Hi guy,
Just read steves second book, it was a great!!. I have a question in the book it talks about being creative to secure cf+ deals!I have had a think about this and in my small brain the only thoughts i had were ever.
1. Renovate
2. sub-divide a large property
3. find the deal cf+ from he start.Am I missing something, i understand the principle of problem + solution = profit and i agree totally as that is why business exists….
I would appreciate some thought on creative ways deal are done by investors.
Regards
Jon
There is really no limit,
We bought a community hall for 35K spent 45K and will sell for 165K
We bought a hall and will sell a 4 br home.
There is the 2-3 3-4 br tick.
There is dual occupancy
There are “fixer uppers”
where does it end?
What about asking council for a copy of the properties coming up for back rates auction? This has had some great outcomes (wrap, below value sale……)What about asking council for a copy of the properties coming up for back rates auction?I take it this is repossesions due to the owner defaulting on rates? Is that an obvious question?
If this is the case, at what point would this happen? Surely the council isn’t going to go in after one missed rates payment? Maybe a couple of years? 10% of the value of the property?
im unannounced
Depends on the particular council and the situation. I’ve never actually gone looking for these sort of deals but an agent once told me about a house that the council asked him to sell off as the owner hadn’t payed the rates for many years. The owner was an elderly lady in rather unfortunate circumstances. When he reported back to the council they decided to leave her there and worry about the rates out of the estate when she passes away.
Still, it may be a way to secure a good deal so long as there are not too many people looking to buy the same bargain. I’d also guess that these sales would go to auction in same way as when the bank reposseses a property in default.
Regards,
SonjaOK, I will give you the good stuff.What you can do is contact the council, get the list of properties that are coming up for auction. You can access this info months in advance (will include details of last owner). I have a good relationship with a few people in different councils and they are happy to give me the phone numbers of people who are just a little behind for me to follow up on.
For the established houses, the last thing you want to do is compete at auction.
Contact the last known owner, ask them if you can buy the property from them. Make them aware that you know the property will be auctioned and you want to help them out.
If they are living in the house – EVEN BETTER. you just got your first tenants. You need to help the people (normaly retiree or young family) to see they would be better off renting as they can access a subsidy from centrelink (and minimise their outgoings). If they still want to own, put them on a rent to buy/rent option deal. They still get their subsidy, you get a house below market value.
With the alternative that the house is sold out from under them (bad), this is a win-win for sure.
Am I giving away all my good secrets here???Hi Jenwren,
In a word… YES!
I’ve only been around here since April but you are one of the most generous with specific info that I’ve seen. Not just in this thread either.
Kind Regards,
Sonja
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