Wholesale Properties

[WebBoard]

From: David Vernon


Hi there. Great forum.
I'm buying my first "wrap" property.
Does anyone know of a source other than Mortgagee Auctions to acquire properties at the low end of the market?
Does the Government produce a list of repo's?

Also, any Wrappers out there who are currently doing or have completed deals and would like to chat about wrapping, please drop me an email.

 

[Brent]

Reply: 1
From: Brent H.


On 1/16/02 1:04:00 PM, David Vernon wrote:
>Hi there. Great forum.
>I'm buying my first "wrap"
>property.
>Does anyone know of a source
>other than Mortgagee Auctions
>to acquire properties at the
>low end of the market?
>Does the Government produce a
>list of repo's?
>
>Also, any Wrappers out there
>who are currently doing or
>have completed deals and would
>like to chat about wrapping,
>please drop me an email.

I'm told the queensland state government lists forthcoming auctions in a publication which is available at the state library in Melbourne, or in Queensland (I'm not sure where else in other states).

In Victoria, you either have to ring all the shire councils yourself, or find someone who has done it for you. But just because a repo property is being auctioned off by the government, don't expect a steal. There is legislation in place which restricts the level of discount which you can buy these sort of properties for - from memory, you can't buy below valuation in Victoria and I'm told the legislation is similar in other states. You'd have to check that out for yourself though.

As for Mortgagee Auctions - sometimes the interest generated by the idea of getting a bargain pushes the price far above what you'd buy a non-mortgagee auctioned property.

But if you want to buy properties at the low end of the market, I can suggest one of 3 ways. Negotiate well, buy "low end" properties, or work with someone who flips who can be on your side to get you what you want.

Cheers

~Brent

 

[WebBoard]

Reply: 1.1
From: David Vernon


Thanks Brent,

That's given me a lead.

David

 

[Ross Sondergeld]

Wholesale proeprties...

Reply: 1.2
From: Ross Sondergeld


Hi,

Subject: Wholesale Properties


Brett said, "But if you want to buy properties at the low end of the market,
I can suggest one of 3 ways. Negotiate well, buy "low end" properties, or
work with someone who flips who can be on your side to get you what you
want."


I'm always amazed when people say "flip".

If the flipper collects a fee from the buyer in every state of Australia...
then they need to be a licensed real estate agent. More specifically,
they'll be a buyer agent (not a flipper).

Anyone like to expand on this...



Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast [email protected]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


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[Brent]

Wholesale proeprties...

Reply: 1.2.1
From: Brent H.


There's more than 0 ways to do a flip without being an agent.

But yes, being an agent opens up your options a little.