How to not, not buy property

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From September 2006

Well it’s been quite a day. I got a phone call yesterday from a local agent whose office had been given a listing in another part of town. She rung me in case I was interested as no one in her office knew what it was really worth. It sounded like a deal to me so I wrote up an agreement. The property turned out ot be on 2 titles so we had to redo the paperwork to satisfy the vendors solicitor. By the time we did that there was another offer on the table. Because I thought the property was underlisted my offer was at asking, which was accepted at 4PM today.

NOTE FOR NEW INVESTORS:
Asking price $369,000. Valuation minimum $450,000. Rent $680 a week in Otahuhu.
You don’t have to screw people to get a bargain. But you do have to take MASSIVEACTION!!

Then this morning I see on Trademe 2 houses on one title in Botany way cheap. I rung the vendor at 8AM and he couldn’t see me till 6PM. We are viewing the properties when he gets yet another phone call from someone keen on the property, who comes to view it while we are there. We offer to buy them unconditionally on the spot but he wants to talk to his wife. At 8:45 PM he rings to say they will sell but want 5K more than asking. They offer to “sort it out tomorrow”. I offer 10K over asking if they let Raewyn and I come round and pay deposits and sign up immediately. They agree, so we rock round and buy 2 more houses!!

NOTE FOR NEW INVESTORS
Asking Price $560,000 Paid $570,000. Valuation as is around $650,000 Valuation after subdividing at cost of $45,000, $800,000.
You don’t have to screw people to get a bargain. But you do have to take MASSIVEACTION!!

So we bought 4 houses in one day. And only last week we decided we wouldn’t buy any more property for a while. But how do you say no to $160,000 in additional equity and pos cashflow after tax in Otahuhu and Botany.

The deals are there people. Are you gettin yours???