The One That Got Away!
We had an exciting day in Newcastle – all ready to bid at this renovation class project auction. This house is in a great location and with an amazing view in New Lambton, Newcastle.
Renovation Class Project – Ready to Bid at Auction
We had the finance organised from our Class Project participants. And a number of our team were able to travel to New Lambton for a final inspection and pre-briefing and the confidence to bid at auction…
In Good Company – with many auction attendees!
It looked like a lot of the neighbourhood and a bunch of property investors were also keen on this rare opportunity.
Here is our video of our discussion and the action at the auction…
It was not to be, so on to the next…
Interestingly, just one hour prior to the auction we had the opportunity to inspect another property for sale nearby in Freyberg St. We were actually quite excited about this one so it put the auction in perspective – there were plenty more fish in the sea as an ideal Class Project Renovation.
Class Project team and the auction experience
Not getting to win this auction turned out to be for the best – just a few weeks later we were successful to buy the Freyberg St property, with the price being lower and giving us better scope for a quicker and easier renovation and sale.
Valuable lessons with Class Project Auction experience
Insights and learnings from this class project auction experience included:
- Organising the Class Project Team from the wider Wonder Women Renovators community
- Raising finance between us to we could invest and renovate without involving the banks
- Using our buyer’s agent Judith to help us source potential properties for the project
- Research, due diligence and legals for the project
- Delegating to team members who could use their interest and expertise to share the responsibilities
- Productive and fun team visits and tours to Newcastle to find areas to invest in
We are keen about how this Renovation Class project is evolving for all of the team and for our wider community for The School of Renovating.
Stay tuned for our next Class Project update.