We’re back with the next instalment in our latest Brisbane purchase case study. As a review, below are the links to the first and second parts of this series:
Now to recall Peta’s buying criteria, we were looking for a property that is in a high growth location, something that is ready to rent out ‘as is’ or have renovation potential to add value but need not require too much work. To say that finding THAT property would be not easy is an understatement—but we were determined and well, our determination paid off.
But before we present you that property, allow us to share with you the almost cinematic events that lead to finding “the one”.
So we went with our usual drill of desktop analysis where we made a lis of properties for consideration and research. There were about 70 properties that made to the list; amongst those we did a “drive by” on around 50 and physically inspected around 25 properties.
While we did made offers on four properties in three different suburbs (Chermside, Geebung and Wavell Heights), we were still no near THAT property and so our search continued.
Now we’ve mentioned in Part 1 of the series that Peta is from Sydney so distance is one of the factors that made her decide to tap the services of a buyer’s agent. And this is one of the key reasons why it is logical to seek the services of a buyers agent: to enable you to purchase in a location that is logistically difficult for you to perform inspections. Other main reasons why people use a buyer’s agent are:
- To save money—a buyer’s agent can ensure you select the best location based on your criteria and have the skills to negotiate a good deal based on market knowledge
- To save stress—a buyer’s agent is an experienced investor who can guide you through the process, explaining and making recommendations
- To save time—a buyer’s agent does all the research, analysis, legwork and get back with you having all the key information relevant to your qualifications
The Part Where Peta Flew In
Now buying an investment property is a huge responsibility and while you can benefit a lot from having someone do the nitty-gritty aspect for you, having a better understanding of the locations and the houses your buyer’s agent is looking in can make you more confident in putting forward offers. And Peta, being a smart investor herself, knows this. So when she was able to find a day in her extremely busy schedule, she flew up to Brisbane and spent a day inspecting properties with us.
It was quite cinematic, actually, that the very day we placed an offer on a property and just as Peta was rushing to meet her departure time, she was talking to us whilst we were talking to the sales agent. And just about she was to board her plane, the call I got in was to say ‘Congratulations—we got it!’. How dramatic is that!
Here it is, a three-bedroom-plus-study weatherboard in Geebung. For a purchase price of $430k, this property has a modernised kitchen and bathroom. The property can be converted to four bedroom and an ensuite and walk-in robe for the main bedroom.
So there, one drama down—what’s next is the contract period. And guess what, that promises to have some more drama in it, too! Make sure you watch for the post…as a sneak peak, I’ll let you in on a little secret…we didn’t end up paying the $430k we went to contract with!