Hi all. I have been driving past a property up the road from my current IP for many years now and have always thought it would be a good IP.Its central to town 1600sqm. Its a block of four units. To look at its a bit ugly.Brown brick,gardens looking crappy.But i see a lot of potential. My question is since its not for sale is there a way to find ands approach the owners to find out if there interested in selling. Has anyone else done this with any luck
Devo,
After 4 tries and 4 rejected offers. I successfully did this recently with a house (in Melbourne metro) that I drive past, and wasn't on the market. I used my current Property lawyer to do a search, contact the owner, draft up the offer letter and eventually the Sale contracts. Thus by-passing any need for a RE agent. The only fees I had where a Title search and the final lawyers ($1100) bill upon completion of all docs. It took a while to get the deal over the line but the Vendor (an old fella) who'd been there 35 years was rapt to sell at a good price with no RE commission fees and I had flexibility on the terms, so I could get development approval through.
Granted, it was a private detached house (and not units/apartments) but the approach concept is still the same. Second option could be to find out who the Rental Agent of the unit block is and they could approach the Vendor on your behalf, but that would be a last resort. If not just ask around, you'd be surprised what the neighbours/tenants will tell you. Of course it will make things alot harder if they are Strata (separate) titles.If you are serious about getting a certain property and getting a "No Thanks" and a small bill for a title search is the worst that could happen, then don't have much to lose.
Good luck.
HutchKnock on the door. If the owner doesn't live there then the tenant will probably have some contact details. Or the neighbours as Hutch mentioned. I have always found neighbours to be valuable sources of info and generally they love a chat.
Don't go near any real estate agent. If they get a whiff that there might be a possible sale in the wind they will be in there trying to convince the owner that they can get him a better deal on the open market.
Thanks guys. Another problem is i have no idea what they would be worth.I am watching what similar blocks and units are going for but my initial offer has me stumped. How would you guys go about it.
What's it worth to you? That is more important!
Good response. Well i knocked back a block of three units in a lesser area that went for $405,000 but they were two bedders as apose to the one im looking at now( 4 by 1 bedders i think).
Im thinking high $400,000 to low $500,000.Guess i need to see rental returns and condition up close before i go any further.I think the best aspects of this property are its position in a desirable area, Large 1600 sqm block and for me its relatively ugly cosmeticaly so they may help lower the price.Good luck with your offer devo, keep us updated on how you go.
Tatts
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