Forum Replies Created
Ah, thank you. Was not aware of this.
I’m thinking that it might be time to step out of the comfort zone and go for this deal myself. The number all look very good, but it’s a little scary given the number are all twice the size of any other deal I have done. Plan B is to seek a money partner (have 2 couples interested), and this brings the deal back to the size I am use to.
Any advice on how to set things up re money partners?TThey are in a large centre of over 100,000 pop that is booming along.
If the agent is to be believed, it is because the grounds have been let go (very overgrown) and the whole site
The buildings are in good nick, it is all the branches and crap, lack of signage, broken lights that makes it look unappealing. Looks very neglected. Can post you some pics if you want ?
RohOriginally posted by MiniMogul:Hi there
“I know there isn’t any “real standard”, but what is a reasonable fee?”
At NZ Bird Dogs we charge $2500 for a fee for the cheapies (say up to $150k.) For deals i.e. 250k we might charge $3000-3500 (depends on the deal.) If there is say 45k equity in it then we might charge $3500 for a 255k purchase rather than $3000k. For the million dollar deals we charge 10-20k, again depending on the deal. One such deal we had was 17 percent under valuation so that was a 20k deal. Basically we just made the client 150k even after our fee was taken out, so we always try to find deals that are worth more to the client than the fee!
Other bird dogs – House Hunters charge about 2k to join the list (our list is free) and then 6k for a deal. This is for Australian deals with stamp duty so you would be up for 10-20k to buy the average deal. Richmastery charge about 1-2k more than us for the same sort of deal.
>I’m doing by own checks on the properties, and am happy with what I’ve found so far. I am not aware of any of their “qualifications”>
we don’t have qualifications because you don’t need any qualifications to be an investor, and all our spotters are investors themselves, 5 of our spotters are full time investors. I would never be a full-time investor as such, because I see property as a way to make ‘free money’ passively without having to slave away at it like a full time job, in order to fund and experience life and fulfil one’s dreams, whatever they are! I am making TV shows and doing deals with networks these days and that’s all thanks to property. So if I am passionate about it, it’s because it works. Sure, I renovated with my own hands when I was starting out but these days I just make calls and ‘have it done’. Frees my time for more important stuff like quality of life!
” but if I do my own checks (checking the numbers I’ve been given, getting the lease agreements, building inspections, council rates searches) are there any other things I should be wary of?”
Basically we have done so many deals now (350, 400, lost count!) and helped so many clients through the whole process, plus monitored all the deals for years (just because we keep in touch with our clients) that we have a handle on all aspects of the process, so we basically help the client so they don’t ‘forget’ anything to do with the deal.
“I have been told that once I sign up with the bird-dog for the property that the sale contract is automatically unconditional. “
I am sure that some bird dogs do this (shonky!) but we don’t. We sign up conditional contracts and assign them to the client with say 10 days to do until unconditional (confirmation.) In that time we are doing builder’s reports, valuations, getting all the bits to the client’s lender, and then re-negotiating the deal if required. Any problems with the deal miraculously come good when the vendor agrees to fix them by settlement or offer a discount off the purchase price to compensate! We also line up a rental manager who we recommend in each area to take on the property. As you know people move around so our favourite rental manager in any town does change from time to time.
>I’m a bit unsure because I haven’t seen the contract of sale and I’m not sure of any encumbranc es, etc. Is this common practice, and how do I best protect myself?>
We provide the contract of sale (this is what we assign the client.) with the deal. As far as understanding the contract, you would use your own solicitor for this. We have a solicitor who we think is the best in NZ and the best priced as well, we use him and a lot of clients do, but you can use whoever you like. The solicitor will do the title searches but this is usually done after the due diligence, towards the end so as not to incur fees. i have never done a deal where there were any title encumbrances so it didn’t proceed. We used to order the title from QV for a few bucks but we stopped bothering because the client couldn’t use the ‘online version’ anyway, the lawyer has to do the ‘proper’ one from the Land Transfer Office. Basically it has never been a problem.
if you email me at barb at vocalbureau dot com I can email you the information sheet which is 15 pages long and answers all your questions and more.
>professionals in Dunedin or Christchurch they have used?
I certainly know all of the people below that you requested or rather our spotters do, however we provide this information to clients and through the deals (i.e. we use this ourselves) as it has value to us. We work with several agents because we do a lot of repeat business. They know our deals go through and so to pass you the name of our real estate agent would either be commercially imprudent for us to do, and also no use because a new person doesn’t have the relationship with the agent. however as our client you get the leverage of all 8 spotters’ combined on the ground real estate relationships with their favourite trusted agents in different locations all over NZ.
