Join Australia's most dynamic and respected property investment community

Missed out on another chance for first IP. again

Discussion in 'General Property Chat' started by Peter Taffa, 2nd Sep, 2016.

Tags:
  1. Peter Taffa

    Peter Taffa Active Member

    Joined:
    25th Aug, 2015
    Posts:
    42
    Location:
    Sunny Belfield NSW
    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.
     
  2. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,474
    Location:
    Sydney
    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.
     
    Peter Taffa likes this.
  3. Peter Taffa

    Peter Taffa Active Member

    Joined:
    25th Aug, 2015
    Posts:
    42
    Location:
    Sunny Belfield NSW
    This one had small CP (only 3-4%) but 11-12% returns and was under 200K with a recent reno and dual income.
     
  4. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,505
    Location:
    Sydney
    Low vacancy? Quality of tenants? CG projection only 4%?
     
  5. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,474
    Location:
    Sydney
    Sounds like fun.
     
  6. dabbler

    dabbler Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,694
    Location:
    Sid en e - olympic city
    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.
     
  7. BuyersAgent

    BuyersAgent Well-Known Member Business Member

    Joined:
    19th Jun, 2015
    Posts:
    436
    Location:
    Oz
    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.
     
    Biz, Leo2413 and DaveM like this.
  8. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

    Joined:
    14th Jun, 2015
    Posts:
    2,106
    Location:
    Sydney & Adelaide
    Well its 5 hours to Albury....
     
  9. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,505
    Location:
    Sydney
    Love Albury.
     
    DaveM likes this.
  10. Peter Taffa

    Peter Taffa Active Member

    Joined:
    25th Aug, 2015
    Posts:
    42
    Location:
    Sunny Belfield NSW
    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.
     
  11. Peter Taffa

    Peter Taffa Active Member

    Joined:
    25th Aug, 2015
    Posts:
    42
    Location:
    Sunny Belfield NSW
    Further west along the Murray. nice area near Cobram
     
  12. dabbler

    dabbler Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,694
    Location:
    Sid en e - olympic city
    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.
     
    Peter Taffa likes this.
  13. Peter Taffa

    Peter Taffa Active Member

    Joined:
    25th Aug, 2015
    Posts:
    42
    Location:
    Sunny Belfield NSW
    Thanks Dab' love your work!
     
  14. BuyersAgent

    BuyersAgent Well-Known Member Business Member

    Joined:
    19th Jun, 2015
    Posts:
    436
    Location:
    Oz
    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.
     
    Peter Taffa likes this.
  15. Biz

    Biz Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,474
    Location:
    Sydney
    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.