# 10 - Want to buy better? Focus on these 3 things.

I recently spoke at a live Property Cashflow seminar, ( Thanks George for putting this on ).

One of the key things I addressed was buying well. And while you may instantly think ‘just pay less’... that’s not what I focused on. 

Almost the opposite. You need to nail at least 1 of these to create a good deal.

Even better, if you can get 2 or 3 in the same deal, you will have a rock solid offer and be able to actually pay more than almost all others.

1. Buy someone's problem, and solve it.

People sell houses for all sorts of reasons. Often due to a big problem they can’t, or don’t want to fix. This is your edge. The bigger the problem you are able to solve - the better the deal. 

I’m doing one of these right now. 

A hoarder house, full of rubbish, floor to ceiling. Property littered with old sheds, bird aviaries, car parts and even more junk. Far too much for the elderly owner to handle.

So this is a BIG problem to solve. Not technically difficult, just big and off-putting enough that most people kept scrolling on Trade Me when they saw it. 

Yes, this will take time and money to clear out, but can be done in a week for $8,000 - $12,000.  

The upside for us is once cleared of the rubbish we will do a full renovation. (Have even been able to create an extra bedroom with some internal changes) 

And the real bonus is we can also build another dwelling in the large back yard.

2. Have a better vision of what the property could be.

Having a strong ‘future vision’ is key when looking for great deals. You need to be able to look past what's there now, and see what could be, once you do your Value-Add renovations. 

I’ve bought 9 property deals in the past 9 months, and every single one needed substantial changes to become a great deal.

Most of them didn’t look amazing, or stack up well in their current form - and a number of these were multi offers or auctions where we had to pay more than anyone else.

We will be adding internal bedrooms, building sleepouts, creating new bathrooms, upgrading kitchens, subdividing large sections and putting in minor dwellings.

So learning what you can (and can’t) do to a property is essential to developing your ‘future vision’. You buy what’s there now, but understand that it will quickly become so much better.

3. Move fast. Real fast.

A couple of my recent deals have been off market deals, so low/no competition, but the majority have been ones I have simply found on Trade Me. 

This is how I have beaten the competition, by moving fast, real fast.

On a recent deal, I saw it, viewed it, negotiated, and got under contract - all within 2 days of being listed. All before the first open home, so before anyone else had a chance to look at it.

You need to have a conditional contract, do enough due diligence to know it’ll be a good deal.  Have a good understanding of what renovations you can do, their cost and how much you can rent it for once complete.

You don’t need to know 100% of the details before you put in your offer, that is what the due diligence period is for.

Buying well isn't luck

None of these three are tricks. They're skills you can learn. Look for the vendor's problem, look past the current layout, and be ready to move before everyone else has finished their coffee.

If you want help finding and assessing deals like these, that's exactly what our Seek & Find service does. Let me find your next Value-Add property deal for you. See how it work in more detail here