{"id":4821,"date":"2015-06-25T01:00:32","date_gmt":"2015-06-24T15:00:32","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4821"},"modified":"2015-06-25T01:00:32","modified_gmt":"2015-06-24T15:00:32","slug":"properties-with-a-twist-how-you-find-them","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/properties-with-a-twist-how-you-find-them\/","title":{"rendered":"Properties with a twist – how you find them? – Peter Spann"},"content":{"rendered":"

 
\nIn today’s show property investment & business coach Peter Spann<\/strong> explains what he looks for when he buys a property and how he identifies ones with a twist. He tells us about his best and worst deals and what he learned from those experiences.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin:\u00a0 <\/b>It\u2019s my pleasure now to be talking to property investment and business coach based in Sydney Peter Spann. You can see him at his website \u2013 lots of great information there, too, about what Peter does and how he can help you if you\u2019re looking at getting into property \u2013 PeterSpann.com.
\nPeter, welcome to the show. Thanks for your time. I\u2019m keen to talk to you about properties with a twist, how you find them, and what it is you look for.
\nPeter:\u00a0 <\/b>What I\u2019m looking for in a property is its potential growth. I\u2019m always looking for something that I can value-add to, either by renovating, renewing, rezoning, finding another application for it, expanding it, or collapsing it.
\nMy key thing that I\u2019m looking for is something that I can add value for and therefore accelerate its growth. But the second underlying thing that I\u2019m always looking for is growth over the long-term. I\u2019m prepared to sacrifice yield for growth. I\u2019m not a cash-flow investor; I\u2019m very specifically looking for value-adding and growth.
\nKevin:\u00a0 <\/b>What do you believe about buy-and-hold? Or are you into flipping property?
\nPeter:\u00a0 <\/b>I\u2019m not generally a flipper. I will flip if I can see a profit \u2013 and a profit that is likely to outweigh holding it for an extended period of time \u2013 or in a market like we find ourselves at the moment, where you can buy a property, add some value to it, and come back six months later, and it\u2019s literally grown 30% to 40%.
\nI can sometimes sit there and wonder, \u201cWow, is that likely to continue?\u201d My answer is probably not. Therefore, if it\u2019s likely to go flat for four or five years, why not take advantage of the massive and rapid growth? But generally I hold for the long term.
\nKevin:\u00a0 <\/b>Talking about profit, what do you think are the keys to profiting from property right now?
\nPeter:\u00a0 <\/b>That\u2019s a very difficult question, and if somebody could come up with a definitive answer to that, I\u2019d love to hear it.
\nKevin:\u00a0 <\/b>I thought it was worth asking anyway, Peter.
\nPeter:\u00a0 <\/b>Realistically, I think you can\u2019t be afraid in a fast-moving market like this, because nobody can tell us how long it\u2019s going to last. I remember in the 1990s, everybody was saying, \u201cIt\u2019s going to collapse, it\u2019s going to collapse, it\u2019s going to collapse,\u201d and I was still investing, still investing, still investing, and then it went on for 15 years. If I had gotten scared after three or four years, I would have missed out on a whole decade of exciting growth.
\nYou can\u2019t get scared, but you can\u2019t get carried away either. Even if you\u2019re going to auctions, and you\u2019re missing out, that\u2019s not the worst thing on the planet. You have to stick to your guns, you have to stick to your valuations, and eventually things will come up that you can buy.
\nKevin:\u00a0 <\/b>Peter, what\u2019s the best deal you\u2019ve ever done?
\nPeter:\u00a0 <\/b>I think the best deal I\u2019ve ever done was a property that was actually passed at auction. It was rainy Sunday afternoon, terrible rain in Sydney. I\u2019d just been to an apartment that had sold for $2.2 million, and this was a three-bedroom house. I actually literally went along to the auction to see what would happen to this house.
\nNobody turned up at the auction. It was passed, <\/b>and I went to the agent, and I said, \u201cWhat\u2019s it worth?\u201d He said, \u201cI don\u2019t know what it\u2019s worth, but I can tell you what I\u2019ll sell for. If you put a bid in over $2 million, we\u2019ll sell it to you.\u201d
\nI said, \u201c$2 million and one dollar,\u201d and he said, \u201cSold!\u201d I had it revalued by the bank two weeks later. The bank valuation was $3.5 million. I sold it ten years later for $7.2 million. I think that\u2019s probably the best deal I\u2019ve ever done.
\nKevin:\u00a0 <\/b>I would think so. On the flip of the coin, what\u2019s the deal that probably taught you most about what not to do?
\nPeter:\u00a0 <\/b>It probably wasn\u2019t a deal; it was more the fact that we were doing a development, and I didn\u2019t check all of the zonings and requirements of the council. It turns out we actually built the roof two metres over the maximum height requirement. The council sued us and forced us to actually take the roofs off the property and rebuild them, and that cost me hundreds of thousands of dollars. That was just a very good lesson in checking the zoning, checking all the council requirements, and making sure you have town planners and whatnot onside.
\nKevin:\u00a0 <\/b>Pete, I\u2019m going to ask you a question about auction, because in this market in auctions, particularly in Sydney, it\u2019s going through the roof. In this market, would you buy a property at auction?
\nPeter:\u00a0 <\/b>I have been. I haven\u2019t been buying a lot, I must admit. If you go back five years, you could go to an auction and probably one in five that I would be going to I might be a genuine contender to buy. Now it\u2019s probably something more like one in 25, one in 30. I am going to auctions that are just astounding me with some of the prices that they are getting.
\nBut I am buying. I\u2019m buying less than I have in the past, but as I said, I\u2019m not getting carried away. Sometimes on the night, people just don\u2019t get excited, or for whatever reason they don\u2019t see the value that I see in a property. I\u2019m not saying you can pick up a bargain, but you can pick up a property that I believe is reasonably priced, given the market.
\nKevin:\u00a0 <\/b>Yes, provided you know your values before you go in and don\u2019t get carried away.
\nPeter:\u00a0 <\/b>Absolutely.
\nKevin:\u00a0 <\/b>Peter, we\u2019re out of time. Thank you so much for spending some time with us today. It\u2019s been very, very helpful. We\u2019d love to have you back in the show at some time in the future again.
\nPeter:\u00a0 <\/b>Absolutely.
\nKevin:\u00a0 <\/b>Peter Spann has been my guest. The website is PeterSpann.com. Check it out for yourself.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show property investment & business coach Peter Spann explains what he looks for when he buys a property and how he identifies ones with a twist. He tells us about his best and worst deals and what he learned from those experiences….<\/p>\n","protected":false},"author":176692471,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-4821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nProperties with a twist - how you find them? - Peter Spann - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/properties-with-a-twist-how-you-find-them\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Properties with a twist - how you find them? - Peter Spann - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In today’s show property investment & business coach Peter Spann explains what he looks for when he buys a property and how he identifies ones with a twist. 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