How to get more discounts when buying investment properties

By Staff Reporter

Helen Collier-Kogtevs, director, Real Wealth Australia

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When it comes to building a huge property portfolio what's really important to me is equity. I treat it as if it's gold. So negotiating on my property deals is vital so that I can have more equity to use as deposit is for future investments. Well I picked up the phone one day, rang a real estate agent and I asked him, "Do you have any properties on your books that are just sitting there and not moving?". Well in fact on this particular day he had one, and he said to me, "It has a bank valuation of $685 000 from one of the major banks". By the time I finished negotiating, I paid $385 000. That's a whopping $300 000 savings, which is fantastic because I was able to use that money for future purchases. So while you're out there looking at your next investment property deal, don't be afraid to negotiate and don't be afraid to ask for big discounts. And in fact, ask for the white elephant because you never know what you might find.

Listen to other instalments of The Smart Property Investment Show:
Episode 66: Wealth distribution: how should you manage your money?
Episode 65: Real estate agents: what separates the good from the bad?
Episode 64: How this investor learned from a property blunder
Episode 63: Q&A session: the SPI team answers your questions
Episode 62: Property procrastination: the importance of finding help
Episode 61: The ins and outs of strata: what buyers should consider
Episode 60: The pros of using a buyer's agent: why this investor brought someone in
Episode 59: How to invest in property as a team: two investors share their secrets
Episode 58: When do you stop investing? The SPI Show answers more listener questions
Episode 57: Wealth creation through property: trends and themes to think about in 2017
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