Now I’m sitting in at the moment doing some planning. You know what guys? Right now, it’s not actually mine. It is still the owners of the property who have kindly allowed us to come on site and do some measuring for our renovation. This property is a classic example of negotiating during the buying phase. I wanted early access to this. It was a 6-week settlement. I wanted early access so I can get in and start to renovate, prepare, and get this property for its next life. However, I couldn’t get the vendor over the line, no other vendor solicited for this.
This is an important lesson in negotiating. I might have gotten early access to this property—which I absolutely wanted—but what I did is I negotiated using the fact that I wasn’t allowed to get early access to get other conditions that were in my favour, including a lower price. Remember guys, the lowest price isn’t always the best buy. There are actually 10 conditions that I use and leverage when I’m looking to buy a property. One of them is price, one of them is settlement duration, one them is early access, and there is a whole lot more. It’s not just about getting the lowest price—although that’s amazing—it’s also about getting the best conditions which contribute to your overall profit.
So remember guys, when you’re negotiating on a property, you can make substantial money in buying low, but also make sure you buy right.