Broker – we use a really good one in Auckland and I only give this contact out to clients so you would have to join the list. To buy a property in Christchurch for instance you don’t need your broker to be in Christchurch.
>- property managers
we choose these depending on the deal. A Brighton beach renovated ex state house might be managed by a different agent to a near – new furnished townhouse across the road from the hospital. It is not one-size -fits- all with property managers and our clients benefit from our town-specific knowledge there because our spotters do/oversee/keep tabs on so many rental properties.>- settlement agents
You mean a lawyer. Yes there are two or three lawyers in NZ that I like to work with (prompt, not expensive, great communicators, smart) and many that overcharge, are hopeless/slack. The ones we recommend are the former and when clients decide to use ‘their own solicitor’ we often get the latter. This is not an exaggeration! However this is where we come in and help bridge the gap between the lawyer and the client. We remind/hassle the lawyer if need be, help write letters of negotiation to save the client fees, etc etc!>- building inspectors
with our deals, we always provide a name or names of who we think is best. I.e. $350 you get a full written report with 150 pictures, or for $150 you get a verbal and an invoice! (the client can choose!)
>- pest inspectorsIn NZ as pests are not like they are in NZ it is not necessary to get a separate one, in fact not at all common, it’s all done as part of the builder’s report.
cheers –
BarbFeel free to text me your email address to be added to the list. Our website is in between changing to nzbirddogs.com (not up yet but it will be) as we are newly incorporated in NZ now, so just email me as above if you want more info and I can email it to you for now.
cheers –
Barb AKA MinimogulNZ Bird Dogs – Great deals in NZ, Integrity Guaranteed!
barb at vocalbureau dot com
0411383117Originally posted by MiniMogul:Hi there
“I know there isn’t any “real standard”, but what is a reasonable fee?”
At NZ Bird Dogs we charge $2500 for a fee for the cheapies (say up to $150k.) For deals i.e. 250k we might charge $3000-3500 (depends on the deal.) If there is say 45k equity in it then we might charge $3500 for a 255k purchase rather than $3000k. For the million dollar deals we charge 10-20k, again depending on the deal. One such deal we had was 17 percent under valuation so that was a 20k deal. Basically we just made the client 150k even after our fee was taken out, so we always try to find deals that are worth more to the client than the fee!
Other bird dogs – House Hunters charge about 2k to join the list (our list is free) and then 6k for a deal. This is for Australian deals with stamp duty so you would be up for 10-20k to buy the average deal. Richmastery charge about 1-2k more than us for the same sort of deal.
>I’m doing by own checks on the properties, and am happy with what I’ve found so far. I am not aware of any of their “qualifications”>
we don’t have qualifications because you don’t need any qualifications to be an investor, and all our spotters are investors themselves, 5 of our spotters are full time investors. I would never be a full-time investor as such, because I see property as a way to make ‘free money’ passively without having to slave away at it like a full time job, in order to fund and experience life and fulfil one’s dreams, whatever they are! I am making TV shows and doing deals with networks these days and that’s all thanks to property. So if I am passionate about it, it’s because it works. Sure, I renovated with my own hands when I was starting out but these days I just make calls and ‘have it done’. Frees my time for more important stuff like quality of life!
” but if I do my own checks (checking the numbers I’ve been given, getting the lease agreements, building inspections, council rates searches) are there any other things I should be wary of?”
Basically we have done so many deals now (350, 400, lost count!) and helped so many clients through the whole process, plus monitored all the deals for years (just because we keep in touch with our clients) that we have a handle on all aspects of the process, so we basically help the client so they don’t ‘forget’ anything to do with the deal.
“I have been told that once I sign up with the bird-dog for the property that the sale contract is automatically unconditional. “
I am sure that some bird dogs do this (shonky!) but we don’t. We sign up conditional contracts and assign them to the client with say 10 days to do until unconditional (confirmation.) In that time we are doing builder’s reports, valuations, getting all the bits to the client’s lender, and then re-negotiating the deal if required. Any problems with the deal miraculously come good when the vendor agrees to fix them by settlement or offer a discount off the purchase price to compensate! We also line up a rental manager who we recommend in each area to take on the property. As you know people move around so our favourite rental manager in any town does change from time to time.
