How to get more discounts when buying investment properties

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 104: New podcast: Q&A session with Paul Glossop – more questions answered!
Episode 103: Special Episode: Phil and Munzurul talk steering the growth and development of portfolios by managing cash flow
Episode 102: Investor reveals how to find the perfect property manager
Episode 101: From 12 to 100 properties – how this investor will achieve his goals
Episode 100: BONUS EPISODE: Property investor talks research, teamwork and balance in his portfolio
Episode 99: Portfolio update: SPI opens its books to reveal all the nitty-gritty details
Episode 98: BONUS EPISODE: Buyer's agent forecasts what’s to come for Aussie property market
Episode 97: ‘How we achieved financial security through property’ – the Property Twins reveal all
Episode 96: BONUS EPISODE: Tips for tackling pest and building inspections head-on
Episode 95: The top 10 things every investor should check before buying a property
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How to get more discounts when buying investment properties
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