reading the forum, investors are saying they only take 30 – one 15mins a day to find a property using the 30 second solution. I have spent hours several days aweek – phone,internet, agents, newspapers etc anything close and those in the “know” have vetoed.
I am organised, although an hour a month to service many properties sound ideal.any suggestions?????????????????
One thing you need to understand is that good property deals come around all the time. Looking for 30 mins is great. however, you may not be looking in the right place, or looking hard enough. The 30 second rule may be fine but deals are structured using your imagination not what “rule” says. Sure the 30 sec rule can find you awesome deals… But it is only one of many ways of finding great deals. Try playing with the numbers a bit more.
Dolf De Roos’ method of finding property is the 100-10-3-1 rule… You look at 100 properties, place offers on 10 (the most promising), more than likely you will have 3+- accepted and you chose the one to purchase. (That’s a basic run down, read his books to find out more.)
Maybe you haven’t looked at enough property yet. Sometimes you have to be looking for months upon months before you find deals. Main reason for this is, you need to become aquainted with, and gain a feel for what the value etc of property really is. You look for ages and then after months of looking and inspecting etc, you begin to understand why the 3brm house for sale at 210k is a better deal than the 4brm house 3 doors down for 190k.
I may not have explained it clearly enough, but basically don’t lose heart, keep looking and looking and looking. Great deals can be found anywhere, anytime, they just need to be found and that may take more than just abiding by one rule.
Originally posted by Lumwood:One thing you need to understand is that good property deals come around all the time. Looking for 30 mins is great. however, you may not be looking in the right place, or looking hard enough. The 30 second rule may be fine but deals are structured using your imagination not what “rule” says. Sure the 30 sec rule can find you awesome deals… But it is only one of many ways of finding great deals. Try playing with the numbers a bit more.
Dolf De Roos’ method of finding property is the 100-10-3-1 rule… You look at 100 properties, place offers on 10 (the most promising), more than likely you will have 3+- accepted and you chose the one to purchase. (That’s a basic run down, read his books to find out more.)
Maybe you haven’t looked at enough property yet. Sometimes you have to be looking for months upon months before you find deals. Main reason for this is, you need to become aquainted with, and gain a feel for what the value etc of property really is. You look for ages and then after months of looking and inspecting etc, you begin to understand why the 3brm house for sale at 210k is a better deal than the 4brm house 3 doors down for 190k.
I may not have explained it clearly enough, but basically don’t lose heart, keep looking and looking and looking. Great deals can be found anywhere, anytime, they just need to be found and that may take more than just abiding by one rule.
Very Good [:o)]
Regards
Julian [
]THERE IS ALWAYS A BETTER WAY!
Whats the 30 second solution?
Dom[]thanks for your responses, I’ll just move around what was becoming a head banging wall!
it and many other things are in Steve’s 0-130 properties. It does tend to wipe out other theories, it is easy to read, sometimes humorous and gives plenty of food for thought. See Steve’s forum further down. This hasn’t really answer your question but I’m not sure if its ok to give a more direct answer – ask Steve
At the beginning of property investing you would spent hour and hour looking for good deals. sometime good deals just right in front of you but you just can’t see it.
It is what happent to me before.
Once you find the right area to invest and found some properties in the area that fit into your criteria then you should be able to get close contact with agents in the area and therefore, 15 mins to 30 mins a day would be enough to work out the good from the bad deals.
[drummer]
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]breaking out, are you confusing the 11 second solution (Steve’s) with a 30 second solution that you’ve been posting?
Cheers
Melapologies typo yes 11 second solution but when your tired and frustrated it seems to take longer
Breakingout,
As others have described, it can take lots of effort to effectively research the market (that’s what you are doing by looking for deals and learning as you go). I spend hours most evenings working on RE. Sooner or later “lag” kicks in, a bit like “reap what you sow”, and there’s a deal.
To use an analogy I’ve posted before, it’s like staring at the Magic Eye picture until eventually the image jumps out. It was always there, I just had to let my mind look for something different.
For example, I spent many hours over the last few weeks looking in a new market, interstate. Made connections with people and firms who live there, and doggedly tracked a deal I had just missed, in case it fell over and guess what it did. I had my person on the spot in the agent’s office and dived on it. The yield will be 17-19%, 4 bedroom fully renovated home, town of 25000 people. Building and pest reports all AOK.
Keep going, everything you do will pay dividends.skippygirl[biggrin]
Hi there, no need to rush, there will be plenty of opportunities, perhaps even more down the track.
There are many people on this forum that are knowledgeable that have helped me. Also keep looking at other resources, books etc.
Cheers
thanks for you support. I’ll keep plugging
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