We’re on the hunt for another property.
It’s like an uncontrollable drive…maybe we’ve become property vampires! We need to taste of property to survive!!
We need another project to keep us occupied, and the market in the inner east suburbs of Sydney seems a bit tough now.
Yes, prices still seem to be crazy, and the area continues to be attractive to live in, which is what we want, but it’s also tough because there isn’t a great deal of supply that will work for us to flip.
We’re looking for some key ingredients to find the right target;
- Nothing too old…. everyone has romantic visions of what they can change, and the reality is once you start on an old place it’s likely to be a real domino effect…. of money!!! Wiring, plumbing and the list can go on. The romantic visions will push the purchase price up…good for vendors and agents…not good for buyers or flippers. We must be able to make money when we sell.
- Something built in the 1980’s or 90’s is good. Usually they’re solid, don’t have too many internal supporting walls, and looks so bad that no-one else can see through the ‘ugly’ to see the ‘swan’.
- The opportunity to improve key sale points – kitchens, bathrooms, outdoor living…oh, and parking. We have our system working for these, and our team knows what to do.
Our search has to take us outside of Potts Point…. drats!!
That internal drive to ‘hunt’ for property needs to be satisfied so we expand our hunting grounds. We are creatures of habit (no longer creatures of the night!!) and we’ve been hunting in the Potts Point, Elizabeth Bay area for some time. Maybe we’ve ‘over hunted’?
The drive to purchase is also intensified as we are soon heading to New York for 2 weeks’ vacation. We prefer to buy before we go.
Mitch hits the websites and his search goes to Woolloomooloo…. just down the hill from Potts Point.
Before I moved to Sydney, I thought Woolloomooloo was a country town. It didn’t sound like a suburb so close to the biggest city in Australia. Trying to pronounce it was tough, and working out how to spell it was even worse.
Maybe we’ve considered it a bit like a poor cousin to Potts Point, perhaps. We’ve driven through it often enough, and enjoyed the pubs in the local area. There have been many sunny Sunday afternoons at the Tilbury, and recently the revamped Frisco Hotel has become a regular haunt.
Until now, we haven’t really considered it as a hunting ground for properties.
It interesting that it’s a bit off the radar for us, because it’s right next to Hyde Park, right on the harbour, and you can walk to the city, Ms Macquarie’s chair, the Domain and even to the Opera House! Perhaps it’s a place just waiting to be improved.
Our internet search starts…. the hunt commences.
Mitch scours the property adverts, and it’s not long before our prey comes into sight!!
2 Bedrooms, 2 Bathrooms, Balcony, a secure carpark and a bonus storage cage.
Only a walk to the city, and a concierge building with gym and pool. We figure empty nesters wanting a taste of city life might just love this. And bonus…. there is a small supermarket right next door! Easy city living for cashed up empty-nesters!
It’s going to auction just after we return from New York, but maybe we can make a deal pre-action.
We check out the place, along with 7 or 8 other couples. The agents try the hard sell. We ignore it and glide through the place searching out the good, the bad and the ugly (not the people, the property). Good Apex predators lull their prey into a false sense of security, wait and then … hit!
- Large master bedroom, and big ensuite bathroom…. gold! We already see the master suite, huge wardrobe and ensuite.
- Good entry, so no walking directly into the living room. Gives a sense of privacy.
- Huge balcony facing east. Great outdoor living without the heat of blasting western sun.
- The décor is a wonderful mid 90’s blah. What seems like work will put other’s off the kill, but we can fix it.
- Kitchen seems small, but we can solve it. A huge balcony lets us create outdoor entertaining and barbeque area…. Solved!
- The second bedroom is small…. And the door to the room is in the wrong place…a double bed can’t fit like this. We confer… if we move the door, we can make it work. We’ll do a 3D mock up tonight and check this out. If it works…then problem solved!
- The living room is relatively small……but…if we replace the full-length windows and sliding doors with bifold doors we open the room to the balcony…. create flow-through living…. solved!
New players in this game often don’t realise that some of the negatives can be easily solved.
We think we may have found our prey…and we’re going to have to learn how to spell Woolloomooloo….
Now the pre-auction offer and negotiations begin… the posturing.