[bsticklandParticipant@bsticklandJoin Date: 2003Post Count: 4]

November 30, 2004 - 11:45 am

Always look for something extra – some properties have that extra bit of land, some have better fittings (eg increased rent or decreased vacancy), some are at a bargain price – why buy average?

Good deals, by definition will only be a small percentage of available deals – don’t buy average properties – any mug can do that – take the time to find ripper deals.

A special benefit from the property means you’re ahead at day one. People who say you can’t buy better than the market average should be avoided.

Also, know what type of profit you need – what’s a good deal for others might not suit your needs – there are many ‘good deals’ that might not suit you – figure out what you need and get out there and find it.

Finally – desperation is a bad (very very bad) motivation – realistic expectation of profit based on solid research is a good motivation.

Have fun finding em

[bsticklandParticipant@bsticklandJoin Date: 2003Post Count: 4]

May 27, 2004 - 10:43 am

I’ve done one unit block and bought my second recently. All the regular stuff is true – you need to buy well etc.

If the fire walls (bricks to the tiles) and separate meters are in place it’s not very hard – pay a surveyor and away you go. It used to add heaps of value (eg signle title blocks would be sold at a serious discount). In today’s market it’s less of a winner.

Finance advice is right – you’ll get 70% LVR on the buy (I did get 90% on my first block – but only 4 units).

My gut feel is that it’s easier than normal property development – the council want it to happen cos it increases the rates.

The budgeted price – of 10K is a good estimate, our first block cost us 6K but this one will probably cost a little more.

I think buying for good returns or just buying under general market value is the best strategy in property