Two High Performing Purchases for One Interstate Investor

The first cab off the rank for our interstate investor was a small family home on a decent size block of 612 sqm with a 20m frontage. The property was well situated in an area set for great long-term growth, close to facilities and an easy drive to the CBD. All our client had to do is sit back and let this one do the hard work for them if they purchased it.

We had previously inspected this property for another client, however, the fit wasn’t quite right but for this new search, we knew it would tick every box for our client’s requirements. We have an excellent working relationship with the sales agent involved and were able to inspect the property again to give an updated report focussed on this client’s wishlist.  Further due diligence was completed and we knew it was a winner. Working with the agent who knows that we don’t overcomplicate the purchase process making it a no-fuss deal for himself, his vendor and us, we were able to sew up the deal quickly.

We had secured our client a high-performing investment purchase with plenty of money left in the tank for her second purchase.

And the beauty of being investment specialists meant our client had just one contact from search and negotiate through to leasing and managing the property. We were able to access the property prior to settlement for leasing meaning there was zero vacancy between settlement and a tenant moving in.

Our client had around $600k to $700k left to spend and we concentrated our search in a couple of different areas.

We narrowed our search to a couple of areas that were different from the first purchase. One night we were on Facebook when we noticed a selling agent, who we knew, had posted a quick preview post of an upcoming listing in Pennington. Pennington is a small suburb 10kms north of the CBD that has flown under the radar for too long. The property looked like it had the potential to fit the bill perfectly. We messaged the agent that evening and conducted an inspection the next day.

There was one other group interested in the property. We knew time was of the essence but crossing our t’s and dotting our i’s was still important. We started drafting a pre-auction offer and organized a building and pest inspection. Though the property had a beautiful extension, completed by the owner, a general manager of a well-known building company we still ticked off a building and pest inspection. We were able to organize it in a hurry due to our network of service providers.

We submitted our offer and so did the other interested party. As the property was due to go to auction it was important to understand the offer was subject to auction conditions. We made it as appealing as possible as we knew the vendor had purchased elsewhere and would be keen not to lose a month waiting for the auction date.

We knew this was the right property, our client was ready to buy, our buyer agent had a strong rental background and knew what rent it would attract and what sort of tenants and we know our city! It was all about finding what would motivate the vendors and lining up both parties. It took a $10,000 increase on our original offer, but we secured the keys for our client all within 24 hours. We got a solicitor involved to waive off our cooling rights.

Whilst we took our time finding the right property, once we came across it, we were keen to ensure we secured it and not waste further time. We were able to do this because of our local network of selling agents and service providers.