. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Great attitude. I often reflect on my childhood compared to my childrens and find myself letting them do more of the stuff that I did as a result. Sounds like its an ideal situation.
     
  3. dabbler

    dabbler Well-Known Member

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    Good luck, hope it works out.
     
  4. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Good luck mate, I hope it goes at the price you want and you are the winning bid :).
     
  5. Jerry O

    Jerry O Well-Known Member Premium Member

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    Good luck! By the way you describe things, you really sound like a sensible person. All the best with the auction! scare them away with a powerful low offer expressed in a strong voice with conviction. :p
     
    inertia likes this.
  6. The Y-man

    The Y-man Moderator Staff Member

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    Or just point out (loudly) the fact you think you discovered termite tunnels under the house etc etc

    The Y-man
     
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  7. sharon

    sharon Well-Known Member

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    Best of luck.
    Have you thought of offering to buy the place you are currently in?
    If it's yours you can renovate it to how you want it and not have to move.
     
  8. MTR

    MTR Well-Known Member Premium Member

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    All the best:)
     
  9. Jerry O

    Jerry O Well-Known Member Premium Member

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    good scare tactics..
     
  10. inertia

    inertia Well-Known Member

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    I like that! Might even use it tomorrow. Way better "advice" than what the selling real estate agent gave me, it went like this:
    RE: So, do you have a strategy for bidding tomorrow.
    Me: yeah, at the end of the auction I hope my limit is high enough to be the winner.
    RE: yeah, but you've got to be confident! If someone out bids you, make a dominant bid way higher to show them you mean business! It's a theatrical event, and you have to be prepared to be dramatic!

    um, no.

    Cheers,
    Inertia.
    (edit - responded to wrong post!)
     
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  11. inertia

    inertia Well-Known Member

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    Yep, tried that! Even got our neighbours with kids the same age as our to put some pressure on :)

    Unfortunately selling to us is not in their plan :-/

    Cheers,
    Inertia.
     
  12. ZephG

    ZephG Member

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    @inertia Absolute best of luck tomorrow! You're obviously switched on enough to not need any luck as you're not buying into the sales pitch made by Mr/Ms Agent - kudos to you for that.
    Plenty happening in Newcastle at the moment, gentrification is occurring on a grand scale so I'm sure you're making a wise move.
     
  13. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Good luck!
     
  14. Cactus

    Cactus Well-Known Member

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    Ask the auctioneer if the asbestos is a chattel or will be removed. ;)
     
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  15. Tonibell

    Tonibell Well-Known Member

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    Is the place behind the property you are renting - or the IP ?

    How close is it - I guess it is not physically connected to the IP.
     
  16. samiam

    samiam Well-Known Member

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    All the best @inertia
    Looking forward to your update!
     
  17. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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  18. inertia

    inertia Well-Known Member

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    BWHAHAHAHAHAH!

    What was I thinking?!?!?! The opening bid was above what we were prepared to pay! Started at <Dr Evil>ONE MILLION DOLLARS</Dr Evil> and went up from there. Finished at $1.19m.

    Oh well, I guess we will be moving in to the IP. We will be given the tenants notice shortly. They are on month to month, so it may be 3 months before we can get access to do a few things (paint, carpet, kitchen, maybe bathrooms...) But gee I hate moving house!

    On the other hand, finance already organised, so we can look at more (cheaper!) investment properties...

    Cheers,
    Inertia.
     
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  19. tomlemke

    tomlemke Well-Known Member

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  20. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Geez... opening bid 1mil in Newcastle.... wow. Sydney boom has gone far north....