Show Notes
A hotlist of agent questions from someone who bought $16,000,000+ worth of property this year.
Being an area expert is crucial to buying investment-grade properties!
When you sound like an expert you will be treated as such.
Here are the top questions to sprinkle into conversations with real estate agents to gather the information you need to get a deal done successfully!
Questions of due diligence to the agent
What will it rent for? – When does the lease end? Can we get vacant possession?
Are there any things that need any work (i appreciate it’s an old property but if there is work to do) – What would you do/How can I add value to boost the rent/price?
I always like to run my leases through agents I have good relationships with, do you run a rent roll and would you take this on?
Is it in a flood zone, Fire?
Any easements?
Any encumbrances?
Is the seller ready to sell today if an offer came in at the right level, would they be willing to sell?
Have you sold anything similar to this? How does it stack up? What is the closest comparable sale to this one?
What will buy this property today?
Can we get Early access?
What are the ideal settlement terms for the vendor? – Short long ect? Rent back? Is the vendor keen for a quick sale?
What is the highest offer that has been rejected so far?
What is the process after we submit an offer/ After the open? When are you closing offers? (Critical to understand!)
Join us tonight live at 7:30pm NSW time as we unpack these questions and many more when we deep dive in the “Boots On The Ground Fundamentals”
Topics we’ll be talking about include:
- The steps required before going on the ground. This one is bound to be juicy, insightful and actionable!
- What boots on the ground investing looks like and actually means.
- How Joe approaches his property road trips – What he thinks is important to look at.
Episode Highlights
6:23 Introduction of Joe Tucker
8:02 Joe’s First Property Experience
10:37 How to Find the Best Investment Property for You?
14:27 The Goal is to Figure out what you don’t want, So you are left with what you want!
17:34 What is Reliable Data to select a property?
18:57 The Importance of “Boots on the Ground” for Property Investing
22:54 Fundamental Drivers of Demand and Analysis
25:54 If an area is roughly 4.5% yield, How much stretch do you have on that?
29:06 Boots On The Ground – “Confirm what the data is telling you”
30:01 What are the rules to follow when we are buying property?
36:47 5 Levels of Focus for capital Growth
41:01 Could we expect the BA to do the research at all the 5 levels? Australia, City, Suburb etc
42:48 Suburb Fundamentals
51:13 Who are some of the locals to chat with?
54:36 Joe Tucker Can we expect our BA to do boots on the ground as well?
59:06 Use Google maps to indicate Hots Spots and Not Spots
1:01:48 What is Hot Spots for Property Investment?
1:12:22 What is Not Spots for Property Investment?
1:20:37 Questions to Ask Agents
1:28:05 Do you ask these financial questions/negoiations without seeing the property?
1:35:46 What question do you ask if the asking price has dropped?
1:42:31 I have noticed homes are selling for much less than they are advertisied for in my area and the real agents aren’t revising the price advertised to allow more buyers to see the lower price before it sold. One sold for $250,000 less than advertised. Shouldn’t the real estate agent advertised the lower price to get more buyers first?
1:49:45 Would you compromise any of the rules if there are great potentials on the property/site for capital growth (eg. rezoing, subdividable block)? Whilst rules impact resale value / DOM (such as T-Junctions), they do not necessarily impact capital growth and bank valuations for equity pull?
1:53:36 How do people reach out to Joe Tucker if they want to learn more?
Episode Resources
Connect Joe Tucker: https://propertyprinciples.com.au/
Other Guests On Our Lives
Chris Gray, Amanda Farmer, Steve Palise, Nathan Birch, Todd Sloan, Cate Bakos, Mike Mortlock, Lloyd Edge, Karen Baldwin, Rob Flux, Kent Lardner, Charley Valher, Bernadette Janson, Pete Wargent, Melinda Jennison, Bushy Martin, Michelle Lewis, Peter Koulizos, Jane Slack-Smith, Joe Tucker, Jordan De Jong, Scott Aggett, Belinda Smith, Jef Miles and more.
