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Move to commercial

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  • Move to commercial

    A short number of weeks ago I was speaking to my accountant. We discussed how moving to commercial buildings was the next natural step for my investment journey.

    I have 2 and 3 bed houses and flats in Auckland, Hamilton and London. I have now diversified into some off-plan bare land.

    AND, What do you know!! I have also unwittingly moved into Commercial!! My very own P-Lab!!


    The Dog

  • #2
    No laughing matter.

    Perhaps I shouldn’t have posted this in the funnies, however my thinking at the time was…. if you don’t laugh, you cry.

    Any hoo

    P-lab saga is now progressing. I have been notified by the Council that a test and decontamination order is about to be issued.

    Time line :

    27th October - My offer on property accepted
    3rd November – Unconditional
    8th November – POLICE RAID!!!
    21st November – Property completes – Existing tenant signed up.
    22nd November – Council receive notification of raid
    22nd November – Council inform PREVIOUS Owner’s letting Agent of raid
    28th November – Previous Letting Agent informs my Agent about the letter in a “Oh, by the way….” Conversation.
    Today – The Council contact me.

    Still no report from the Police.

    What do people suggest. I’m pretty sure the previous letting agent knew about the drugs, but didn’t inform me. Certainly they took their time about telling us even after formal notification by the Council. It all seems a little strange that the tenant has been allowed to stay in the ‘contaminated’ property given the dangerous nature of the fumes. I’ve been through the property twice and there were no signs, smells nor sounds of foul play. Without the report, I have no idea of what the Police found.

    So, what can I do? Without evidence of their prior knowledge, is there any way I can slap the previous owner or letting Agent?

    Every wonder why a property is 21% under valuation? Now I know why. I’m not going to beat myself up over this one as there was nothing I would change about the purchase, and if presented the same circumstances again, I would purchase again….. although I will be more wary.

    The Dog