Hi guys and gals,
new to the forum so not sure if this has been covered much before, but from what I can see, by the time property hits the market (i.e. Internet, in store advertising etc) it is already too late to buy it at 'below market value'
So my question is, for all these peeps that are buying property under value, is this done purely by knowing someone, who has a mate, who is desperate to sell? or?
From an outsider looking in, it seems that the only way to grab a bargain, is to either have a real estate agent in your pocket, or simply through an offline network and to grab the property before it becomes knows to the shoppers who are happy to pay retail.
Whoa there.
Ok, with no disrespect, lets say you are a Newbie just learning, like we all were once. OK? This is rolled gold
First step.
NO 1 There is technically no such thing as buying under the market legally. What you pay, IS the market, someone pays less, that is the market. What you want is Cash Flow Positive Property. I.e. it pays for itself.
So read this thread>
http://somersoft.com/forums/showthread.php?t=89018
NO 2, if you do'nt have the time to learn but the money to buy. Buy the skill.
Find a really good, trustworthy buyer agent working the area you want and if it is an IP then the area you want is the best, so personal taste is 99% irrelevant. No Buyers Agent can do all of Aus, that is rubbish.
So with no connection at all other than knowing her to be a trusted operator and long term forum member try Jacque. Will post link. Must be member of Buyer agents Association. But don't be cheap, A good independent one will cost $5000 at least.
NO 3 REALLY IMPORTANT, what is your Goal then make Strategy to achieve that.
Seriously, that is the key to success. Not knowing that earlier cost me $$$$ in tax, fees, sale costs, etc...I should charge for this stuff.
AND Lucky last
Anyone who has deals in far off locations, wholesale pricing, "free" seminars and courses costing but then want something for it, is a 99% of the time, a scam. Any one calling themself Property Processor, Guru, etc.. are to be watched closely with doubt.
If you can spend the time to learn, not panic, get a goal and strategy , you will succeed. If you rush , you may get lucky and succeed, or you get scammed you will lose 10 years of growth.
My 2 cents from an investor with more that one IP , Peter 14.7
PS A rule I used as a Newbie was when someone was giving me advice was this ask " so how many IP do you have?" 80% of the time, NIL!!!!! Run Away!!
PPS of those gurus wanting money if they are THAT good when do they charge??? The Serious Investors here, who have made it in property are too busy: playing with boats, vintage cars, farms ( tick me) , travel ( another tick), golf, sports, etc and dont need or want to be selling you their time as a coach / guru etc...