Wholesale real estate

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From: David Buch


Hi

Can anyone tell me any tips or tricks on being able to buy property WHOLESALE and not pay retail through real estate agents..

any idea..?

Thanks

David
 
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Reply: 1
From: Khurram Saeed


hmmm....the way i have done in the past successfully, is to do the following:

1. Do your due diligence, so you know exactly what is the Per Square Meter price you should be paying for a given area. Find some similar to your property but cheaper. Therefore you have leverage.

2. The most effective way, i have done in the past is to buy in a syndicate. Buy lets say 5 townhouses out of the 10 that are being built with 4 other people. And each got a discount of 9.8%, with extras thrown in.

3. Do a valuation of the property you want to buy. Ask the Valuer to do a Market Valuation. This way you win both ways. If the valuation comes lower then what the developer is asking, you have bargaining power. If the vlauation comes higher then what he is asking, then you are already buying at wholesale...

All these three have worked for me in the past, especially for off-the-plan buying. And remember NEVER HAGGLE with the developers...just something an investor doesnt do. You will find better deal if you wait and do your due diligience.

The good news is though, the first one takes a long time....but after that, it is automatic and boring..

Cheers
Khurram
 
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