If you are interested in buying an investment property at a good $50-100k discount then you probably need to look at 50+ filtered property listings to find the diamond in the rough. If that sounds like a lot of work, you’re right it is. But that is relative. Bear with me.
If it takes you 5 hours a week for 25 weeks to sort through and find the right property, then you make $50,000 on securing the property at a discount, that works out to $400/hr – tax-free if you hold the property. If you already make $400/hr then skip this step and just use a buyer’s agent or the agents/advisers that pitch specific property.
The discount on purchase is how many investors are building up their equity so quickly and ignoring this strategy will probably slow you down. For most people, especially if you do not own your own property, this will be one of the easiest ways you’ve ever made $50,000.
Setting up filters on real estate websites that hit your inbox daily with the new listings is free and very easy. Once you set your filters up, you might get 500+ listings, you can go through all the existing listings getting yourself acquainted with the process of assessing properties. You will see quickly the options for improvement, development, and whether the property is accurately priced/marketed.
It is very common for people selling houses to choose their agent who is a friend and this is to their disadvantage as it is unlikely their friend is the best person to sell the property at the highest price. Many agents do not understand the true value of specific properties especially if they are from another area or do not have much experience with renovations or developments.
This is a video from the Property Formula Workshop. There are several unlocked for you and included in this course. To get access to all videos and spreadsheet calculators please apply for the workshop.
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The key to progress is sustained effort, and a targeted search area, then you can get most of the admin work done and prepped for weekend viewings and offers. If you can spend 10-20mins each day collating listings and assessing the market you will be progressing every day!
Just like a hobby – it is a few hours a week every week to keep your finger on the pulse. If you do not have much time for property investment, then check out this video.
Building up your market knowledge is super important, lesson 88 of the course explains this in video and has a downloadable spreadsheet and worksheet.
Pick your own filters to suit your budget and area of interest. Instead of scrolling the news or the socials, check the listings to get your thumb moving to make money instead of spending it. This is covered in lesson 91 of the course, we have unlocked this so you can watch it without registering.
P.S. Up until now we have ignored the mortgage products that help with reaching your passive income goals but tomorrow we will look under the hood at what is available at banks and other lenders to help you reach these goals.