What was your quickest property purchase time and what was the outcome?

[Monopoly]

Most savvy investors will advise that you should always do your due diligence (DD) making sure to think long and hard about what, where and (most importantly, timing) when to buy. With this in mind (or maybe it's more just my own curious mind? ) I'd like to hear from anyone willing to tell what their shortest or longest time taken to sign on that famous dotted line (in adding a new family member to their portfolio)!

And of course, if you're courageous enough, maybe you could let us all in on the verdict; was it a case of bagging a bargain or a lemon?????

Look forward to hearing your stories....

 

[battler]

I'd like to hear from anyone willing to tell what their shortest or longest time taken to sign on that famous dotted line (in adding a new family member to their portfolio)!

About 15 minuits, 5 min to drive back to the Agents Office, and 10 min for him to find the paperwork for signing.

And of course, if you're courageous enough, maybe you could let us all in on the verdict

The land was $8500 and I completed two three bedroom units, ready to rent for $63500 all up, and they have been very kind to me.

 

[Monopoly]

About 15 minuits, 5 min to drive back to the Agents Office, and 10 min for him to find the paperwork for signing.

That's awesome going Battler; you beat me by about 5 minutes, and only because it was such a lovely sunny day and I wanted to enjoy the sea breeze of my face a little longer before signing over any more money for the day!

 

[wylie]

My mum and I went for a walk with my dog and three of my brother's kids to see an auction because it was in the same street as a house we already own.

When it became clear that it was going to be a bit of a bargain, we decided whilst the bidding was under way that we needed to buy it. So probably about two minutes .

Then we had to come home and tell our husbands that we had bought a house whilst walking the dog .

 

[Fourex]

Spotted house as it went onto realestate.com.au same day at 7 pm.

Phoned agent that night to confirm property address.

On site next morning at 7.30 am to measure property and visual inspestion of house.

Phoned agent at 8.30 am advising was driving to office to sign a contract with either herself or whoever was at the front counter (agent was out of office at the time of phone call however ended up in the office by the time I got there).

Offered 5 % off asking price subject to building, pest, finance and purchaser's satisfaction to council zoning and lot dimensions (had my solicitor advise the agent of the wording of the clauses by phone while standing at the counter).

Contract in place by 9.45 am.

Property was a deceased estate, a 3 bedroom house sitting on 2 x 506 m2 lots being mixed housing. House was rented on a 12 month lease within 2 weeks of listing. Council confirmed it is suitable for a boundary realignment to free up 1 lot which will then suit a duplex on the new lot.

I feel the purchase price I paid was the same for a house in the same area and condition on a single 500 m2 lot, hence no regrets bonus 500 m2 lot.

 

[yadreamin]

Most savvy investors will advise that you should always do your due diligence (DD) making sure to think long and hard about what, where and (most importantly, timing) when to buy. With this in mind (or maybe it's more just my own curious mind? ) I'd like to hear from anyone willing to tell what their shortest or longest time taken to sign on that famous dotted line (in adding a new family member to their portfolio)!

And of course, if you're courageous enough, maybe you could let us all in on the verdict; was it a case of bagging a bargain or a lemon?????

Look forward to hearing your stories....

WARNING WARNING ...HIGHJACK
Great to see you again Monopoly. Hope all is well in your world. No , no record purchase for me.
cheers
yadreamin

 

[Nathan]

Quickest was email contract, sign fax back to agent, and did another same way within 15 mins.

However must know what your buying.

 

[Pa1nter]

I had offer accepted on a property in NSW just on one month ago,
We still don't have exchange yet

Hopefully Monday??

 

[Monopoly]

WARNING WARNING ...HIGHJACK
Great to see you again Monopoly. Hope all is well in your world. No , no record purchase for me.
cheers
yadreamin

Thanks YD, yep I'm great and things going well and I hope the same can be said of (and for) you.
I know it was meant more in the name of my reappearance here, but there is much to be said for heeding a "warning" when making record purchases.

For me, my record buy was 20 mins - and only because (as I mentioned) I wanted to enjoy the beach before I made my way to the agent's office to sign up.

I certainly don't regret it; it was probably one of the best buys and proved to be one of the most profitable impulse buys I've ever made.

Not that I would EVER encourage impulse buying (of anything, much less property) but if you know your stuff and know what you're looking for (and at) then (especially in a heated marketed) don't hesitate.

Cheers,
Jo

 

[Monopoly]

However must know what your buying.

ABSOLUTELY!! I couldn't agree more Nathan. It is not "how long" it takes to buy a property but "how much" you know about it (the property) before you sign that dotted line.

 

[Monopoly]

Sorry everyone, there appears to be some confusion with my last poll option.

A few days, had to be quick, but got a great deal
(I chose this one myself, as opposed to the next option below) which reads

A few days or less, and haven't stopped regretting it yet!
It seems people are missing the "regret" part of their speedy purchases.

However judging from the feedback accompanying the votes, I see people didn't see their quick buy as a regret, and (I hope I'm reading the comments correctly) they did very well, snapping up a bargain (and not a lemon)???

