There are commission houses. you would not believe it! When you get into town and you get involved things start happening.

Just before we we're to walk down to the auction i arrived at mums a few others there that are going to auction. Mum comes flying out the door there was an auction yesterday that was passed in on a vendor bid of 55k on 1 1/2 acres of land in town. I dropped my folk and said Suzanne (my sister) we've got ten minutes before auction lets jump in the car and go out there and have a look at it. Ate lunch quicker then anyone that hasn't eaten any lunch before, glad it wasn't hot. "I'l show you the house i submitted an offer on today on the way out" sister said.

Then went to to auctions. The same person that was there ten years ago bid and bought one they own about 50 properties in town now so they say could be more or less. The sign on the front says "Must Sell". First one went 90k, second i bid 50k (first bid at auction) and silence! "Any more bids above 50k" agent says. No. Auctioneer annihilate me with a vendor bid of 90k and knocked me out and pass it in. Hey what happened to 'Must Sell" agents must have a different dictionary to everyone else. Next one i bid $71,500 and went to 99k. Third not sure about 90k and last passed in and relisted at 76k but it's in another town and not a location id buy in on those numbers.

O'well that's the way it goes. I was only ever only going to bid to my limit.

We arrived home. Almost time to say our parting goodbyes to everyone. And agent rings to let sister know her offer was accepted. Exciting feeling yay it's all happening. Getting just on dark i decided i would just get a quick look around the back of the yard at the other house in the fading light. Then text an agent an offer and got an offer in on another property that was rejected. Other agent rang back yep vendor will accept that offer. 

I only left my house for one day i never go anywhere i've been stuck out here for months doing this renovation and only go into town for food and supply's. I wasn't even looking hard for deals. 72k and will rent for $220 week or more when updated. And land lots of land i got 1 and a half acres. The yard goes way back to way back! Bought in my name!

900k and 40 litres is good as well. I want to set up a traveling van.

In Victoria here mate.

Will pass that info onto the conveyancing. I guess it's to secure the rent, they seem like pretty good people but you can't take any chances. The rent will be covering the mortgage and some $60 extra per week. If the contract had the clause that settlement would occur at any point that rent ceased to occur then risk mitigation could be to settle then and get another tenant in perhaps.

I don't know, will hear what the conveyance says. Maybe get a standard residential tenancy agreement as well. Just had a thought. Maybe the clause could include an adjustment clause if the full rent amount was not paid in full by a set settlement day. The purchase price would be adjusted accordingly. Settlement could then be in next Christmas holidays 2010 if this contract signs!

Though bells and whistles would be good. I don't mind a basic straight out simple 30 year, P&I paying direct debit weekly and no annual fees or monthly fees, set and forget. This how my NAB loan does now at 5.24%. But these recent rises will kick in August. I will often have savings building up between saving deposits so offset would be good. Not sure amounts under 100k support that?

Hi Troodyg,
                    Thanks for the post and the insightful comments.

Certainly going for a low cost Lino for the kitchen area that meets the lounge room, used it in the last unit in the bathroom at $5.99 a meter. I thought even possibly put some hardy vinyl/ lino fake timber flooring as you say but just around the edges of the room and the cheaper 'fill' underlay boards or something then the mat over the top.

White paint? I thought it would need to be darker so as not to show dirt wear and tear etc, i guess not. Possibly could just paint all the bedroom floors and just do the lounge room floating floor or something.

Decisions, decisions. Just need something low cost and effective enough to be perceived as reasonable… not a high standard of finish for this rental property.

Actually i would do it all floating floor because that would bring the place up well but it is so damn expensive. I can't justify it unless i can get some secondhand bulk lot deal somewhere.