I came home a couple of weeks ago and said, ‘I want to buy a welder. His name is Albert.’
Then I had to back up a few steps.
This is the property:
http://www.commercialrealestate.com...or-sale/nsw/marrickville/industrial-warehouse
Zoned light industrial and being sold as a ‘going concern’ – Albert the welder is in situ.
That knocks out of contention groovy young Inner West things who want to buy a warehouse to live in – bigger deposit, probable commercial lending rate, possible GST issue down the track. And they can't live in it.
And as a commercial property, it’s not ideal - there is brand new stuff in the suburb at a reasonable cost.
So it’s going to be people like me interested - people who have the equity and serviceability and the propensity for a punt. I’m getting it through as a resi lend and I’d be banking on it going up in value.
I wasn’t even looking for something. I was sitting here at work minding my own business and reading one of those Somersoft threads on the Inner West. I thought I would have a look at RE.com.au to see what was happening in Marrickville, and I saw this place.
Then a couple of days later, it disappeared. I called the agent to find out what was happening and he said, ‘We were getting too many calls so we pulled it off the resi site and left it on the commercial RE site only.’ I made the observation that there were possibly worse problems than a listing attracting too much interest, but I saw his point – every person who called would have wanted to live there.
I tried to ignore it, but the planets were lining up:
- I know Albert the welder – he’s done some aluminium stuff for me over the years.
- The bloke I play tennis with used to work for the selling agent.
- My tough and very clever Greek conveyance knows the agent – her son went to school with him.
- A pub I used to go to occasionally is just around the corner and currently being glammed up.
So I had no choice but to have a go.
I was going to get Propertunity to bid for me at the auction because he’s always in the Inner West and because I’m a bit ill disciplined, but I thought that was a bit of a cop-out.
Albert the welder is keen to stay. I told him if I bought it he’ll be clearing out upstairs and just keeping downstairs. And he’ll be paying more rent than he’s paying now – he’s not as keen on that bit. But I told him that looking on the bright side, he would only be paying half the outgoings and I said I would help him ramp up his business to cover the extra rent. Off the top of my head, I suggested as a start a sign that says what he does might be useful. And I went out on a limb and said that I didn’t think it would be over the top for him to have his phone number displayed somewhere so people could perhaps call him. He thought they were reasonable suggestions. I think Albert and I would get on famously.
If it goes for more than I want to pay, I won’t be disappointed because it’s going to be a bunfight for a while and interfere with my nice, uncomplicated life.
Then I had to back up a few steps.
This is the property:
http://www.commercialrealestate.com...or-sale/nsw/marrickville/industrial-warehouse
Zoned light industrial and being sold as a ‘going concern’ – Albert the welder is in situ.
That knocks out of contention groovy young Inner West things who want to buy a warehouse to live in – bigger deposit, probable commercial lending rate, possible GST issue down the track. And they can't live in it.
And as a commercial property, it’s not ideal - there is brand new stuff in the suburb at a reasonable cost.
So it’s going to be people like me interested - people who have the equity and serviceability and the propensity for a punt. I’m getting it through as a resi lend and I’d be banking on it going up in value.
I wasn’t even looking for something. I was sitting here at work minding my own business and reading one of those Somersoft threads on the Inner West. I thought I would have a look at RE.com.au to see what was happening in Marrickville, and I saw this place.
Then a couple of days later, it disappeared. I called the agent to find out what was happening and he said, ‘We were getting too many calls so we pulled it off the resi site and left it on the commercial RE site only.’ I made the observation that there were possibly worse problems than a listing attracting too much interest, but I saw his point – every person who called would have wanted to live there.
I tried to ignore it, but the planets were lining up:
- I know Albert the welder – he’s done some aluminium stuff for me over the years.
- The bloke I play tennis with used to work for the selling agent.
- My tough and very clever Greek conveyance knows the agent – her son went to school with him.
- A pub I used to go to occasionally is just around the corner and currently being glammed up.
So I had no choice but to have a go.
I was going to get Propertunity to bid for me at the auction because he’s always in the Inner West and because I’m a bit ill disciplined, but I thought that was a bit of a cop-out.
Albert the welder is keen to stay. I told him if I bought it he’ll be clearing out upstairs and just keeping downstairs. And he’ll be paying more rent than he’s paying now – he’s not as keen on that bit. But I told him that looking on the bright side, he would only be paying half the outgoings and I said I would help him ramp up his business to cover the extra rent. Off the top of my head, I suggested as a start a sign that says what he does might be useful. And I went out on a limb and said that I didn’t think it would be over the top for him to have his phone number displayed somewhere so people could perhaps call him. He thought they were reasonable suggestions. I think Albert and I would get on famously.
If it goes for more than I want to pay, I won’t be disappointed because it’s going to be a bunfight for a while and interfere with my nice, uncomplicated life.
................................I hope you're okay