Again, apologies for the confusion; my bad.

 

[RumpledElf]

We bought one in a day from inspection to signing, although we'd seen it advertised for a year beforehand it was a snap decision to actually go look at it. Best thing we ever did.

 

[travelbug]

Sorry everyone, there appears to be some confusion with my last poll option.

A few days, had to be quick, but got a great deal
(I chose this one myself, as opposed to the next option below) which reads

A few days or less, and haven't stopped regretting it yet!
It seems people are missing the "regret" part of their speedy purchases

OOPS! Haven't had my first coffee yet.

I also didn't mean I regretted it.

When you say in a few days do you mean from the time you first saw it to the time you exchanged? I'm assuming so. If so all mine were in a few weeks or less.
As mentioned, you research an area then start looking (normally) so when you see the right property you know if the price and other factors are right.
If the deal is good you can't afford to dawdle or it will be snapped up from under you.
It's funny how you spend more time buying a car (or other lower cost items) than a property.

 

[our obsession]

G'day Jo, welcome back!

Beach house sounds nice, good stuff, I'm very fond of ocean, sand and houses.

I didn't tick...(kind of didn't fit in the offerings), because my quickie was the time it took me to walk about 6 steps away from an auction where nobody but myself turned up to.

I never put in a bid, turned to walk back to the car, (counting seconds under the breath)-RE agent had been burning holes in my direction the whole time.

Barely got those few steps and he asked; "Would you like to put in an offer in Pam?" (We know each other...)

Well.......... ..."why I might like to take it off your hands thankyou Gerry....."

So about ???under 60 seconds???ish..

Got it for $55,000, rates valued at $97,000, and comparable houses were selling b/w $89,000 to low $100,000's.

I'd already bought x 2 about 18 months before, know the area quite well, so while it really was a quickie, it had been a looooong foreplay (of study/research), beforehand...if that makes sense.

Patched up a hole in the wall, ($250), cleaned it beautifully, little bit of paintwork touch up, traded my extradie a feed of Chinese takeaway for marble (lookalike) benchtops in the kitchen-swisho!, a nice split system airconditioner, landscaped, tidied up garden and Bob's you Uncle!

While cleaning it up had folks knocking on the door to rent it, eventually went to our PM and she rented it for $150, and it now rents for $170.

Purchased August 2008. AND, (there is more.... )

I negotiated as long as settlement as possible and got permission to access the property to do my thing so it would be ready to rent moment it settled. Our mortgage broker worked her magic from the UK at the time. A truly universal team effort.

My other purchases probably haven't been necessarily under 60 secs, but knowing the areas I invest in, give me the opportunity to strike quickly....ie a block of land (8 building blocks), put up for sale a few hours, taking my mum and stepdad for an icecream and drive, spotted them, got me those land blocks for $500....and attending some other auctions (I've never bought "at" auction), I play ruck rover and pick up anything that gets knocked out of the pack... eg other land blocks...houses...it's fun.

But know your stuff.

 

[jezza]

Quickest: Logged onto net, saw new listing, rang agent who happened to be at the house, went around there and put a offer in and he rang the vendor so went back to REA office and signed contract as it was exactly what I was looking, all took place in about 30 minutes.

Longest: Put in a offer ( which was accepted ) with a clause ( S32 & COS are over 6 months old please send new S32 & COS, however we both signed a contract stipulating the purchase would proceed unless there was any major amendments to either document), we agreed on a 60 day settlement, that was 1.5 months ago and the REA says the vendor is pulling his hair out as his solicitor/conveyencor is stuffing him around according to the REA. Still hoping it goes through as a place the next crt down which is nearly exactly the same sold for 35k more last weekend.
Jezza

 

[Kristine..]

Hi Jo

Good to see you back on the board but I can't vote as the Poll is closed

I don't know which was my quickest property purchase - auctions will usually do the trick. One more arm movement in how many seconds? and the deed is done.

Perhaps when the Agent had to organise with the night shift working tenants to arrange the inspection, and I walked in the front door and said 'Yes, thanks that's fine' and he thought I meant 'No, thanks'.

He was quite shocked when I asked if he had the S.32 with him

'You can't buy a house like that!' he said 'At least, you have to walk through it, you have to look through it!'

Or when I did a twilight inspection - because the light was fading fast - and decided to buy because I had gone out to buy and had my Magic House Hunting Torch with me so followed the Agent to the office and signed up before I went home for dinner.

Or when I went to the auction with nothing organised and no intention to bid and bought for $100 more than the underbidder

Or as soon as Spiderman sent me 'that email' I knew I was going to buy the darn thing (the house next door) even though I needed another house like I need a rash on my face - and bought for $1,000 more than the underbidder, again with nothing organised.

I dunno, fools rush in where Angels fear to tread, but then again, fortune favours the brave.

I gues when you've been around the block once or twice you get a sort of inbuilt due diligence radar. You don't have to read everything or research everything because you are doing it all the time, it's part of the daily routine to watch the market, keep an eye on areas of interest.

