Whats the weirdest/wackiest thing you have done during your investment journey??:)

Brady said:
Purchased 1st property @ Auction after only seeing it few days prior, purchase next 2 sight unseen and last purchase was made at 1st open :)
Click to expand...

I was once the highest bidder at an auction where I did my first viewing of the property whilst we were in the final negotiations.

60 days later I was in the shower after doing some maintenance when the first prospective tenants showed up half an hour early. Fortunately I was 15 years younger at the time. :)
 
" Yes; not a smart thing to do...breaks an accepted rule of engagement.

But at the time, it was my strategy to secure a deal for a lower price in a hot market.

Calculated risk, you could say."
Click to expand...
Yeah it does give you tremendous negotiating power to go unconditional with no clauses. I'm not as brave as you though.. :D

Im guessing they worked out very nicely for you ? ;):p
 
Gotta put pen2paper when you see value.
Click to expand...


Yea I agree. I scored my best deals by being decisive and aggressive once I knew it was great value. Every time I am negotiating to buy property, I always pretend that I have a partner ..and if need be I make him the bad cop and me the good cop. Works amazingly well. I got about 7-10 negotiating tactics I use regularly and most often the agents dont know what him em in the end.:D

I found my negotiating skills, tactics, strategy improved 500% after I bought some good books on the subject. Its definitely worth while adding it to your investment library.
 
MTR said:
Hi Skater
A question, just had a quick read, OK, one of those little homes you purchased at $195K in Syd West, what would the value be today??? I am expecting close to double;)
Click to expand...

Not quite double. Most of them are still a bit rough around the edges & need a good reno. They are clean (when the tenants move in), and well maintained, but are pretty basic.

If we sold, and gave them a good once over, we could get a lot closer to double, maybe around $360k. BUT in saying that, there's a lot of activity in the area, so prices are still rising. :)
 
LeoT said:
Yeah it does give you tremendous negotiating power to go unconditional with no clauses. I'm not as brave as you though.. :D

Im guessing they worked out very nicely for you ? ;):p
Click to expand...
no, both were duds.

First one was a brand new town house, paid $395k for it and we were expecting $450 per week rent....sat vacant for 3 months (ouch cashflow) and then could only get $350 per week when it did rent (double ouch cashflow). Sold it after 15 months for $430.

Second one was an older 2x1 unit bought for $205k, that I spent a further $25k on a Reno. Then only rented for $210 per week (ouch cashflow). The rent never want up at all for 2 years, and we eventually sold it after 3 years for $250k.
 
LeoT said:
" 3. I guess this counts - our first two IP's were signed on the same day, and both without "subject to finance" clauses"


My, my arent we confident! :D:eek:
Click to expand...

I must say (brokers block you ears) only one of our properties were offered with finance or even BP clauses.... I guess unconditional offers became a way of life for us........ it did result in one tricky settlement when we ran out of serviceability.

The Y-man
 

Attachments

  • BORAT.jpg
    BORAT.jpg
    3.2 KB · Views: 49
Second one was an older 2x1 unit bought for $205k, that I spent a further $25k on a Reno. Then only rented for $210 per week (ouch cashflow). The rent never want up at all for 2 years, and we eventually sold it after 3 years for $250k.
Click to expand...


That one doesn't seem too bad for cash flow.. probably just a little negative but not much I'm guessing.. I don't think you did too bad with the resale value. I wonder what its worth day?
 
I must say (brokers block you ears) only one of our properties were offered with finance or even BP clauses.... I guess unconditional offers became a way of life for us........ it did result in one tricky settlement when we ran out of serviceability.
Click to expand...


Aren't you worried that you wont be able to get finance.. and with B&P aren't you concerned Theresa major problem? I actually like B&P because when I find something minor I usually make it out much worse then it is and knock some money off the price. Hasn't worked every time but many times! :D
 
LeoT said:
That one doesn't seem too bad for cash flow.. probably just a little negative but not much I'm guessing.. I don't think you did too bad with the resale value. I wonder what its worth day?
Click to expand...
Nah; it was never really that good given the purchase cost, the reno cost, body corp etc - the first 2 years of stagnant rents didn't help either.

We really only sold it because we were about to move to the USA, and given that the unit was neg geared, we weren't sure how the USA was going to pan out for us - we didn't want to be stuck over there with no money for travel etc.

We had two others at the time that were cashflow pos, so we decided to offload this one just in case.
 
skater said:
If we sold, and gave them a good once over, we could get a lot closer to double, maybe around $360k. BUT in saying that, there's a lot of activity in the area, so prices are still rising. :)
Click to expand...

CORRECTION!!! :D:cool::D

Blink & in an instant the market changes. We haven't been paying as much attention to that end of town for the last couple of months. Decided to go to some opens to get a feel. OMG! Sitting outside one very daggy home half an hour before open & there's another 6 parties waiting. All original except a modern (but old) kitchen & a bathroom reno that would have to be re-done. It had to be seen to be believed! Ask price $375k!

Another in the same street as one of ours. Similar story. Ask price $370k. Agent was complaining that there were too many people & he'd run out of cards to give out.

There were others as well. I've no doubt these will go for ask price or maybe higher judging by the amount of interest. Several of the people seemed to be first home buyers. This may sound racist, but it's just an observation. The FHB's seemed to be all immigrants. Maybe they don't have such high standards as the home-grown Aussies who want the best of the best. In that case, good on them.

These daggy little homes will be the stepping stones to their future, just like our daggy little home was not that long ago now.

Something to note is that none of the homes we viewed were reno'd. Just pretty average ex-houso places with nothing special going for them. Now just gotta get rid of the tenants & get our one up to scratch to sell.
 
After reading Steve McKnight's book 1-130 properties, I decided I would buy a cash flow property. I purchased in a regional town in WA, Merredin, paid $28,000.

The problem was I purchased on the wrong side of town, huge social issues, my tenant kept getting his clothes stolen from the clothes line.

After 6 months the tenant left and I sold it immediately. I sold it for $60K and then the person who purchased it from me sold it for $120K 6 months down the track.

OK, made a profit, but I have a laugh when I think of how stupid I was buying in Hicksville.


MTR:)
 
Lived on a $35/week food budget.

That is, $35/week for everything that entered my mouth. Dining out, groceries, drinks, coffee, medicine and other things all included.

I found it oddly easy and liberating.
 
To LeoT,

Just as a curiosity, is there some reason you don't use the "quote" button?

The Y-man
Click to expand...

Hey Y man,

I actually thought I was using the quote button when it goes in the grey box..whats the quote button then? :eek:
 
You must log in or register to reply here.

Similar threads

S
Journey so far - $75k salary (average), 5 years, 10 properties
2 3 4
Replies
66
Views
24K
Simon L
S
N
If you're still poor at 35, you deserve it!
Replies
15
Views
5K
LeoT
L
impala67
What is the most risky thing you have ever done?
2
Replies
30
Views
4K
jim1964
jim1964
B
Dream to be Comfortable not Rich. Start Now!
2
Replies
33
Views
7K
ChrisA1
C
mattjones
Brisbane Property Group meeting is on Tuesday 30th June
Replies
0
Views
2K
mattjones
mattjones
Back
Top