Auction fever

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Hi all. Just returned form the mainland where I enjoyed a pleasant evening with a packed house at CPIA. I even got to strip in public!! Interestingly I had been warned they were a tough room yet I found them to be quite delightful.

In fact as I travel around speaking at PIA’s I am constantly humbled by the wonderful investors I meet who nobody has ever heard of. There are a great number of people quietly building their fortunes out of property and they deserve accolades for their courage and action taking they may never receive.

One young man I had coffee with this morning looked about 19 years old, probably in his early twenties, about to get married and “only” had seven rentals. I asked him how he got smart so young and he said: “Smart parents” Awesome!!

Don’t forget, if you want to enjoy some of the best education on trading and investing you will ever receive in this country your LAST CHANCE is June with me in Wgtn or CHCH. Book HERE
I suspect this may be my last event in New Zealand for some time, the nation of Fiji is calling me home!!

From 23/09/2006

I attended an auction round the corner form my home this evening. The property was a really ugly duplex, deceased estate, in a good part of Half Moon Bay.

Done up it was worth around 420 to 450K. Current value around 350 to 370K. I was hoping to buy it at around 320K, which I knew was acceptable to the vendors.

Well 3 Asian bidders all wanted the property and it eventually sold for….

$422,000. No one could believe it!!

The lesson here? A property is worth what someone will pay for it. Remember that when you are looking for properties to buy. Never assume that properties change hands for what they are worth. For every property that sells way over the odds like this one did there will be one that you can buy way under the odds. The skill is in recognising them.

I got one of my favourite agents to buy a lifestyle block in Karaka 6 months ago because I knew it was a bargain. He rung me yesterday to thank me as the zoning had recently changed, which is why I told him to buy it, and his 1.4 million purchase 6 months ago was now worth just under 2 million.

Do whateever it takes to develop the skill of knowing how to find bargains. My “How to become a hunter” will give you some good ideas. This is how I find great deals.

See y’all tomorrow ~ Dean