So when a deal comes up that has your name on it, well, you get your name on the Contract as soon as possible.

I would never suggest this course of action to any of my customers but hey! it works for me and we all develop our own style as we go along.

With the recent purchase Mike didn't go inside until after it was all over, and only then because our soon-to-become-ex-next-door-neighbour called out to him and invited him inside!

I honestly think that Mike couldn't buy any other way. What holds most people back is the actual making of the decision.

Once that moment is passed, the sky clears and it's all OK because it has to be OK.

After all, Wonga Park was settled from a Ballot, and some of the original land owners' families still live there. It can be as simple as that.

Cheers
Kristine

 

[Monopoly]

Hi Jo

Good to see you back on the board but I can't vote as the Poll is closed

I don't know which was my quickest property purchase - auctions will usually do the trick. One more arm movement in how many seconds? and the deed is done.

Perhaps when the Agent had to organise with the night shift working tenants to arrange the inspection, and I walked in the front door and said 'Yes, thanks that's fine' and he thought I meant 'No, thanks'.

He was quite shocked when I asked if he had the S.32 with him

'You can't buy a house like that!' he said 'At least, you have to walk through it, you have to look through it!'

Or when I did a twilight inspection - because the light was fading fast - and decided to buy because I had gone out to buy and had my Magic House Hunting Torch with me so followed the Agent to the office and signed up before I went home for dinner.

Or when I went to the auction with nothing organised and no intention to bid and bought for $100 more than the underbidder

Or as soon as Spiderman sent me 'that email' I knew I was going to buy the darn thing (the house next door) even though I needed another house like I need a rash on my face - and bought for $1,000 more than the underbidder, again with nothing organised.

I dunno, fools rush in where Angels fear to tread, but then again, fortune favours the brave.

I gues when you've been around the block once or twice you get a sort of inbuilt due diligence radar. You don't have to read everything or research everything because you are doing it all the time, it's part of the daily routine to watch the market, keep an eye on areas of interest.

So when a deal comes up that has your name on it, well, you get your name on the Contract as soon as possible.

I would never suggest this course of action to any of my customers but hey! it works for me and we all develop our own style as we go along.

With the recent purchase Mike didn't go inside until after it was all over, and only then because our soon-to-become-ex-next-door-neighbour called out to him and invited him inside!

I honestly think that Mike couldn't buy any other way. What holds most people back is the actual making of the decision.

Once that moment is passed, the sky clears and it's all OK because it has to be OK.

After all, Wonga Park was settled from a Ballot, and some of the original land owners' families still live there. It can be as simple as that.

Cheers
Kristine

Thanks Kristine,

Great post with excellent points (far too many to quote)

Probably just as well you didn't vote, as the result of my ambigious option I'm not sure how to interpret the data, ie. if there were 12 speedy buys with lots of regrets or 12 joyous ones!

I agree wholeheartedly you don't have to research something so long that you miss out on bagging a bargain. I mean as long you know stuff you should have a pretty good handle on things, and I'm sure there many seasoned investors who will gladly lay claims to possessing that "inbuilt due diligence radar" even if they won't admit to it having had the odd mechanical meltdown/malfunction!

Thanks for your contributions everyone, it's been a great read!

Cheers,
Jo

 

[Ladyhawk]

My mum and I went for a walk with my dog and three of my brother's kids to see an auction because it was in the same street as a house we already own.

When it became clear that it was going to be a bit of a bargain, we decided whilst the bidding was under way that we needed to buy it. So probably about two minutes .

Then we had to come home and tell our husbands that we had bought a house whilst walking the dog .

i love this story wylie...i wish i had your courage

 

[MTR]

My mum and I went for a walk with my dog and three of my brother's kids to see an auction because it was in the same street as a house we already own.

When it became clear that it was going to be a bit of a bargain, we decided whilst the bidding was under way that we needed to buy it. So probably about two minutes .

Then we had to come home and tell our husbands that we had bought a house whilst walking the dog .

Wylie, I just love that one, I bet the males are thanking you today for that impulse buying. Just tell me I am right!!!!!!!!!

Monopoly, welcome back, always enjoy your posts, 'bout time you jumped back in, we can all enjoy.

Cheers, MTR

 

[kathryn d]

Last year we didn't plan on buying anything.
We ended up with 6 properties (4 thrown in for free).
I was just trying to keep informed with what properties are selling for.

In less than an hour we have an appointment to look at another property.Didn't plan on purchasing anything this year, but the deal may be just too good to pass.
It will cost us $400 month for 15 months, and it is paid off.
After that we make $400 month profit minimum.

We have never regretted any of our purchases.

So.....I put an ad on our version of Gumtree and offered the same deal. We had a reply. Now we will just try to organise a viewing.

I also put an ad offering a senior to live in their home rent free, and we will also pay their heat and lights and give them a small monthly stipend. (in exchange they sell us their house for $1) Haven't received a reply yet.Many seniors and house rich but cash poor.

You just need to think outside the box.