We Bought Property in WA... A Very Different Experience

EP 040: I do have a story for you this week.

I nearly didn’t share this…
But I wanted you to see that building wealth is not all sunshine and rainbows.

You will hit challenges, just like in business.

A few weeks ago, after a delicious dinner, Bianca’s (my partner) phone kept ringing.

It was odd, as she was not expecting any calls.
And, it was a private number.

With the number of spam calls we get nowadays days, we didn’t think much of it and ignored the call.

It was getting to that time of the night when we were putting Jack (my son) to bed and the phone started to ring again.

With it being later, we were even less likely to answer the phone.

Not to mention that it had been a big week, and we were looking forward to spending some time together.

Just her and I... pretending like it was the old "pre-kid" days.

Like clockwork, the phone rings again.

And again.

And again.

It hit a point at which we started to ask ourselves if we should answer it.

"It might be important."
"Nah, it's probably just someone trying to sell us something."

Anyway, we decided not to answer it and savour the evening.

Thankfully, the phone did eventually stop ringing.

But…

Then we got a text message... “URGENT CHECK YOUR EMAIL.”

Now we were super curious... and concerned.

We opened up the laptop.
What we saw was an email from one of our property managers.

It clicked!
That's who had been calling us!

There was one line in the email that stood out:
“We think the house you just bought was a drug house.”

Wait... what?!?
We were in shock.

The house is in an extremely nice area.

We called them straight away.

I asked why they thought this.
What about the evidence?

They replied with:
- The bench tops are... sticky.
- The carpet has this... smell.
- There are odd people coming to the house looking for the previous owners.
- Someone is even moving furniture in the backyard…

WTF...

We went to bed that evening thinking we had just made a huge financial mistake.
I felt sick, and I'm sure Bianca felt the same.

Over the coming days, we investigated more.

The good news.
We didn't buy a house from a drug lord.

It turns out…

We bought the house from a couple going through a messy separation.

The house had been neglected while this couple caused havoc in each other's lives.

Luckily, we have a great property manager.

It did cost us a few thousand dollars to get the house cleaned up...
But, I'm always playing the long game.

Never in a million years would I have expected to be dealing with things like this as a property investor.

This is the type of stuff you will have to deal with if you invest in property.

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If you want to hear more of the story of buying in WA.

Or, if you want to hear Grants' experience of buying in WA, then check out this podcast episode.

That’s it for this one.

Episode Highlights:
00:00 Welcome!
01:11 Our newest sponsor and partner
03:58 What Charley is up to with his business and investments
07:19 Grant’s business and investments
08:51 Charley and Grant’s experiences buying property in WA
16:49 How to take advantage of delayed settlements
21:23 A crazy experience with tenants
26:33 Little hint on business opportunities and the Melbourne CBD

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