podcast

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 89: Renovating as a couple: two young investors share their story
Episode 88: Everything you want to know about the short-term rental market revealed
Episode 87: BONUS EPISODE: Former Olympian shares his property development know-how
Episode 86: How a former Olympian found new sport in property development: Ed Fernon's success story
Episode 85: Q&A session with Paul Glossop – more questions answered!
Episode 84: 'How I overcame dodgy builders to manufacture $100k in equity in less than a month'
Episode 83: BONUS EPISODE: Top Aussie broker’s tips for surviving changes to mortgage lending
Episode 82: The investment strategy that could allow this 32-year-old to retire TODAY
Episode 81: BONUS EPISODE: Secrets of the Perth market uncovered: invest now or wait?
Episode 80: Q&A session: SPI answers all your burning questions
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