On Andrea from the ACA story. Here are her tips from the Fact Sheet:
Andrea's insight: how she does it
5 May 2003
Here are Andrea's top tips:
Only buy property with a high land content … as a general rule of thumb don't go for townhouses, duplexes or units. Andrea advises that the smallest value of land would be 50 percent of
the purchase price and aim for even higher than that if you can.
Look for properties that are going to cover ongoing costs associated with the property. Andrea doesn't believe in negative gearing.
Look for a property that hasn't been cared for — for instance, the gardens are overgrown or the decor is outdated. These properties tend not to be enticing to most people so you can buy them for a cheaper price and spend only a small amount to bring them up to scratch.
There is more money to be made out of holding the property over the long term rather than trading property.
Look for property with development ability, for example, the ability to sub-divide.
You must decide what you want to do and be very clear about it. If you want to buy property, for example, write that down, focus on it and make it happen.
Don't be put off by the fact you don't have a deposit. Think outside of the square and consider other ways you can get the money. Consider a personal loan or borrow some money off your parents, if possible.
Regards, Mike
Well, I've only ever bought flats and townhouses and getting increased valuations so I'm not convinced about that advice to stay clear of flats and townhouses.
PS If Andrea never married why has her name changed from Sutton to Humberstone? Changed by deed-poll?
[ Edit - I've just split this post into two, with half in the Jenman thread and half in the ACA thread - Sim' ]