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Recipe for Finding a Property Bargain

Use RBA to uncover a "once in a lifetime" property bargain. Rba

R= Research

Land Values
                                                               
One of the surest ways to buy a  bargain basement home  is to buy it at land value or as close as possible to it. Do your homework to establish this value. Do not be told by a real estate agent. Use government sourced figures to confirm  your findings.
               
Infrastructure changes
                                               
Look for areas where there are proposed positive 'big' changes to occur like new bridges, bypasses, new roads, schools, shopping centres and buy before the changes.

Population movements

Never buy in an area where the population is decreasing. Always look for growth areas and new evolving suburbs, where people are moving to.  Buy in future growth areas.

Sales History
                                                                 
Confirm previous sales data. Do a CMA (Comparative Market Analysis). How do you know if you’ve bought a bargain or a dud when you do not know current comparable pricing.   

B = Buying Well

Great properties                                               
You can't make a silk purse out of a sow's ear. Look for structually sound properties with no major defects. A building and pest inspection will help in this area. Compare properties without emotion if you are looking at a property for invesment purposes. Use the Reno King's Property rating Guide. For more details on the Rating Guide /bookreports/rating

Opportunities

They come and go. Look for the ones with a twist. An example of an opportunity might be the increase in petrol prices that may lead a charge back to the inner city suburbs close to public transport
                                             
Sleeper suburbs

They are everywhere. Look for those suburbs next to ones that have had a massive gain compared to its neighbour. Look for the other side of the street that may be in an inferior post code. If you are prepared to buy in "the ways" you can save thousands and get a better return for investment properties. This could be a railway, busway or main road. For a complete report on Buying in the Ways /bookreports/theways

Special Prices

Those bargains keep coming up all the time and at the most ridiculous places like auctions held on special days and times. Attend all auctions and private sales and be ready with your finance for one of those "once in a lifetime deals" occurring every week.

A= Adding Value

Problems to Profits

Nothing is sweeter than locating a property that has a major problem that can be easily and very inexpensively solved. Find the solution to the problem. No solution equates to no buy.

Aesthetically Challenged Properties

We love them, the run down "I couldn’t live in" property that could be a Cinderella that merely requires a cosmetic make over to restore it to it's former glory.

Involve Yourself

The more you do yourself, the less the costs and the less the costs, the more the bargain, the more the profit and the more the self esteem

Negotiate on all pricing

Make offers and lots of them. Don’t be afraid to go in well below the asking price. As a rule of thumb start 30% below the asking price. Making offers is the opposite of gravity; it is far easier to go up than to come down.
     
Time; make time your enemy

When undertaking renovations time is the number one enemy. Not just for you but for everyone including bankers, valuers, tenants, home owners, spouses and the kids. If you go over time it’s a no win situation. Get in and get out quickly.

Exciting Opportunity to Get Educated

Property investment has arguably created more wealth in Australia than any other type of investment. It is one of the few opportunities for average people to accumulate above average wealth, however the property market is more educated than it has ever been before. If you want to be successful you will need a first class education (and we don’t mean at university) or a lot of luck.

There are so many details that are critical to success in property.

  • Renovation strategies
  • Taxation strategies
  • Finance Strategies
  • Research strategies
  • Joint Ventures strategies
  • Niche market strategies
  • Development strategies
  • Town Planning strategies
  • Asset Protection strategies
  • Property Management strategies

To thrive in property you will need a team of people around you and plenty of support from like-minded people. With this in mind the Reno Kings created the ultimate 2-day workshop, "Property to the Max". This information packed weekend could change your life as it has for many before you.

Learn more about Property to the Max