Just how hard is it to sell discounted property at the moment ?
I am at the moment debating with my wife, my broker, my solicitor, myself, and opinion from experts such as Sean Levy, Dean Letfus.....
That now is not a good time to do trades ???
By trade what I actually mean is quick cosmetic reno and sell where the work is finished before or close to settlement day.
The theory being, to buy well (very well, 20 to 30% below current RV) and add value through cosmetic reno, have early access and reno done within 2 weeks.
The hooks in todays market as stated to me:
1. Take too long on reno, overspend on reno, buy too high, market falls further while getting ready to sale - I think these issues I have eliminated to an extent.
2. Cant sell or takes too long to sell. This is the issue detailed to me in detail by lots of people - But If I have implemented my plan correctly, havent I minimised this. If I have bought well, added value, and wish to sell below the new RV by 10% to 20%.
Or is the market still dangerous enough that prices drop further or I just cant sell (So plan B is to hold in your Trading Trust or plan C sell to a hold entity).
So why is this market so bad to be doing what I am looking at doing ?
Obviously a strong and liquid property market can hide a multitude of investment mistakes.
But isnt a slow market a great time to be able to buy very very well, you may take a lot longer to sell, but shouldnt you be able to make more money per reno than in a market that is strong ?
P.s. I want to add value through work and not just assign, trade or double settle. And yes I also want to buy to hold as well if the figures stack up.
This reno trade thing is an idea to compliment holds.
I am at the moment debating with my wife, my broker, my solicitor, myself, and opinion from experts such as Sean Levy, Dean Letfus.....
That now is not a good time to do trades ???
By trade what I actually mean is quick cosmetic reno and sell where the work is finished before or close to settlement day.
The theory being, to buy well (very well, 20 to 30% below current RV) and add value through cosmetic reno, have early access and reno done within 2 weeks.
The hooks in todays market as stated to me:
1. Take too long on reno, overspend on reno, buy too high, market falls further while getting ready to sale - I think these issues I have eliminated to an extent.
2. Cant sell or takes too long to sell. This is the issue detailed to me in detail by lots of people - But If I have implemented my plan correctly, havent I minimised this. If I have bought well, added value, and wish to sell below the new RV by 10% to 20%.
Or is the market still dangerous enough that prices drop further or I just cant sell (So plan B is to hold in your Trading Trust or plan C sell to a hold entity).
So why is this market so bad to be doing what I am looking at doing ?
Obviously a strong and liquid property market can hide a multitude of investment mistakes.
But isnt a slow market a great time to be able to buy very very well, you may take a lot longer to sell, but shouldnt you be able to make more money per reno than in a market that is strong ?
P.s. I want to add value through work and not just assign, trade or double settle. And yes I also want to buy to hold as well if the figures stack up.
This reno trade thing is an idea to compliment holds.
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