Missed out on another chance for first IP. again

We missed out on another chance for our first IP yet again. I am seriously loosing confidence we will ever be able to purchase our first..
We missed this one by hours. This morning I called and offered to TT the 10% deposit on this place to secure it. RE said no do not, as she didn't want to start sorting out stuff for a holding deposit on their trust account and vendor is refusing to accept deposits unless people have the finance in place first.
We have all our ducks in a row and this is not a problem. (190K line of credit already to hand and another 420K already approved).
Offered to drive down to the south NSW town to inspect the place today(8hr trip by car). RE said that we should have our valuer look at the place first, so we booked them for Monday morning. Got a call this afternoon saying that the place just sold to a previous purchaser who was knocked back a week ago for finance but had sorted themselves out just this morning.
Can I swear on PC?
This has now happened about 5 or 6 times in a row FFS.

 

I wouldn't be stressing out over buying some regional 3 bedder at this stage of the cycle personally but that's just me. You'll learn.

 

This one had small CP (only 3-4%) but 11-12% returns and was under 200K with a recent reno and dual income.

 

Low vacancy? Quality of tenants? CG projection only 4%?

 

Sounds like fun.

 

This is part of the deal really & you have to learn to read REA and what they are feeding you. Also what you are feeding them.

Also if they are decent, they are not going to be into gazumping so quickly/easily.

I got beaten on one last week after much time spent, was a bit irritated as I inquired before the other person, but was wanting to do more checks, they found it easier to tell me nothing and just give it to them, what to do.

 

Sorry to hear that is painful when it happens. If you drive south from Sydney after 8 hours there aren't many towns still in left in NSW so watch your location risk too.

 

Well its 5 hours to Albury....

 

Love Albury.

 

Yeap low vacancy rates year round, growing regional population etc good facilities and amenities. High rental demand area, the deal ticked a lot of boxes for us. House had a recent reno so depreciation was looking good etc.

 

Further west along the Murray. nice area near Cobram

 

Well it should not be that hot, if you know the agent/s and they know what you want, should be able to secure something if that is where you want to buy.

 

Thanks Dab' love your work!

 

Ah ok, quite like that area. Cobram, Wangaratta, Echuca, some really nice towns. I was worried it was further west and too remote. I just did a few days at the snow and dropped down from Thredbo through Corryong across to Albury, down to Melb for a conference and then back up to Wangaratta to visit my Auntie. Such beautiful country. Good towns with some history, culture and pride too. I can see them pulling a few green change retirees over time, not masses but a good few. Watch you avoid any postcode vacancy rates that are too high you should be fairly safe.

 

Plenty of feral tenants out there too. You have to wonder what a duel occ in those areas will attract. Don't forget the tradies who will hammer you because it's a one horse town and the pm's who look after the locals.

 

Plenty of feral tenants everywhere, not just in dual occupancy properties. I friend of mine had his house in central Albury trashed by renters, and that was in an very very nice street.

Just need to pick your area - i.e. for Lavington, around Mate Street, near the commission housing, I would not touch (never, ever), however closer to the Lavington Plaza (approx. 500m away), i would definitely consider due to the yields derived, even though it has traditionally been an area of lower socio-economic status.

 

Stay focused and keep going don't let it hold you back sometimes things are ment to be and the fruit tastes nicer the higher you climb the tree

 

Think they have one now IIRC

 

8 hours driving!!! I know I once drove to Merimbula from Sydney and that was 8 hours driving but to be fair did do some stops.