Investment property

After the sale of our house, we made a good amount of money even once we had paid off our mortgage. It has been enough to buy a two bedroom block and tile unit freehold. It is all but a done deal. Fortunately for us but not so fortunate for the vendor, he has to sell due to financial difficulty. It had been on the market for quite a while due to the fact that the tenant was being difficult and not letting anyone through the property. After letting then vendor know we were cash buyers that wanted to buy before Christmas and after letting the tenant know that if she would co operate we would might her stay on, we were the first people able to view the property. We also got some pre purchase advice from a property manager and she seemed to think it was worth looking at.

We were very happy with what we saw and have put in an offer. The price has been agreed on and the only clause now is the vendors bank releasing the mortgage because he is in financial trouble. The settlement date is the 23rd Dec if all goes to plan. Yay!

The great thing about this flat is that it will be freehold so anything we make in rent, minus taxes, rates and management fees will be income for us in India. We also have a lump sum left over after the flat is paid for to tie us over until our company gets up and running in India. God really is so amazing!