Going overseas in 6 days from now... able to move quickly on an IP??

Hi all

We have spotted a great IP a few hrs drive from sydney, CF+, this is our 1st IP so we don't want to be rushed into making a bad decision. HOWEVER we are also flying overseas (Thailand) on Friday morning, and we won't be back for almost a month.

What do you think we should do?
- pull out all stops in order to offer before Friday... this would involve taking almost the whole week off work to drive up and inspect the place, then waiting for finance to be approved (we do have a preapproval in place thank goodness), then exchanging contracts while we are overseas? Seems that there are a few ppl on here who buy properties from overseas so it shouldn't be a problem?
- wait 4 weeks until doing anything about it (pros: price may move down if no interest at all; cons: may be snapped up :( )

Any suggestions gratefully received!!
 
True....... but how many places are there with 10% gross yield? this is the first one I've come across after months of looking...
 
tess85
Is the preapproval for a city IP?
Don't rush, it'll still be here when you return
Where abouts is it?
 
By any chance, is this 10% property about 3 hours from Sydney in the central west?

I saw one a couple of weeks ago and was about to act on it but someone beat me to it. I did notice though that it had come back on the market - unfortunately though i got another in the time between that happening....

In terms of this being the first that you've seen in a couple of months, well, I've seen some good possibilities lately.....


thanks


g
 
Errr, the preapproval is on an unspecified IP...

GG, I'm pretty sure we're thinking of different properties as this is the 1st time on the market. If you don't want to buy that other 10%, one can I have it please? :D

I have got the ball rolling on this one, started due diligence etc, contacted agent etc.

But if we miss out I might be OK with that, as it's actually a block of units on 1 title which might be a massive endeavour for a 1st IP.
 
Hope things turn out in your favour, and if not, plenty more when you return from yuor holidays. Out of interest, what area are you buying in?
 
Errr, the preapproval is on an unspecified IP...
it's actually a block of units on 1 title which might be a massive endeavour for a 1st IP.

Just be careful with this block of units in case your lender treats it as a commercial deal and asks for bigger deposit or hits you with commercial interest rates or even worse refuse finance.......:eek:
 
Thanks for the reminder BV. I was aware of that, we can put down 30% deposit if needed, but the refusing finance bit is a bit of a downer.....

tez - it's a nsw regional town.
 
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