Finding these properties requires forward thinking and lots of research. Keep in mind, if you’re getting others to do research for you (i.e. buyer’s agents) the chances of them telling their findings to 100 others is inevitable. The aim of the game is to find your own pot of gold. Here’s a few ways to go about doing this.
• Hop onto Google and search for similar properties as what your property will look like after the renovation and see how much they are currently selling for in this market.
• Call the local council of the area you’re looking to buy in and ask to speak with a town planner, ask them what the minimum land size is for a subdividable duplex then speak with a builder to get a rough idea of costs.
• Check the council website for planning proposals and current Development Applications in progress. The DA page on council websites also allow you to see how many houses in a particular street are undergoing rebuilds or refurbs, you should be able to search particular street names and if quite a lot of applications have been lodged by your future neighbours then the chance of the street appeal and quality of houses in the street improving is quite high, consequently increasing the value of the houses and having a knock on effect on your property too.
• When making an offer on a property try to call an agent’s bluff, low ball your offer and stick to it. You might get lucky.
• Attend many many auctions and learn how to play the psychological game of poker that goes on during these heated events.
• Speak to others who have successfully made solid profits from selling property in short periods of time.
• Visit forums such as Property Chat and attend their regular meet and greets.