Finance advice

Investor tip: ‘Paying less is not always the best investment strategy’

By Bianca Dabu
property investment, investing, buying bargains, real estate investing

Buying a bargain from the bank through “mortgagee sales” are often seen by investors as a good opportunity to enter high-growth markets at a discount, but Property Buyer’s Rich Harvey believes that—as in all investment strategy—this one will only work well if backed up good education and research.

Mortgagee sales often happen when a bank takes possession of a property after a homeowner stops making mortgage payments, hoping to regain as much money to offset their losses as they could. These properties often go in public auctions to “keep the process as fair, open, and transparent as possible” for all parties involved and limit the possibility of the situation being taken to court, according to Rich.

Buying under market value

Banks tend to offer property investors a chance to purchase an asset below market value during mortgagee sales, depending on current market conditions. During mortgagee sales, the bank’s priority is to recoup losses, so they will be working hard to find a buyer who will pay just enough to cover the outstanding debt and other associated costs.

While this could be bad news for the homeowner, who is set to receive any profit made from the sale that goes beyond what the bank is owed, it’s a great opportunity for investors looking to grow their property portfolio.

According to NMD Data’s John Kovacs, buying properties at 10 to 15 per cent under market value will give an investor a buffer should growth stall in the area.

It also creates instant equity in the property, Crawford Realty’s Ryan Crawford said.

“I think some people might feel like they're taking advantage of someone else's situation [but] the reality is that if it's a mortgagee sale, the property has to be sold. It's going to go to some buyer regardless of whether it's an investor or someone else,” Rich added.

Investors beware

However appealing mortgagee sales may seem, buying repossessed properties under market value is not always the best strategy for creating wealth.

According to Rich, mortgagee sales often happen in lower socioeconomic areas, and while thousands of dollars in discounts sounds good, the property bought may turn out to be a bad investment because these areas are unlikely to see significant growth in value.

“That's not to say it's not a good investment area, but you have to look at the quality and the long-term value of the property you're buying,” he said.

As always, property investors must be wary of red flags that could deter growth in the area including a nearby highway or a petrol station as well as severe deterioration in the property that will require costly renovations.

Ryan advises investors: “Avoid any property that requires significant work unless you are very confident it will deliver a return. It's not a bargain if it requires significant renovation or replacement items, or if it's in an area with poor rental yields and growth prospects.”

Moreover, investors must also make it a habit to research on comparable sales in order to make sure that they are actually getting a good deal. Mortgagee sales tend to attract several buyers and the price may be pushed up above the current value of the property, so it’s best to come into auctions with a clear strategy in mind.

According to Ryan: “As with any investment, it's essential you set yourself a purchase limit … Thoroughly research the area and investigate what similar properties have sold for so you know what the market value should be, then don't pay any more than that.”

Aside from doing your own research, seeking the help of property professionals will also help you navigate your way through this venture.

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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