>I’m a bit unsure because I haven’t seen the contract of sale and I’m not sure of any encumbranc es, etc. Is this common practice, and how do I best protect myself?>
We provide the contract of sale (this is what we assign the client.) with the deal. As far as understanding the contract, you would use your own solicitor for this. We have a solicitor who we think is the best in NZ and the best priced as well, we use him and a lot of clients do, but you can use whoever you like. The solicitor will do the title searches but this is usually done after the due diligence, towards the end so as not to incur fees. i have never done a deal where there were any title encumbrances so it didn’t proceed. We used to order the title from QV for a few bucks but we stopped bothering because the client couldn’t use the ‘online version’ anyway, the lawyer has to do the ‘proper’ one from the Land Transfer Office. Basically it has never been a problem.
if you email me at barb at vocalbureau dot com I can email you the information sheet which is 15 pages long and answers all your questions and more.
>professionals in Dunedin or Christchurch they have used?
I certainly know all of the people below that you requested or rather our spotters do, however we provide this information to clients and through the deals (i.e. we use this ourselves) as it has value to us. We work with several agents because we do a lot of repeat business. They know our deals go through and so to pass you the name of our real estate agent would either be commercially imprudent for us to do, and also no use because a new person doesn’t have the relationship with the agent. however as our client you get the leverage of all 8 spotters’ combined on the ground real estate relationships with their favourite trusted agents in different locations all over NZ.
Broker – we use a really good one in Auckland and I only give this contact out to clients so you would have to join the list. To buy a property in Christchurch for instance you don’t need your broker to be in Christchurch.
>- property managers
we choose these depending on the deal. A Brighton beach renovated ex state house might be managed by a different agent to a near – new furnished townhouse across the road from the hospital. It is not one-size -fits- all with property managers and our clients benefit from our town-specific knowledge there because our spotters do/oversee/keep tabs on so many rental properties.>- settlement agents
You mean a lawyer. Yes there are two or three lawyers in NZ that I like to work with (prompt, not expensive, great communicators, smart) and many that overcharge, are hopeless/slack. The ones we recommend are the former and when clients decide to use ‘their own solicitor’ we often get the latter. This is not an exaggeration! However this is where we come in and help bridge the gap between the lawyer and the client. We remind/hassle the lawyer if need be, help write letters of negotiation to save the client fees, etc etc!>- building inspectors
with our deals, we always provide a name or names of who we think is best. I.e. $350 you get a full written report with 150 pictures, or for $150 you get a verbal and an invoice! (the client can choose!)
>- pest inspectorsIn NZ as pests are not like they are in NZ it is not necessary to get a separate one, in fact not at all common, it’s all done as part of the builder’s report.
cheers –
BarbFeel free to text me your email address to be added to the list. Our website is in between changing to nzbirddogs.com (not up yet but it will be) as we are newly incorporated in NZ now, so just email me as above if you want more info and I can email it to you for now.
cheers –
Barb AKA MinimogulNZ Bird Dogs – Great deals in NZ, Integrity Guaranteed!
barb at vocalbureau dot com
0411383117Originally posted by MiniMogul:Hi there
“I know there isn’t any “real standard”, but what is a reasonable fee?”
At NZ Bird Dogs we charge $2500 for a fee for the cheapies (say up to $150k.) For deals i.e. 250k we might charge $3000-3500 (depends on the deal.) If there is say 45k equity in it then we might charge $3500 for a 255k purchase rather than $3000k. For the million dollar deals we charge 10-20k, again depending on the deal. One such deal we had was 17 percent under valuation so that was a 20k deal. Basically we just made the client 150k even after our fee was taken out, so we always try to find deals that are worth more to the client than the fee!
Other bird dogs – House Hunters charge about 2k to join the list (our list is free) and then 6k for a deal. This is for Australian deals with stamp duty so you would be up for 10-20k to buy the average deal. Richmastery charge about 1-2k more than us for the same sort of deal.
>I’m doing by own checks on the properties, and am happy with what I’ve found so far. I am not aware of any of their “qualifications”>
we don’t have qualifications because you don’t need any qualifications to be an investor, and all our spotters are investors themselves, 5 of our spotters are full time investors. I would never be a full-time investor as such, because I see property as a way to make ‘free money’ passively without having to slave away at it like a full time job, in order to fund and experience life and fulfil one’s dreams, whatever they are! I am making TV shows and doing deals with networks these days and that’s all thanks to property. So if I am passionate about it, it’s because it works. Sure, I renovated with my own hands when I was starting out but these days I just make calls and ‘have it done’. Frees my time for more important stuff like quality of life!
