Hello All
I am so new, this is my first post. I am rearing to get started but I am still unsure what to do next. I do not have a lot of capital so I want to start by doing some spotting. I am located in Sydney so I am able to work in NSW only for the time being as I still need to keep my job.
I would also consider forming a partnership if anyone is interested.
My questions are listed below, all contributions are welcome.
1. After I do the 11 second solution on the property, how much information should I try to get from the agent before paying them a visit to carry out further due diligence?
2. When I am satisfied that a property would be a good investment what do I say to the agent?
3. How do I go about getting paid for spotting?
4. Any spotters handbook/manual available?
5. Anyone interested in NSW properties and have any particular types of properties they would like me to keep an eye out for?
lab
Hi Lab,
I suggest that you use the search button (top left) under the forum button.
Search for ‘spotter’ ‘spotting’ or ‘bird dog’ – there is wealth of information provided.
The key issues are your experience and capacity to find the right property, your experience as an investor, your client base and your license.
Derek
[email protected]Property Investment Support Available.
Derek again has nailed it. You need to have the relevant”runs” on the board and experience in your own portfolio and qualifications(although thats a mute point to some), to even start assisting others with their investment purchases.
My suggestion is that you pick an area, research it to death, talk to agents, buy them a coffee and discuss infrastructure and developements happening which will affect your target area. Spend time at council and reviewing local newspapers. Contact the Chamber of Commerce regarding information on industries in the area. Endless bugeyed hours in front of a small screen doing research, find a mentor if possible to encourage and guide your efforts.
Then start again. Do it all again, get your own strategy and portfolio in order, then use your knowledge and any qualifications to help others.
Easy, its only taken me 4 years intensely doing this to be where I am now, and then you can have a small modicum of satisfaction you are actually getting there.
Good Luck
DD
PS146 Certified Financial Planner
Don’t sweat the small stuff,and it’s all small stuff!!Don’t forget that the best deals are often created rather than found. Pick up Steve’s latest book, $1m in Property in One Year” for some good ideas. In fact become an avid reader of everything and anything to do with property.
Good on you.
Julian2Thanks to you Derek, DD & Julian2,
Your comments so far are very helpful. While I was in some regards on the right path, I understand now why I was unsure of what to do next.
I have read Steve’s book 0-130 properties in 3.5 years and have been reading his last book $1M in Property in One Year.
I have gone through the Buyer Beware kit.
I have enrolled in this year’s Property Masterclass in Sydney.
I still have on order another of Steve’s books “Fast Track.”
I have been doing research on Different areas in NSW but I have not singled out an area yet.
I have been looking at the Real Estate section of print media available in Sydney.
I will now continue to learn by following your recommendations.
Continue to accumulate investment capital.
Start getting out and looking at property and talking to people (I have no doubt that while doing this I will find my first property)
After I have done some buy and hold deals I will acquire the Wrap Kit and continue to learn more about that particular investment method.
Thanks again and keep your comments coming.
lab
Hi labinnsw,
Welcome to the forum!
1. After I do the 11 second solution on the property, how much information should I try to get from the agent before paying them a visit to carry out further due diligence?A good idea would be to list out all the assumptions behind the deal and then seek information about whether or not they are valid.
On a broad level, assumptions relate to:
A. The quality and security of the income stream (quality of tenant, vacancy, realistic rent etc.)
B. The quality and security of the property (budgeted costs <rates, repairs, insurance etc.> structural issues, illegal works, zoning etc.)
C. The quality and security of your finance (can you get finance, and if yes on what terms)
I note that you have ordered BuyerBeware… be sure then to use the Financial Analysis template to crunch the numbers.
2. When I am satisfied that a property would be a good investment what do I say to the agent?How about…
“I’d like to submit an offer on this property please. I offer $XXX,XXXX with a $YY,YYY deposit and the balance in XX days. Also, my offer is subject to the following conditions: <insert conditions>.”
Some agents will want the offer in writing or maybe even will give you a contact to sign. Just make sure that you leave yourself an out clause should you change your mind. If you are new to this then you can make a clause “subject to the my solicitor’s approval of the contract”
Again, use the info in BuyerBeware to craft an offer that is a win for all involved.
3. How do I go about getting paid for spotting?Well, I’d imagine that you’d need two things:
A. A deal which you can onsell; and
B. A list of investors who would like to buy the deal from you.If you can match up these requirements then you should be able to write some business.
4. Any spotters handbook/manual available?Good question. As far as I know such a resource does not yet exist. Perhaps look abroad to the US as their bird-dog market is more developed.
5. Anyone interested in NSW properties and have any particular types of properties they would like me to keep an eye out for?Nope – not from me. Just be careful with this line of thought as advertising is not permitted on the forum body, just in the signature at the bottom of posts.
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
Great to see Steve in the posts. It is imperative to put a thermos of coffee next to you and start reading. There are too few hours to not start asap. Get some Dolf DeRoos books too. I’m sure Steve has them on his shelves as do I.
DD
PS146 Certified Financial Planner
Don’t sweat the small stuff,and it’s all small stuff!!Thanks very much Steve. Your comments are greatly appreciated.
I especially appreciate the way you have given point by point straight forward answers to specific questions.Thanks again for doing me the honour of personally respondig to my post.
lab
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