I’m looking to buy an IP but i want to find a real bargain, and I’ve heard that there are many property developers that are in strife and are desperate to sell apartments and units which are now near completion.
Where do I find all of these desperate developers? I want to go and make some offers and pick up a bargain.
Does anyone know how to get started or get in contact with them? Also what do people think of this strategy?
I’m in Melbourne and I’m thinking of areas between 2 to 8 kms from the city, but I’m willing to consider anything at the right price.
I will be interested in replies but I am guessing the finding who is hurting most will be very hard to find.
Personally know of a lot of property that seems unsellable at the moment, but why buy now, it may get even cheaper ???
Saw a vacant house on the weekend about $200K less than similar properties two years ago. You think ppl would snap it up, but it seems everyone is hunting for the real cheap bargain and is willing to wait.
Will be interesting for some time to come.
Heard a mezzanine crowd had gone down and the investors who invested in property will loose pretty well everything. Who would have thought 3rd & 4th mortagages would be a risk ???????
hi all
I don’t wish to pop your bubble but as a vangard for these developers.
I will let you know that it is not usually the developer that requires mezzanine funding but the builder.
As for bargins well there are bottom feeders in any market don’t go looking for the cheapest in this market remember quality is what you should be looking for.
Find quality at a low price and you have value.
One thing you must keep in mind when you are looking for what you call bargins that you are getting value for money for a little bit more maybe a big leap in area value and resale further down the track.
Yes this is a buyers markets and there are alot of deals being organise from different lenders including developers and talking as one, we are in the market to keeping developing.
The property market is a up and down market and you flow with the market.
I like both boom and slow down markets as you have to adjust each and every day.
I haven’t nor I have any intention of discounting any of my developments but we build to a particular market and the value is seen in each development, some don’t.
Currently the builders/developers that I work with are not in the group that you are looking at and I don’t know the melbourne market.
I would be interested in the company that has closed and a feedback on your market.
I’m always interested in different fieldshere to help
Its a great strategy looking for highly motiveated vendors, but you will probably find better bargains amongst;-
1. People who bought off the plan a few years ago and now have difficulty settling.
2. People who bought at the peak of the amrket and are now quitting their investments.
3. Highly motivated vendors of established properties.There are not too many developers around Melbourne who are hurting at present, and while there are some organisations around saying they will help you buy wholesale off these developers, they are usually just marketing organisations who make substantial profits.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.auVexil,
Wholesale Property Brokers often purchase properties from distressed developers on behalf of their clients. Danny Smith, who posts on here quite a bit, works for them. You should send him an email, I’m sure he’d be happy to talk to you about how they find their deals. His eamil is [email protected]
Regards
AlistairGreat bargains are out there! Especially we found this in NSW, we have an established project close to parramatta dropped by at least $50k from original selling price!
I agree developers with established properties are most desperate.
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.au
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