DA = Development Approval.

Ozi

Hi Tim,

Unfortunately I can’t help out as I don’t own property in the US. Several members on the forum do and I’m sure they can help you out. However, it probably would have been a good idea to ask these types of questions before buying in the US (or anywhere for that matter). It amazes me how many people jump in without doing research (not…[Read more]

Hi Don,

Thanks for the news articles. Sounds like some good times ahead in NZ for the coming years.

Regards,
Ozi

Hi CATA,

My biggest motivator is turning up to work each morning and realising just how much I hate my job! Its enough to make me work harder (not at work, but towards investing) to reach my goals [cap]

Regards,
Ozi

Hi Nicholas,

I don’t know anything about Bulgaria. Do you know anything about SPAM?

Ozi

Hi Matt,

The ones quoting you 10k a sqaure, do they include all landscaping, driveways, etc…? That may be where some of the additional costs are going.

Regards,
Ozi

Redwing,

I’m looking to buy in Melbourne.

Regards,
Ozi

* New front door
* Re-paint roof (if needed)
* Re-paint gutters and facia (if needed)
* Render (if that is your cup of tea)
* Turf the front yard

Ozi

Hi again,

Another way to find out recent sales data for an area is to visit the local council! I only found this out the other day. Every council is different, but I was able to view the sales data for the past 12 months for the whole municipality. It cost me $35 but I think its well worth it. I didn’t want to spend all day there writing down 100…[Read more]

Hi Kiwi,

That is some great advice. I like your idea about including a clause for reducing the commission if the agent doesn’t get their quoted price. Very smart I think!

I’m hoping I don’t have to go to auction but if I do, I’ll give some thought to your suggested tactics. Thanks heaps!

Cheers,
Ozi

Thanks for the tips everyone!

Stuart, I managed to get sales data from an agent which goes back 12 months. I showed this to the vendor, along with some of the current listings in the area. I guess the recent sales data wasn’t all that persuasive as there were still a few properties which sold in the $300-$350k mark. I know for a fact that these…[Read more]

Hi PropertyPassion,

Yes I hope I have done the right thing. I also don’t think the agents would agree to having the clause in the contract as this would have no benefit to them at all. I would prefer not to buy at auction, so I will probably wait for the agent to list the property then go in with an offer and see where that leads too. Who…[Read more]

Hi again,

Just a quick update on how things have progressed with this deal. It has been a bit difficult getting in contact with the vendor as she has been unwell in hospital the past week. I just spoke with her and it turns out her family has turned against her and demand she let the agent sell the property at auction, to which she has agreed.…[Read more]

Hi redwing,

Thanks for the tips. Regardless of what is deemed a “fair” price for this property, I am only willing to spend up to my “best” price, which is determined by the end values in mind and how much work and effort will be involved from begining to end. Since I am purely looking at this as a development project, if the numbers don’t stack…[Read more]

Hi Rick,

I’m still negotiating with the vendor but its not going as planned! I put an offer in of $270k last week and spoke to the vendor a couple of days ago. She wasn’t too impressed with my offer and stood firm on her minimum price, i.e. $320k. She told me she will be getting a couple more agents to view the property this week and will…[Read more]

Hi Anya,

Go into a local real estate agents office and tell them you are thinking of selling and would like to get some recent sales data for the area. Give them the address of the property which is identical to yours and they will be able to search for it on the REIA system.
Normally agents wouldn’t give this information out, but I’m sure most…[Read more]

Hi Rick,

No problems mate! Look forward to catching up tomorrow.

Cheers,
Ozi

Hi Stuart,

I know it is possible to hire floor sanders, and I probably would attempt doing it myself. I’m just worried the end result will look cheap and tacky. I’ve heard of many stories of people attempting a DIY floor sand/polish and haven’t been happy with the results. Most people I’ve spoken to have recommened leaving this job to the…[Read more]

Hi Kiwi,

That is a great idea! Thank you.

Cheers,
Ozi

Hi Rick,

Thanks for the negotiating tips. I will take these into consideration when calculating my budget. The owner is already aware of the agent costs, which is why she doesn’t want to sell through an agent. I’ve already made it clear to her that I would be prepared for a quick settlement and she was happy with this.

Don, thanks you for your…[Read more]