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It's a good feeling- but tempered http://www.somersoft.com/forums/showpost.php?p=249243&postcount=5 I was waiting for settlement day to thank Clarrie (the caretaker) for all the excellent work he did for the place- but he departed without giving notice. No champers- but with MrsW to a...

The deed is done. I am no longer the owner of a flock of bats. But I do have a much healthier bank balance :D

Interestingly enough, a week after exchange, the REA had not heard from the vendor's solicitor- and he doesn't pull the cork out of his bottle of champers until that happens. This was despite the deposit having been placed in the agent's trust account.

Yes, it was me- http://www.somersoft.com/forums/showthread.php?t=27481

Exchange took place today, just before COB.

I've accepted an offer tonight of $770K. But I don't buy the agent drinks until exchange.

It's still for sale- asking price is $795K. Vendor financing is definitely a possibility. I've received an offer today. But at the offered price, I might as well hang onto them.

Me too Ani- big time. Thanks.

"Bugger" is the mildest word I'm thinking of. I came into the forum this morning, and somebody had posted the words "vendor finance". The purchaser had $750K approved from the bank, so the numbers didn't quite get there. So I have offered $20K vendor finance (2 years, 1% above standard...

It fell through. Before the vendor could sign, he's changed his mind. It's back on the market.

I would have vendor financed the lot. At an appropriate interest rate ;) - which would have put it out of reach :D I've just heard back- $770K has been agreed. Auction terms, settlement in six weeks. Which means we can start looking at other investment options to generate a little income.

Seech No, 770 gives me 300 after expenses and (residential) loan paid off. I'm looking at it to generate income rather than to just apply directly to the loan- so that I don't have a need to draw on the business for income. I'm hoping that I can do better than 8.5% (the business loan rate).

No, I'm quite sober Beech. Bidding started at $700K. My reserve was $780K. There were two registered bidders, and the first bid was $710K. And there were no more bids. So negotiations have continued. He's come up to $770K, I've come down to $775K. And I'll wait until tomorrow for that...

Thanks Ruby. I'm starting to get a bit nervous now.

The auction is on today. I haven't heard of any forumites interested- you may have missed your chance :(

Glenn I can give you some figures on that- I've just had some back. Sorry for the delay. Total rent for the year- $66,642. Though rents for 4 units have just recently gone up by $10pw, four more will follow when the opportunity permits. The vacancy rate over the last 3 years has been 1.8%...

The sign out front And a view from the front Some further clarification as to why I am selling... I would MUCH prefer to refinance and hold. But, as a self employed business person, NAB require three years in business to show servicibility- I've been in Subway only just 18 months...

The auction date has been set for July 22. It's now on Allhomes

Lizzie Being in the area is NOT a prerequisite! The PM is fantastic- they have done a GREAT job at reasonable rates. Before some of the bad tenants were removed, there were a number of tribunal hearings- and the only reason I ever attended was because I wanted to see what went on. The PM is...

Having thought a little more (and asked a little more)- vendor finance is a possibility. I'd consider vendor financing any difference between $800K and selling price- two years term, interest rate bank variable + 2%. Other terms negotiable. Both agent and lawyer are familiar with vendor finance...