This post is based on the book “The 15 Million Dollar Man” by Sean Wood, to read more click Property Investment and download 2 free chapters. If you haven’t met Garry, you’re in for a treat.
Garry has been doing some fantastic stuff in South Auckland and we have a new video here for you to see where Garry and I (Sean Wood) discuss how Garry did this great property deal.
End valuation $385,000; paid $225,000:
Rental appraisal $640 or so a week
Garry was able to achieve these results by using the systems, advice and some of the renovation crews and discounts available from the PropertyTutors team in his area.
The advice that Garry received was through the Masters Programme, which has clearly produced astounding results.
The Masters Programme was created to impact on the success of the individuals wanting to really focus on their Property Investment NZ business. Once members have completed the initial six-month programme they are invited to join the Masters.
During the 12 months that the Masters runs, the participants spend one day each week with me in the marketplace – attending open homes, visiting properties with agents, and should a deal arise I help them to negotiate it.
However, before the negotiations start we spend some time analysing the fundamentals: why the vendor is selling, what price the vendor is hoping to get, the return on investment, whether it is under- or over-rented, and how much it will cost to renovate (if necessary) without overcapitalising.
If the numbers stack up, we write up the sale and purchase agreement then and there.
I’ve run the Masters programme since May 2008 with two groups per year (May and November) each with just 20 individuals at a time. Once the year is up, current participants can retain their spot by rejoining. I’m happy to report that 16 out of the original 20 in my first Masters group signed up for a second year because they’d been so successful.
Sean Wood, PropertyTutors Limited