did you use a local agent rixter?
how did the bank[which bank if possible] handle the transaction?
how smoothly did it all go?
what obstacles did you have to overcome?
i've got a number of areas outside the goldcoast where i'd like to purchase... been there many times too.. just need to "get it going"
Stockt12,
Yes I book air fares, accommodation & hire car online then fly over usually for a period of 7 to 10 days.
In that time I get out & about in my chosen areas identified by my previous Macro DD. Then inspect everything that meets my purchasing criteria at the Micro DD level.
If I see a property that exceptional I will put in an offer there and then, otherwise I will bring all my micro & inspection notes back to Perth, then over the next weeks pick the best of the crop and make an offer remotely from here.
The offer/contract process I conduct by phone, fax, email & registered express post. Once an offer is accepted a signed contract copy is forwarded to my mortgage broker to get the loans process under way. We have a number of brokers we use. Last purchase we used our broker here in Perth but on other occasions we have used our Brisbane based broker. Geographically it doesn't matter where your broker is based. I have no loyalty to any one lender - preferring to spread lenders.
I also immediately forward a copy of the signed contract to our Solicitor to start their side of the conveyancing process. We always use a Solicitor / Conveyancer that is located locally the state the property purchase is in because they are familiar with the settlement process system for that locality.
I then organise the relevent contractors / agencies required in relation to fulfilling our contract conditions / requirements , such as independent valuers, building inspections, pest inspections etc etc. Once these requirements have been met satisfactory to myself I then notify my solicitor of such and the solicitor liases with my mortgage broker to take the contract through to settlement.
Over the years we have found the whole process to run fairly smoothly. With each subsequent purchase you learn from the previous ones so you can fine tune the way you do things along the way. This kind of stuff you dont learn form text books. Its hands on practical experience where the nuts & bolts learning is really acquired.
The biggest obstacle that needs to be conquered in your own thinking. Basically its the having the courage to over come the fear of stepping out of your comfort zone to things that are all new and foreign to you. Are you doing things right, what do you need to do next and the fear of losing are all thoughts you will have to move through to succeed.
At the end of the day once you have moved through these barriers that stop the majority of people you will think to yourself that it wasnt as bad as you thought it was going to be. Chances are you will be revved up wanting to do it all again - I know I was.
As per my signature - You dont have to get it right you just have to get it going!
Hope this helps.
PS , msn me and we can chat live if you like. Its always great to network with other local Perth investors.