Property Deal Finder
- Thread starter Jamieb
- Start date
true but its an auction clearly the person was bidding with emotion and wanted the house at all cost.
The estimated figure is there as a quide, the way i see it if you pay over the estimated your paying to much and if the numbers dont add up then dont buy it.....theres plenty of deals out there.
$200k houses aren't the kind that people tend to get emotional about.
I guess the argument goes that the deal finder has so many volume of buyers / transactions that they will ensure speedy settlement compared to the risk of letting it linger on the market.
It could of needed a Reno or in the middle of no where ... I don't know
It's all explained on the web site, they estimate how much you should pay and you do your own leg work. Simple
Okay, so that's the first one I looked up, fair enough, maybe I should look further. Here is the next.
Property Deal Finder said:
On the House said:
So at this stage it's two out of two.
Then I checked a third one.
Property Deal Finder said:
On the House said:
Looking at these results, I would definitely take it at the very least with a grain of salt. All three places I checked fell well short of of the numbers that Property Deal Finder base their returns on.
should pay in what respects?
all a different story if they have bought it them selves or used options
call me inexperienced but every agent ive dealt with would rather accept a $180k contract with 15 conditions instead of $150k unconditional, that is unless its a really dodgy or illiquid area or it needs a complete reno
your format is a bit confusing, are you saying that inyour first example, they claim to have negotiated the pricedown to $220k, and yet it sold at auction a bit later for $278k because nobody on dealfinder purchased it?
Sorry mate. Robstar is nearly right.
Property Deal Finder seems to imply that you should be able to buy the first property for $220k, but it actually sold for $278k. Similar results for the other two houses I looked up.
Certainly not something that makes me want to subscribe.
sure, I would love to buy a $1mill property for $200k, but where do they get the idea of "should" be able to buy, thats what I dont get???
do they say to the agent, will your vendor accept $150k, if the vendor says maybe, then do they put it on dealfinder??
I just dont get it
To me it seems a little bit like its acting as somewhat of a buyer's agent saying that according to their expert knowledge, it's likely that the vendor will accept $x.
And they can than say that according to this price, you would get a yield of y%.
But as $x doesn't seem to be a realistic value, y% will turn out to be lower too.
I have no idea how Deal Finder determine their estimated negotiated price, but so far I haven't really seen anything that I've been missing out on.
There is an RE listed value. They then suggest a price you could negotiate it at. That price then forms the basis for their projections. They arrive at this price by assessing the RPData report and making a judgement (optimistic end of the scale).
You get an RPData report with every property. Useful to an extent in that it gives you most of the actual figures you need to make a preliminary assessment. To qualify I'm always hedgy about market data. Some of these figures are fairly rubbery.
Screen grabs here
Prices:
$299/mth/state(NSW, QLD, SA, VIC & WA)
or
$499/mth for 5 states (as above)
or
casual at the astronomical $999/mth/state
Personally I think the pricing's way over the top. To me these are the lazy mans investing tools. They teach you little and and stifle your creative thinking.
Personally if was going to suggest a tool similar to this I would go with Price Finder on a monthly as need be basis to help with filtering.
If your looking for properties then one should look at a structured approach and analytical method. Like review 10 properties per day. Target 5 live prospects per week and so on. There's a heap of free information that is straight forward to use in filtering. The more you do it the more adept at 10 sec analysis you become.
What I also noted in the past deals report is that the ppty is only +ve cashflow with a 10% deposit. Not leveraged, an actual out of pocket deposit. It doesn't quite work for me.
