Author Topic: Flipping Property Website  (Read 400 times)

Offline Dolby

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Flipping Property Website
« on: March 17, 2017, 04:59:09 PM »
Would you guys use this ?
Would you browse it ?

I often pretend I have money and browse Property24 / Private Property to look for those properties that need TLC / renovated etc and wonder about bathrooms / kitchens , garden etc to fix up. I even asked these guys if they'd be able to add a tick box 'TLC' to make it easier to search, but they couldn't.

I'm wondering I'm on the only one that'd enjoy a site like that ?

Could have other revenue streams attached ... adverts / ideas etc related to renovating.

Offline Trompie67

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Re: Flipping Property Website
« Reply #1 on: March 17, 2017, 05:28:12 PM »
There's one for sheriffs auctions already - that's the ideal "flipping" site IMHO.

The problem with what you're proposing is that it loses the exclusivity, the chase, the one upmanship of finding the property. Perhaps what should be done is to charge an access fee, but I don't see why anyone would pay if the sheriff auctions site is free access?

To monetize it you need to add value - so go & see the property, market research, Windeed sales data for the area/node etc. That would allow prospective purchasers to validate spending cash for site access.

Seasoned spec buyers will not be your target, they can literally smell an opportunity a mile away, plus they have Windeed access etc. You need to target the noobs, the first time speculators.

Just my R0-02c
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Offline Dolby

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Re: Flipping Property Website
« Reply #2 on: March 17, 2017, 09:35:26 PM »
Thanks. I'm looking for your 20c anyhow ;)

I thought that often one couldn't see the house , rates etc were not paid (buyer responsible) and Sherif/auction sales involved risks?

Never even looked at an auction for the reasons above.




Offline Trompie67

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Re: Flipping Property Website
« Reply #3 on: March 18, 2017, 03:03:08 AM »
Outstanding rates etc. are disclosed at the auction. Establishing a friend at COJ billing department also helps, as they can let you know before you attend the auction.

As a purchaser at an auction you'd become responsible for outstanding municipal accounts & the auctioneers commission. Amounts owing to the bank is not your problem - that's generally why it's on auction in any case.

There are risks - sometimes the bank has their own representative attend the auction to push prices (this never really happens of course, as it's illegal, however it's always amazing to see the same individual at auctions always bidding on the properties held by only one specific bank.....). Another risk is that the property is tenanted - either legally or illegally & it's not so easy to get rid of obstinate tenants. Sometimes you can't view the property prior to auction as access isn't possible.

Go check the sheriff auction site out www.sheriffhq.co.za

Combines the auction listings together with Windeed, bank & municipal information. An invaluable site for residential property investors.
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Offline chrisc

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Re: Flipping Property Website
« Reply #4 on: March 18, 2017, 08:25:10 AM »
I have bought a few houses off the Sheriff's auction.  There is a bit of a closed shop at these auctions.  They must be advertised to the public and anyone can go along.  If you are a newbie, you register as a buyer with the Sheriff and go along to the sale.  There you quickly find that there are "regulars" who control all the bidding, such that you might raise your hand or shout out a price, to find the auctioneer just ignores you.  No good complaining, he will simply say he did not see you, even if there were only 5 or 6 people there (the usual turnout).  You need to approach the fellow who is buying all the properties and tell him that you would like a chance, when there are multiple auctions on one day

You have to beware of outstanding municipal rates.  One house I looked at had R300k outstanding which must be paid before transfer is granted.  I would not call many of these houses bargains, they are usually badly run-down and require lots of work.  I always take along a builder with me, plus a ladder to look into the roof void.  The last thing you want is a nasty surprise.  Houses that have been empty for a while usually have been vandalised, the copper pipes, wiring, fittings, cupboards, even doors stolen.  This is not too bad as long as no-one tried to set the place on fire or smashed up the bathroom.  This can be worthwhile as a buy.  I bought such a house for R180k, whereas similar houses in the same street fetch R1m or close to it.  Spend R300k and 4 months doing it up and you have a nice rental bringing in R8k a month and when everyone has forgotten how bad it was, have something worth R1m or more.  Of course there is Capital Gains Tax, but there are ways and means to minimise it

My own house I bought in 1986 was a deceased estate and had been vacant for 3 years.  The wealthy sons of the late owner all lived in Australia and were not on speaking terms with one another.  The estate attorney showed me a pile 2 feet high of correspondence between him and these 3 guys, none of whom would agree how much the other would inherit.  In this instance, the attorney agreed, that for a cash sale, to replace the roof, walls right around, windows and carpets all to come out of the purchase price, which in those days was R105000

Offline Dolby

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Re: Flipping Property Website
« Reply #5 on: March 18, 2017, 07:33:39 PM »
See this what I thought they should do :

https://www.privateproperty.co.za/for-sale/gauteng/johannesburg/fourways-sunninghill-and-lonehill/sunninghill/tesla/T1251880

Took me ages to find something that needs TLC in among all the nice places for sale ... they should group all houses of this type together and investors can pick them up easily. This particular one I see paving, garage doors, kitchen, bathrooms, floors and the colour. I sold a house last year (it was on avforum) and the new buyers were specifically looking for a fix me up in Randpark Ridge ... they had to trawl mountains of adverts of houses in great condition before finding my TLC example.

I see PrivateProperty charges R1,250 per advert to place - I'd have thought a company like Rawson would at least have 50 houses around the country needing TLC and they could list at half that price, but at least get the right market.

That was my thinking anyhow :)

Offline Trompie67

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Re: Flipping Property Website
« Reply #6 on: March 19, 2017, 06:15:42 AM »
This may do what you need it to:

Type into the google search bar: site:privateproperty.co.za "tlc"

Gives these results:

https://www.google.co.za/?gfe_rd=cr&ei=cwXOWISlOuWo8weHlr-wCg#q=site:privateproperty.co.za+%22tlc%22&*
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Offline Thys

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Re: Flipping Property Website
« Reply #7 on: March 19, 2017, 09:05:03 AM »
Cool feature this Google "" , thanks for sharing!  :thumbs:

Offline Dolby

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Re: Flipping Property Website
« Reply #8 on: March 19, 2017, 09:32:10 AM »
This may do what you need it to:

Type into the google search bar: site:privateproperty.co.za "tlc"

Gives these results:

https://www.google.co.za/?gfe_rd=cr&ei=cwXOWISlOuWo8weHlr-wCg#q=site:privateproperty.co.za+%22tlc%22&*

Only thing with that is it's pulling all the expired adverts. Also, can't filter price / area

I think the start would be getting one of the larger estate agents to buy in (at a discounted rate)- even for 6 months - to at least assist in paying for the site development costs.  I mean the other sites are R1,250.00 for a 6 month advert - surely at a discounted R300.00 per advert it'd be worth a shot? I think Rawson has 70+ branches and even if 5% of all properties could make it's way onto this site, it'd be alright ?

Throwing things in the air :)

Offline chrisc

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Re: Flipping Property Website
« Reply #9 on: March 19, 2017, 01:35:15 PM »
Gumtree always has houses on sale in the lower price range.  If its an investment house, you will know what areas do well and vice-versa.  In CT, Delft is a waste of time.  You can get something there for R150k, but it will still be R150k in 10 years time