{"id":6367,"date":"2015-11-20T01:00:52","date_gmt":"2015-11-19T14:00:52","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=6367"},"modified":"2015-11-20T01:00:52","modified_gmt":"2015-11-19T14:00:52","slug":"you-make-money-when-you-buy-not-when-you-sell","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/you-make-money-when-you-buy-not-when-you-sell\/","title":{"rendered":"You make money when you buy not when you sell – Nhan Nguyen"},"content":{"rendered":"

 
\nWe have some sharp negotiation strategies to share with you as Nhan Nguyen<\/strong>, from AdvancedPropertyStrategies.com,\u00a0tells us todays how he ensures he gets it right at the purchase stage. Remember you make money when you buy not when you sell so this advice is gold.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 You\u2019ve heard us say time and time again that you\u2019ll make money out of real estate when you buy, not when you sell. That\u2019s very true because when it comes to buying, how sharp you are as a negotiator is going to really depend a lot on how successful you are as a property investor. Nhan Nguyen has written and spoken a lot about this. Nhan is from AdvancedPropertyStrategies.com and joins me once again.
\nHi, Nhan.
\nNhan<\/b>:\u00a0 Good day, Kevin.
\nKevin<\/b>:\u00a0 I know you\u2019ve made a big study of this. Like me, you\u2019ve probably seen a lot of people fail in the area of property development or property ownership because they simply don\u2019t think about negotiating strategies.
\nNhan<\/b>:\u00a0 Absolutely. There are so many circumstances and ways you can do business, but you need to think about what the options are out there. I\u2019m happy to share with you a couple of strategies when you\u2019re ready.
\nKevin<\/b>:\u00a0 What are some of the tricky ones?
\nNhan<\/b>:\u00a0 Oftentimes, when people see a property market go hot and there\u2019s a lot of activity, a lot of people think they can do development. The reason development pays a lot of money if you get it right is that there are risks involved.
\nOne of the risks, for example, is development approvals. Some people just buy a site thinking that they can get it approved. Part of the negotiation is, when I can through a deal, I prefer to deal directly with owners. I know that real estate agents are probably listening here, but I prefer to deal with owners because I can negotiate, for example, longer settlement terms.
\nLonger settlement terms allow me to, for example, reduce the risk on holding costs. It allows me to lodge development applications. It allows me to, for example, clear a site if I need to. There are so many reasons.
\nOne tip, if you can, if you\u2019re doing developments, is definitely get longer settlements so that it allows you more time to do things like get finance, get approvals, get valuations, and reduce your holding costs as well.
\nKevin<\/b>:\u00a0 The market is very cyclical, and quite often when it swings from being a seller\u2019s market to a buyer\u2019s market, we find that a lot of multiple offers start to happen. How do you handle that situation where you\u2019re actually competing with other buyers but at the point of contract?
\nNhan<\/b>:\u00a0 Yes. That\u2019s very, very difficult, especially if it\u2019s multiple offers on the same day and it closes that day. Building up a good relationship with an agent is really, really important.
\nThere\u2019s a property I purchased last year where it was a private treaty and there was a two-week window. I basically negotiated with the agent. I got her into the property on the last day of the bids. I just was having a frank conversation with her and said, \u201cOkay, do I need to offer more?\u201d She hinted this, hinted that, and in the end, I was able to buy it, but I had to really, really be frank with her and say, \u201cHow do I buy this without her telling me an exact figure?\u201d
\nShe couldn\u2019t under the law with the multiple offers. She just said, \u201cYou might have to offer more money,\u201d and that allowed me to offer a couple of grand more than the last buyer in that particular instance and secure the property. But I had to know that the deal was solid and that I could get it through council and get it approved to build townhouses in that instance.
\nKevin<\/b>:\u00a0 Yes, it comes back to what we spoke about several weeks ago on the show. That is when you\u2019re building your team, you have your real estate agent, someone you actually build a relationship with.
\nNhan, tell me about auctions. What\u2019s your negotiating strategy there if you find that you have to buy at auction?
\nNhan<\/b>:\u00a0 Auctions can be a good and bad place to buy at the same time. I\u2019m not a big fan of them because generally the reason they\u2019re there, it\u2019s a deadline and it forces you to make decisions on the spot, whether you\u2019re a seller or a buyer. It makes you commit and if you\u2019re not ready to commit, then it basically eliminates you from the process completely.
\nI think it\u2019s a good and a bad thing from a buying point of view. If the seller is desperate to sell, that might be a good case for you. However, if there are a lot of bidders, obviously, you\u2019re going to be bidded out most likely.
\nI think with auctions, one of the tips there is don\u2019t get intimidated by the other people. Know exactly what number that you\u2019re going to stop at. That\u2019s critical before you go into the negotiation phase, because then if there are other people there, there is a lot of traffic, and a lot of people sniffing around, sometimes you can get a bit excited and lose the plot and spend too much money.
\nYou need to know exactly how much you\u2019re going to spend, when to pull out, and if you want to ring in by phone, negotiate and bid by phone, that might be a good idea, as well, but you may not be able to feel where the auction is at.
\nKevin<\/b>:\u00a0 Yes, I think it\u2019s always good to get there if you possibly can. It allows you to see exactly what is going on and even eyeball your competition. That doesn\u2019t hurt either sometimes.
\nNhan<\/b>:\u00a0 Yes, exactly. My friend had a Porsche, and what we\u2019d do from time to time with the auctions is we just parked right at the front and see if we could intimidate as many of the buyers as we can saying that we have money and we\u2019re not afraid to spend it and you\u2019re not going to buy this property come hell or high water. That\u2019s potentially one way. I\u2019m not sure if that actually worked, but that was our strategy at the time.
\nKevin<\/b>:\u00a0 Yes, a bit bold, a little brave. Nhan, thank you so much for your time. Nhan Nguyen from AdvancedPropertyStrategies.com. Thanks, mate. We\u2019ll talk to you again soon.
\nNhan<\/b>:\u00a0 Thanks for having us, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  We have some sharp negotiation strategies to share with you as Nhan Nguyen, from AdvancedPropertyStrategies.com,\u00a0tells us todays how he ensures he gets it right at the purchase stage. Remember you make money when you buy not when you sell so this advice is gold….<\/p>\n","protected":false},"author":176692471,"featured_media":6369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,10,11,13,17,25],"tags":[101],"class_list":["post-6367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nYou make money when you buy not when you sell - Nhan Nguyen - 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\/you-make-money-when-you-buy-not-when-you-sell\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You make money when you buy not when you sell - Nhan Nguyen - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  We have some sharp negotiation strategies to share with you as Nhan Nguyen, from AdvancedPropertyStrategies.com,\u00a0tells us todays how he ensures he gets it right at the purchase stage. 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