All Topics / The Treasure Chest / So we have found some property

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  • Profile photo of snakeysnakey
    Member
    @snakey
    Join Date: 2003
    Post Count: 2

    From searching around we have found some properties that are of interest and hopefully our firtst of many +ve CF properties.
    Details
    Prop 1 purchase price is around 40000, returning $120 pw neat and tidy property, sounds good and passes the 11 sec rule with flying colours.[:)]
    Prop2
    Purchase price approx 50000 returning $100 a week in rent tidy property again also just passes the 11 sec rule.

    Will prob be borrowing 90-95% P&I loan etc

    Only problem for us is that it is a long drive to personaly inspect, has anybody bought a property site unseen? good/bad experiences etc.
    Is there a list of checks that should be done like building inspections, pest, electrical etc

    Any Ideas or thoughts.
    Thanks

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950

    Hi snakey

    the one for 40k rent of 120 sounds good, even though the second meet Steve criteria it wouldn’t meet mine it is only marginal cash positive,
    I’ve bought sight unseen 3 time once was bad. A good house in excellent condition, i just underestimated how bad the neighbourhood was (Clarendon Vale TAS).
    That was 6 yrs ago now i’m smarter (well i think hope i am) i check out the area a little more. I’d try if i was you to see the houses. How far away are they ?
    westan
    Now i

    Profile photo of snakeysnakey
    Member
    @snakey
    Join Date: 2003
    Post Count: 2

    Travel time is at least 10hrs away so is a long drive, haven’t been able to find somewhere closer to home(sydney) eg up to 2 hrs yet but am still looking. Any Ideas?
    Cheers

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950

    yep snakey that is a long drive. You could ask the agent to take photo’s inside and email them to you or You can buy subject to building inspection, thendrive and have a look (but it makes a big weeken) if your not happy you say it failed your building inspection.
    westan

    Profile photo of snakeysnakey
    Member
    @snakey
    Join Date: 2003
    Post Count: 2

    Ok thanks for the advice

    Profile photo of VaslavVaslav
    Member
    @vaslav
    Join Date: 2003
    Post Count: 86

    What’s ur 11 seconds rule Westan? mind sharing with us all? generally snakey, i think i would prefer having being able to view the property on my own, although for ur case, the distance is quite a fair bit. but worth looking before buying as you’re investing some sum of money. kev

    Profile photo of bcbc
    Participant
    @bc
    Join Date: 2003
    Post Count: 85

    This is a bit of a crusade of mine, I cannot comprehend that someone would even consider buying a property site unseen, or for that matter from a picture off the internet, (see Sooshies comments re; airbrushing pictures).

    If you dont have the means or the time to get to the place in question, find it, IF you are serious. This is not what you wanted to hear but its better in the long run if you hear it now.

    To give an example, I travelled a considerable distance with a car load of screaming kids on Saturday just to watch an auction, this enabled me to judge the amount of interest in the town and get a better feel for a place that I have only ever passed thru, but have indentified as a definite possibility.

    While I was looking over the fence of an unoccupied house that was for sale, a local come up and said “are you going to buy this place” I said “I am just having a look, but it looks OK”
    the local said ” the lady is trying to sell it, because she bought a house further down the road, she just couldnt stand the problems and harressment anymore” I said “ah” the local said “the school kids at the back constantly throw their rubbish over the back fence and insult the lady when she complains, the kids made her life hell” I said “oh” the local then said “the other two neighbours are also going to sell due to similar problems” I said “thanks” the local said ” I wouldnt like anyone to get caught without knowing” with that she continued on her way. I didnt get the impression she had and axe to grind.

    Now this houses’ presentation was great, freshly painted, tidy lawn and garden, fantasic location, short walk to main street, clubs, childcare and schools (backs onto high school). The price, though not ridiculously cheap, easily made it worth buying.

    How glad am I that I took the time, effort and expense to find that particular place, was a potential lemon as it appears the scool kids have made it their mission to cause as much grief as possible to the inhabitants, this place has got a reputation.

    Do you think that the agent would be forthcoming coming with this bit of ‘trivia’?

    I am sure there will be a hundred other examples of people who have done it successfully and who will live happily ever after, but is the risk worth it? I my humble opinion no.

    BTW this was not the auction property it was one I found while driving around and then checked in the agents window.

    BC

    Profile photo of sabwalsabwal
    Member
    @sabwal
    Join Date: 2003
    Post Count: 16

    Would you buy a $40000 car without inspecting it?[}:)]

    Profile photo of MiniMogulMiniMogul
    Participant
    @minimogul
    Join Date: 2002
    Post Count: 1,414

    I agree that you can’t get that kind of priceless local knowledge info without being on the spot. But if I was limiting buying where i could ‘be on the spot’ I wouldn’t have bought any by now- !! And as it happens i have three – none of which I inspected in person before i bought!!! (but had a professional do it!!!)

    what led me to being comfortable doing that was after a whole summer looking in person for probably at least 2 weeks full time, and narrowing it down to a house I thought was great, in a hot area and CF+ve, I had to pull out after the builder’s report came up a total lemon. From rotting piles (supposedly re-piled) to shot wiring (supposedly rewired) to rotten floors, rising damp, you name it.

    So from then on i thought – what is the point of me inspecting properties? I just get emotionally attached!! After all I am supposed to be buying on the numbers and the builder’s report. But it is harder by remote control (though not impossible) to get the kind of info you got by talking to the locals.

    cheers-
    Mini

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