why you should keep calm and buy property

Hi @Honeydew,

To answer your questions:

What do you usually do to 'add value' to your properties ?
We try to add value by doing mainly 2 things. 1. Buy BMV, or any price that represents good-great value so we can 'create' some equity/'profits' going into the deal, 2. Then make sure the deal can actually have value added to it after purchase via reno, subdivision and/or development.

What strategies do you find works best so far ?
For us and our goals, financial situation, risk profile etc, we find that buying something that has development potential to create equity/profits this way is the best approach for us. It gives great flexibility to hold some, sell some, reduce debt, increases cash flows or whatever. It just allows us to have great flexivility along the way. Also it circumvents the need to wait for CG in order to make all the equity/profits.

If the IP is interstate, do you it difficult or risky to get the project done and how do you get around the issues?

We do this full time more or less so we have a lot of time(too much time so I hang around on the forum ) to manage the projects, fly in and out at will. But when we both had full time jobs we found that as long as you prepare well and build some good relationships on the ground then its all doable. We use to take say 2 weeks off work to meet architects, builders, town planners, REAS etc and start to build those relationships, and then just follow up on it from home via phone. Most things can be dealt with over the phone as projects are underway, like we get our architect to check the project in between the times we are not on the ground etc It just works out. I'm not sure how much more 'risky it is though tbh. Sometimes I think 'overall risk' is quite hard to determine.

Cheers

 

Must be fun to be able to this full time Do you find it harder getting loans for dev projects without a full time job Leo ?

 

Generally it has worked out OK because even though we don't have income from full time jobs, we have other sources of income so that takes care of it.

Yes the game of buying little green houses full time is fun.. I spend quite a few of my days at home in my PJs managing most things on the phone. And that's also why I have so much time to hang around here....

 

@Leo2413 Out of interest Leo....what suburb in Sydney do you live in?

 

Eastern suburbs mate.

 

Congrats must be nice to be able to retire so early and still at a young age

 

Leo, you are a true inspiration.

 

Humbling indeed to be in the presence of such a mindset:

I gotta move to the eastern suburbs to see this mindset in action

 

I wish I was retired. .still working hard but I love what I do most days.

 

Not sure if your kidding around. .or trying to say something but if you are then just say it to me. Don't need to cut and copy past posts, it's silly.

 

well if you have managed to pull the pins on your jobs in order to do RE full time then that's a great achievement already. Great hobby that earns a nice coin. Plus all the freedom during the day to work as much or little as you like and not having to depend on being employed by somebody else.

Thanks for sharing your experience. Your posts are always inspirational to read

 

Thanks @Honeydew

 

Leo iz all aboutz de mindsetz.

 

Crikey moses!
That would be considered stalking in some cultures.
But then again, I'm following @Leo2413 too - although maybe not that closely.

 

Just a quick query and search engine did the rest. For the record not following or intend to

 

@Azazel Its all good my friend . Different people have their agendas, i get that. I also have my 'agenda'..Just to build wealth and mix with like minded people, sharing knowledge, tips ect to help each other other than that, I don't care who thinks what. It's irrelevant to me.