Tips For Negotiating When Purchasing Investment Property

Published: May 24, 2016, 11 p.m.

b'ARVE Error: Mode: lazyload not available (ARVE Pro not active?), switching to normal mode\\n\\n\\n\\n\\n\\n\\n\\n\\n{"@context":"http:\\\\/\\\\/schema.org\\\\/","@id":"https:\\\\/\\\\/onproperty.com.au\\\\/tips-negotiating-purchasing-investment-property\\\\/#arve-youtube-v3vg_g8cl1w659a0b2e2d1da642835046","type":"VideoObject","embedURL":"https:\\\\/\\\\/www.youtube-nocookie.com\\\\/embed\\\\/V3Vg_G8cL1w?feature=oembed&iv_load_policy=3&modestbranding=1&rel=0&autohide=1&playsinline=0&autoplay=0"}\\n\\n\\n\\nWhen purchasing investment property it\'s important to negotiate to get the best price. Here are some of my tips of how to successfully negotiate.\\n\\nSomething a lot of people ask me about is how they can be better at negotiating when it comes to investing in property.\\n\\nHey, my name is Ryan from OnProperty.com.au and I wanted to make this quick video sitting in my car - we actually have 3 car seats that fit in the back of this little Jazz, and I am actually shopping for a new car. We are looking for a car that is slightly bigger. We are quite happy with this small one. We love how cheap it is to run and everything like that, however, we were umming and oohing about getting a second car and decided to get one when my son broke his arm.\\n\\nMy wife had to quickly take him to the hospital; we realized we only had one car so how was I going to take her stuff to the hospital, go and visit, etc. Luckily we had an uncle who lives near us, super helpful. Thanks, uncle Al! He brought us his car and we borrowed that. What we realized in that moment, we need another car. Now, what does this have to do with negotiation? Do not worry, I am getting to it. Now, I am about to go and look at a car. I am about 15 to 20 minutes early so I have time to make this video. I am looking at this car, which is selling for $8,000.\\n\\nIt is a Toyota Avensis. I think it has 230,000 Ks or something like that, my wife was telling me. So not super expensive but this is a 7-seater car. After this, about one hour later, I am going to look at another Toyota Avensis that has done about 30,000 Ks less. I think it is just under 200,000Ks and it is on sale for $7,500. Both of them are silver and both of them are basically the same car. I do not know much about cars so I will get them mechanically checked if I am interested in buying them.\\n\\nThe reason that I said\\xa0this is that when it comes to negotiating\\xa0when it comes to trying to get the best deal from someone, I am obviously going to be doing some negotiating when it comes to these cars. It is so much easier to negotiate and to get a good deal when you have other options on the table. Now, we currently have a car - you can see me, I am in it. So our need to get a second car is not extremely high. We would like to have one but hey, if it takes a few months to get it then that is fine. So in terms of the pressure from my end, there is very low pressure there.\\n\\nI am also looking at 2 cars that are exactly the same, very close in terms of price range. But I could take or leave either. I am not really worried about it. So when I am negotiating with either of these parties, then I am in a position where I can say, "Well, look. I have another car on the table. Here is what I am willing to offer. Here is what I think it is worth," and if they accepted or not, then that is fine because I have another option in the wings that I could go after. And if none will work out then I can wait a few months and continue to look at cars throughout that time.\\n\\nA lot of people think when they are negotiating that there is this one deal and they want to get the absolute best offer on this one deal. But I think given property investing and given what you are doing - you are trying to find a property that is going to move you towards your financial goals. Given that, yet very rarely is it just one property that you need to get this perfect deal on in order for you to live the life that you want or achieve the financial outcomes that you want.'