Paddling our canoe.....Mk II

[JIT]

Hi Dazzling,

Thanks for continuing to share your story here. What's amazing is that you started, like many of us here, with negatively geared resi. IP's, and now, you and your wife are going head to head with large super funds for a CBD office block! Quite remarkable.

GSJ

 

[willair]

Needless to say we are having a tense weekend playing the waaaaaiiiiiittttting game. As big Kev in Qld would say....I'm excited !!!!!

Dazzling when i look at the building you and your Wife intend to buy it sort
of sends me into a cold sweat, only because i don't understand how to
even start to buy into that sort of investment so thankyou for sharing
this part of the real estate game.
I hope the sale goes your way but in the end if it's meant to happen it
will if not then a person like you will have a back up in place..
Good Luck willair..

 

[jingo]

Thanks for all of your good wishes. All we can do is give it our very best shot and hope to be selected to negotiate with the vendor.

One of my friends has been watching the whole pathetic process of us going up against the big companies and funds over the past 8 or 9 months via this nonsense E.O.I. rigmorale, and likened it to a game of blindfolded pinata (sp ??). The best you can ever hope for is to have a swing in the dark and hope for the best. Backroom deals, quiet whispers, cash incentives slipped to the agents....who knows what is going on, we are blissfully ignorant of everything.

Unfortunately, over a certain thresh-hold, none of the usual agents will sell properties via private treaty or auction - they all put it out to Tender, go via an Expression of Interest (the worst), or accept Offers to Purchase. All 3 methods suck big chocky rocks, as it gives 100% of the power to the vendor, and as a potential purchaser you are kept completely in the dark - unable to even be given the chance to negotiate with the Vendor.

If I popped my solicitor's hat on, I've probably already divulged too much, but I thought sharing the journey might open up some exciting possibilities for forumites of where all of this house and IP gathering may end up, if you just keep steadfastly applying the same principles. The "gearing ramp" can suddenly get quite steep, and this opens up some fantastic deals.

This property is worth about 170x what we paid for our first PPoR nine years ago. Co-incidentally, it rents out for 170x what the same property rents out for today......without 170x the headaches of dealing with residential tenants.

I'll let y'all know if they ever deem us worthy to talk to.

Thanks Dazzling for the information. This is really inspiring. We only have a few IP's, but to imagine that it could lead to this one day!!!

All the best with the deal. I thought that real estate agents for resi IP's were not transparent enough. But this is really 'cloak and dagger' material!!

Love to know how it all ends up.

Regards Jingo

 

[Mr. Fabulous]

Hey Daz and wife,

Nice one bruvva! Good luck tomorrow, I'll be keeping my fingers crossed for you.

Mark

 

[Dazz]

Update for those not asleep as yet.

Nope - she died a natural death.....same blindfolded pinata type deal.

Was in the hunt initially, but then one of the REA's contacts (it was duel listed) of the other REA let someone else come in well after offers closed, and they swanned in and took it once they knew what they were bidding against. Apparently that's all OK and I'm meant to be happy about it.

As usual, we were kept in the dark completely, and all concerned got a bit stroppy when I started questioning hard the cloak and dagger tactics of this EOI nonsense. Basically they said that's the way they like to conduct things and too bad if I don't like it. At least I made some friends...

We've moved on....

 

[JIT]

Was in the hunt initially, but then one of the REA's contacts (it was duel listed) of the other REA let someone else come in well after offers closed, and they swanned in and took it once they knew what they were bidding against. Apparently that's all OK and I'm meant to be happy about it.

These commercial REA's are sounding dodgier than the residential ones?

GSJ

 

[kathryn d]

Sorry to hear Dazzling.

Every REA has a "buddy" who seems to have inside info on great deals.
They probably knew exactly what this buddy needed to offer in order to clinch the deal.

Someday Dazzling, I'm sure you will be in that position.
Maybe until then, you can go after smaller deals. Swoop in and grab up properties that only most of us here could dream about.

Be sure to let us know when you find the next one. Always interesting.

 

[sailor]

Tis a wee blow Dazz...sorry to hear this.

However, do you know who the REA is that clinched the deal? He sounds like a good operator....maybe he might have something else on his books you might look at!