Block of Flats ("The flock of bats") for sale

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 result.

I was prepared to walk for a number which was too small, so I didn't need to come down much. Only $5K difference- we'll see tomorrow.
 
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).
 
dtraeger2k said:
I'll give u 775 if u vendor finance 100% (plus costs) of it :p
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.
 
Well done Geoff. Congratulations.

Let us know what investment options you choose, I would be really interested.

Regards

Chris
 
sorry to hear that geoff - and know that it's a real downer. we had an auction on one of our ppor's in 1999, about 30 people there and not a single bid. i am sure it is just waiting for the right buyer to come along ...
 
"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 bank interest rate) just to see if there was "interest".

Both real estate agent and solicitor are familiar with vendor finance.

I will hear tomorrow- but apparently not a great interest.

But it's good to have another tool available.
 
Hope today brings good tidings to you Geoff. Must be a bit of a roller-coaster ride for you at moment, emotion wise anyway.

Good luck mate.

Regards
Marty
 
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