Hey guys and girls. I'm about to start looking for my third property but i was wondering which are some really good techniques or strategies to get a lower purchase price. With my first property i sort of tricked the agent by getting a preapproval for a loan saying that i was getting $14000 grand less than what i actually get annually and i showed him the preapproval slip. After talking to the vendors i secured the property at a much cheaper price. Like to here some from you veteran investors.
Cheers TonyTony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Just don't forget most agents will take anything you say with a pinch of salt, hence the expression "buyers are liars". I honestly think that the less you say the better. Best to just let them know you are interested and to be kept updated if your biding your time with making an offer. Also dont forget once you do put forward your low offer, keep it simple and stay quiet. The less you say the more power you'll have.
At the end of the day, whilst its always nice to land a perceived discount on the asking price, the reality is that property investing should be considered a long term strategy, and as a result so long as you havn't paid way over fair market value and have completed your research and due dillegence you will probably end up doing ok.
Research Research Research.
Once you have found an area and a location in that area you will start to know which properties are high priced or low priced.
You are then positioned to negotiate the best "bargin" and effectively buy at a discount to the market.You make you money on the way in(buying) not on the way out(selling) by way of creating an opportunity(renovator, subdivide, develop).
Once you have researched your area you will know which properties are then a good buy and may not need negotiating tirelessly.
If the numbers stack up- it stacks up.Agents can sometimes be far better negotiators than ourselves so it pays to utilize their skill set.
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