This is a great forum and Ive listened to Fastrack but I still don’t see where I can find positive cashflow properties. Surely any property for sale will be listed with agents and you can only make (realistic) offers so far below the asking price. Obviously you can make very low offers but who would take them?
Can someone please enlighten me?
Thanks,
Ed[
]Hi, Spocky.
You should look for places that look run down – various reasons, and they won’t necessarily be in a bad area. Ask the agents what properties have been listed the longest – and why. If they don’t know, then ask to speak direct to the vendor.
Some people need to sell urgently, so they will take a lower offer, but in a rising market, you don’t have to go much lower to get a good profit.
Sometimes the neglected property is not listed, but they are happy to get rid of it.
Remember to think outside the box.[8D]Thanks Hiliary,
does that then mean doing a renno/face-lift before renting out? That would be cash outlay in the first year of aquistion which Ive heard should be left to the second or later years?
I do take your point though if it looks a bit run down it may just need a tidy up – is that the idea?
SpockyYou’re getting the hang of it here – it may be a case of the worst house in the best street.
Also try thru realestate.com.au for areas near where you live – search within your price range, and just above as well as just below.
Be prepared tho’ as the agents sometimes can’t keep up to date, and the properties may be already sold, even tho’ still on the net.
Good hunting![]Hey Spocky,
Maybe you might have to reno the property but if it gives you a positive cashflow after the work isn’t that a good thing. The costs of Reno will be added to the capital base so while it isn’t a deduction it will come off the cost. It’s amazing how a little bit of elbow grease can bring the property into a new light.Enjoy
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