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Shopping

Property Shopping in 2009 – Part 2

by Debbie on April 12, 2009

in Finance, Property Market

With finance becoming more and more difficult for lo-doc property investors how can we still build a business using property?

We (my husband Chris and I) have been lo-doc borrowers for a number of years since making property our full time occupation. We have learnt property investment the hard way. Looking back it would have been much easier if we had utilised the services of a property coach or mentor.

Nearly everything we have learnt has been through doing. We did the smart thing and joined a property investment group a number of years after we were full time investors. I think that if we had not joined the group we would not be full time in property investment today.

I learnt about finance from other investors and speakers. I learnt about structures, creative real estate deals and even how to be accountable to myself as a business owner.

Something I discovered was the importance of understanding finance. Now, you don’t need to become a finance broker to understand finance but purely to take an active role in your financier’s finance choices for you.

If your financer comes back with another question for you, find out why they are asking. If you get knocked back for finance find out why. If your financer puts your finance with a certain lender find out why. [click to read more…]

Tagged as: Finance, Property Market, Shopping

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Property Shopping in 2009

by Debbie on March 30, 2009

in Property Market

Here are some things to remember when shopping for property:

  • The asking price has NO bearing on what you are prepared to pay, it is a guideline to what the vendor’s dream price is.
  • Research is the key to knowing the market and being able to spot the good deals.
  • Think outside the square, I have found a very exciting property that has subdivision potential. It probably hasn’t been spotted so far as the land would come off the front of the house not the rear. Also it is on a corner and the minimum land size reduces from a standard allotment size. The buy in price is still pretty high considering the values in the area but how do you put a value on a huge character home? This property is also very poorly marketed, I couldn’t find it on realestate.com.au or on domain.com.au and I had heaps of trouble even finding it on RPData! It was only because I drove past it that I did more research on it.

My observations of the market so far are (and feel free to contradict me) a relatively slow start to 2009, but still with quite a bit of interest in properties that are priced well and/or highly sought after e.g. character homes, western belt (in Adelaide) etc. [click to read more…]

Tagged as: Finance, Property Market, Shopping

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