Reno and Sell, how to find those motivated vendors etc advice please?

Discussion in 'Renovation & Home Improvement' started by 2ndTimeAround, 15th Jan, 2020.

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  1. 2ndTimeAround

    2ndTimeAround Active Member

    Joined:
    4th Jan, 2019
    Posts:
    37
    Location:
    Sydney, Brisbane, Wellington
    Ive had to live off my life savings due to my parents both being ill for an extended period, they really hung in there, but sadly has passed away. Smoking Tobacco, Im glad I was only social smoker until mid 30s, but still worries me.

    Its a relief for them, they are at peace, but also for me, meaning I can move on to doing renovation projects on the side of working a PM in the IT arena.

    I run projects to PM methodology including Gant charts so I know where Im at cost and time wise.

    Im wanting to use my Super if possible as a gateway while I save money for non super based projects.

    Im trying to decide between Mornington Peninsula area or Brisbane 10km zone which I am MUCH more familar with.

    I will need a team of tradies and reserves, but the big thing is getting the name out there for buying pre approved from desperate motivated vendors, or vendors with what appears to be a wreck but just needs a whole lot of love, costed of course.

    Best way to find motivated vendors looking to sell 15-30% below MV depending on how rough the property is? Just case all the agents and leave a business Card?

    Do we have any other Reno/Developers on here, are you selling or holding?
     
  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
    Posts:
    3,180
    Location:
    NSW
    That's a good strategy that lasts about 5-7 days before you get forgotten. You'll need to be in the agents' faces and top of mind on a weekly basis. Most, I find, have a very small time horizon and deal with the most recent enquiry.
    If you cannot commit the time, consider hiring a BA to do this for you. They are in constant contact with agents as part of their job, and buy not just once or twice or three times a year, as you plan, but per month. So you know who the selling agent will want to look after. ;)
     
  3. 2ndTimeAround

    2ndTimeAround Active Member

    Joined:
    4th Jan, 2019
    Posts:
    37
    Location:
    Sydney, Brisbane, Wellington
    Yes indeed you guys come in handy for sure. My only bad experiences have been on properties where the BA fee knocks out any potential profit worthy of the effort (not time) it takes to complete projects. So will come down to finding good BA's who know what kind of margin I need I suppose....