Taking action in property investing

residential property investment - taking action

Last post we talked about how taking action is a defining mark of those who are successful in property investing – and in life! I’ve been taking action left, right and centre this week and with so many things going on I thought I’d just fill you in on what’s been going on.

On the development project front, the advertising period for my planning permit finished and so I’ve now returned the posters along with my statutory declaration that I did in fact display the permit signs at the property to the council. This means that the ball is now firmly in their court to let me know if there have been any objections lodged and if the plans submitted comply with the requirements and we have a go ahead to develop the townhouse.   It’s a bit of an unknown as to how long this process will take, so rather than do nothing and wait (which just isn’t my style!) we are now concentrating on our renovation project.

So, in terms of the renovation project, here’s what’s been going on this last week or so:

  • We’ve narrowed down to 2 regional towns in Victoria that are reasonable close to us and have completed a lot of internet based research on these areas.
  • I’ve completed a one day field trip to one of these areas and met with three different real estate agents and inspected 11 houses (all on one day!).
  • Went back to inspect two of these with my partner and our builder.
  • Completed a pretty detailed renovation costing exercise and then made an offer on one of them.
  • The offer was rejected outright and was a long way from what the vendor wanted, we decided not to bother with another offer as the amount the vendor wanted would mean the project would not produce an acceptable level of profit for us (if any!).
  • We then went to inspect another place and really like that one.
  • Completed another detailed renovation costing and made an offer on that one.
  • Submitted all of our supporting documents required to obtain loan approval (last few months payslips, rental income statements).
  • Made contact with a new conveyancing and solicitor to assist us, should the offer be accepted.
  • This last offer we were quite excited about and could really see ourself renovating this house.    This time we were only a few thousand off the asking price, however, someone else offered full asking price (which we couldn’t) and so we missed out on it again!

On one hand we’re a little disappointed, but on the other hand in just one week I feel as though we have really achieved an awful lot by taking these actions.

  • All of our loan approval documentation is now in with our mortgage broker who will apply for pre-approval, meaning that should one of our offers finally be accepted then a lot of the paperwork will be done!
  • We now have a conveyancer ready to go.
  • We know our target area a lot better.
  • We’ve made some good relationships with a couple of real estate agents.
  • We feel confident with our renovation costing tool and running through this in detail twice this week has made us pretty proficient!
  • We feel confident with the offer and negotiation process (having been out of the game for 18 months or so).

So, we’re still looking and need to keep on taking action, but it’s amazing what a difference you can make in only one week, isn’t it?

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