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.

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.


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.