Property 'rascal' provides his guide

by Good Returns

	One of Auckland's better-known property investors, Olly Newland,
has produced a book that he calls "a no-holds barred handbook for
property investing in the real world." In The Rascal's Guide to Real
Estate, Newland explains his practical approach to being a
successful property investor.

	Olly Newland has been investing in property for more than 40
years. The euphoria he felt when he doubled his money on a piece of
land he bought when aged 21 got him addicted to the property game.
Since then he has been involved in thousands of property
transactions of every possible description.

	He's been through booms and busts, made and lost heaps on
different deals, been caught out many a time and along the way
learnt every trick of the trade there is to know.

	His precept is that the world of property is full of rascals. He
does not advocate so much "When in Rome, do as the Romans do" as
"When in Rome, know what the Romans are up to and be one jump ahead
of them".

	Property deals invariably involve a lot of money and being
caught out because the other party to a transaction had more tricks
up its sleeve than you, can be a devastating experience.

	As Newland puts it "this book tells you how to deal in property
in the real world. Theory is one thing, practice is another".

	Property is a hot investment right now because people are
looking for alternatives to putting money into the sharemarket.
Property on the surface appears to offer more security, but it can
be just as easy to lose money investing in property as in shares.

	When you make money by being smart, or sometimes just lucky, you
can make bucket loads. Newland recommends looking for the "blue sky"
deals. These are the ones that have a huge upside because of the
circumstances of the vendor or some upcoming development or zoning
change.

	Mortgagee sales, divorce and councils can all create splendid
opportunities for the astute property investor waiting in the wings
to snap up the right bargain when it comes along.

	New Zealand kids get hooked on property from about the age of
six when they first start playing monopoly. Because of the large
sums of money involved there is not a lot of place for emotion.

	Buying a property because you fall in love with it would cause
Newland to shake his head in despair. There is no substitute for
time, researching everything there is to know about a property prior
to buying. You need to know sale and purchase agreements inside out
and how to complete them for your benefit. You need to check titles,
get valuations, review rental agreements.

	If you are buying a rental property there is a veritable
container load of tricks vendors can use to increase the supposed
value of their property. Dummy leases, dummy rent guarantees and
dummy tenants can all lead to the depressing conclusion that you
have been the dummy when you discover your property value going down
the gurgler.

	To be on the winning and not the losing side of the property
deal, you need to read this book. Oh, and if you wondered what
happened to your shoes at that last open home you went to this book
will answer that question too.