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Procrastinated since 2013

 

So, Ashley’s brief was a Sydney couple and they were a professional IT couple.

Now, they were property wealth planning clients as well, so they’ve done all of their planning work and it was Ashley’s job to find them a great property. Now, the backstory for this couple is interesting because I had the privilege of actually meeting them! They came down to our offices here in Melbourne, and I got a chance to say g’day to them. They’re The Property Couch listeners and they also have been heavily watching our how-to videos and that has given them the confidence to actually move forward.

What I found out from this lovely couple was that they were in a position to buy a property back in 2013 but procrastination and confidence, their lack thereof, stopped them from taking action.

So they went away and they got themselves educated a bit further by listening to the podcast and also watching those how-to videos. And so that is what led them to get a property portfolio plan and now we’re implementing on that plan with this very first investment purchase.

So, the brief was $800,000 to $850,000 growth asset. We went shopping in Melbourne and we located a great property in the northern middle ring of Melbourne, okay, freestanding, renovated brick home, three-bedroom, one-bath, one car in a great location to everything and a good-sized block for the area. This particular location I know very well and I know that you can walk to all of the main amenity around this area, so certainly a great property.

Now, we bought it under auction condition, so there was obviously a competition on the day. There was another buyer’s agent on the property, so Ashley just happened to know the auctioneer because Ashley has previously been in real estate on the selling side before. So, he obviously was able to have a good communication during the auction process and that led to, obviously, a good outcome for our particular client because, you know, in terms of understanding that relationship, Ash was able to convince also the other potential bidders there on the day that this was an inside running game when in fact it wasn’t.

We were there just like everyone else to potentially buy that property, so a great result and Ashley was able to strike and get that property inside budget through strong bidding and he won it under the hammer. Now, additionally into that, we’re also clever enough to make sure that we negotiated early access to that property, so now we can start to get the pictures taken on the property and get that property listed for rent.

So, by the time that probably comes to settlement, I think in early September, we’re gonna be in a position to hopefully have tenants ready to go into that property.
Now, again, in being able to speak to this particular couple they were so pleased to be able to have a professional to help them guide them through the process. There was still nervous through the process, there was no doubt about that and that’s what I learned.

So, when they didn’t know what Ashley was talking about, or they needed to get some further resources, they would go back to the how-to videos or go back to the podcasts and actually listen to what they were talking about. In fact Ali gave a great point (Ali’s is the gentleman’s name), he actually gave me a great point to share with everyone:

He said go back to those first 15 podcasts because that’s where I found a lot of the explanation to try and fully comprehend what Ashley was saying about what our next move is or why we’re doing what we’re doing at that moment.
So, they were a delighted couple. Very, very happy.

In fact, our plan was to buy them another property inside the next 18 months, but they’re actually thinking now that they can move quicker on that second property because their confidence has gone from nervous to more confident now. And, so, we know that once they get more confidence, we know their cash flow position will allow [quicker decisions].

Remember, they could have bought that first property in 2013. There’s no more delaying. There’s no more procrastination. So, now they’re starting to think about moving that second investment property forward. So, great result Ashley.

Congratulations to you guys at Sydney, it’s a really, really great story for you and I’m pleased that you’ve been able to take that leap of faith in terms of getting into the property market.

 

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