You’re all going to think I’m a heretic. I’ve read the book, searched the classifieds. I’ve come to the tentative conclusion that ALL property in NSW is just over priced (according to Steve’s formula anyway). Is Steve’s suggested strategy impossible in NSW?
Hi Sly,
Mate – new wine for new wineskins!
There were more chapters in the book than just buy and hold.
Interestingly, some of the MAPPERS have found great deals in NSW… so they must be out there.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
The guru has spoken! Thanks Steve, I’ll keep on looking. One more thing, would you say you have (or had) greater problems with tenants in low cost housing than in say, metro Sydney or Melbourne?
Sylvester,
You need to build a relationship with some agents & buy the properties that DON’T get listed
Remember list price isn’t the same as the sale price.
If you make 100 lowball offers & one gets accepted, you’re now in the game.
Cheers,
Aceyducey
Don’t get to folorn, they are out there. I purchased my first IP last month – $53,000.00 3 bedroom on 1/2 acre. Am doing some upgrades and have a tenant waiting to move in at $185.00 per week.
Have another under contract and am doing the conveyancing myself due to poor experience with solicitors on the last one. This one 3 bedroom also on 1/2 acre – $22,000.00 needs upgrade and also have tenant waiting @ $130.00 per week.
They are out there – not easy to find. I took advice from the forum and have been building relationship with a couple of agents in my area of choice. Both of these IP’s never made it to advertising stage, the agent called me I went straight away to have a look.
Keep focused and don’t give up.
Good luck
DiWell done Di.Good on ya.Thats what I like to see a successful +CF investor.Keep up the good work.I,ll see ya at the top.
Russ.Hi! Great stuff Di.
“
You need to build a relationship with some agents & buy the properties that DON’T get listed “AGREE!!
“Remember list price isn’t the same as the sale price.”
agree!!!!!“If you make 100 lowball offers & one gets accepted…”
DISAGREE!! Firstly, a waste of paper. Save a tree! And it’s not going to end up building good relationships with agents, that’s for sure. it will annoy them.
much better to find out, of those one hundred deals, which ones have motivated vendors or vendors in situations you can solve. I.e. some might love the chance for a long settlement (at a discount to you) and others want a short settlement (at a discount to you.)
Wow, this is great. Many thanks to every one who has responded! Would I be too cheeky to ask what areas? [biggrin]
Originally posted by MiniMogul:“If you make 100 lowball offers & one gets accepted…”
DISAGREE!! Firstly, a waste of paper. Save a tree! And it’s not going to end up building good relationships with agents, that’s for sure. it will annoy them.
Each to their own
And this isn’t a strategy I use, we tend to make 5 offers for every acceptance, but I do know someone with a substantial portfolio who does use this approach & is doing well from it.
Cheers,
Aceyducey
Thanks all for the positive reinforcement. I think everyone has a style of purchasing/negotiating that they feel comfortable with.
Iam finding that I give the agent my criteria, don’t mess them around with viewing a potential property, am able to make a decision and not hum and ha,give them a price to go to the vendor with (even if they shake when I give it to them)and am able to come back with another offer if need be, then I am not having to much difficulty.
The big thing with these agents seems to be that at the current time they have potential purchasers banging their doors down, but if they come across someone who will make them a quick dollar (they also have families to feed and don’t want to sit on a property) without having to cart potential purchasers around then they get on with it.
Anyway, for what it’s worth that’s my veiw.
Keep focused and DONT give up.
Cheers
Di[strum]i have used the 100 offers to find one theory, and it is very time consuming, but i look at 100 properties find maybe 5 – 10 that fit the criteria then make an offer, never low ball but certainly has to be pos cf. i’m finding it very hard at the moment in nsw, but then again i havent been looking too hard. am off to SA to have a look see there, i know of a town or two that still has them. i guess if you are genuine in your offer (i always have pre approved finance letter with me) then normally the REA are more willing to help you.
cheers
shaunLead, Follow or get out of the bloody way
Sylvester, look on all the real estate sites on the net, drive a couple of hours away, pick up all the real estate booklets from the agencies, as well as the local newspapers, ring agents, research the areas, have your money ready so you can make an offer and exchange quickly.
Dismith, what fantastic work!!!
Anna
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