” but if I do my own checks (checking the numbers I’ve been given, getting the lease agreements, building inspections, council rates searches) are there any other things I should be wary of?”
Basically we have done so many deals now (350, 400, lost count!) and helped so many clients through the whole process, plus monitored all the deals for years (just because we keep in touch with our clients) that we have a handle on all aspects of the process, so we basically help the client so they don’t ‘forget’ anything to do with the deal.
“I have been told that once I sign up with the bird-dog for the property that the sale contract is automatically unconditional. “
I am sure that some bird dogs do this (shonky!) but we don’t. We sign up conditional contracts and assign them to the client with say 10 days to do until unconditional (confirmation.) In that time we are doing builder’s reports, valuations, getting all the bits to the client’s lender, and then re-negotiating the deal if required. Any problems with the deal miraculously come good when the vendor agrees to fix them by settlement or offer a discount off the purchase price to compensate! We also line up a rental manager who we recommend in each area to take on the property. As you know people move around so our favourite rental manager in any town does change from time to time.
>I’m a bit unsure because I haven’t seen the contract of sale and I’m not sure of any encumbranc es, etc. Is this common practice, and how do I best protect myself?>
We provide the contract of sale (this is what we assign the client.) with the deal. As far as understanding the contract, you would use your own solicitor for this. We have a solicitor who we think is the best in NZ and the best priced as well, we use him and a lot of clients do, but you can use whoever you like. The solicitor will do the title searches but this is usually done after the due diligence, towards the end so as not to incur fees. i have never done a deal where there were any title encumbrances so it didn’t proceed. We used to order the title from QV for a few bucks but we stopped bothering because the client couldn’t use the ‘online version’ anyway, the lawyer has to do the ‘proper’ one from the Land Transfer Office. Basically it has never been a problem.
if you email me at barb at vocalbureau dot com I can email you the information sheet which is 15 pages long and answers all your questions and more.
>professionals in Dunedin or Christchurch they have used?
I certainly know all of the people below that you requested or rather our spotters do, however we provide this information to clients and through the deals (i.e. we use this ourselves) as it has value to us. We work with several agents because we do a lot of repeat business. They know our deals go through and so to pass you the name of our real estate agent would either be commercially imprudent for us to do, and also no use because a new person doesn’t have the relationship with the agent. however as our client you get the leverage of all 8 spotters’ combined on the ground real estate relationships with their favourite trusted agents in different locations all over NZ.
Broker – we use a really good one in Auckland and I only give this contact out to clients so you would have to join the list. To buy a property in Christchurch for instance you don’t need your broker to be in Christchurch.
>- property managers
we choose these depending on the deal. A Brighton beach renovated ex state house might be managed by a different agent to a near – new furnished townhouse across the road from the hospital. It is not one-size -fits- all with property managers and our clients benefit from our town-specific knowledge there because our spotters do/oversee/keep tabs on so many rental properties.>- settlement agents
You mean a lawyer. Yes there are two or three lawyers in NZ that I like to work with (prompt, not expensive, great communicators, smart) and many that overcharge, are hopeless/slack. The ones we recommend are the former and when clients decide to use ‘their own solicitor’ we often get the latter. This is not an exaggeration! However this is where we come in and help bridge the gap between the lawyer and the client. We remind/hassle the lawyer if need be, help write letters of negotiation to save the client fees, etc etc!>- building inspectors
with our deals, we always provide a name or names of who we think is best. I.e. $350 you get a full written report with 150 pictures, or for $150 you get a verbal and an invoice! (the client can choose!)
>- pest inspectorsIn NZ as pests are not like they are in NZ it is not necessary to get a separate one, in fact not at all common, it’s all done as part of the builder’s report.
cheers –
BarbFeel free to text me your email address to be added to the list. Our website is in between changing to nzbirddogs.com (not up yet but it will be) as we are newly incorporated in NZ now, so just email me as above if you want more info and I can email it to you for now.
cheers –
Barb AKA MinimogulNZ Bird Dogs – Great deals in NZ, Integrity Guaranteed!
barb at vocalbureau dot com
0411383117Originally posted by MiniMogul:Hi there
“I know there isn’t any “real standard”, but what is a reasonable fee?”
At NZ Bird Dogs we charge $2500 for a fee for the cheapies (say up to $150k.) For deals i.e. 250k we might charge $3000-3500 (depends on the deal.) If there is say 45k equity in it then we might charge $3500 for a 255k purchase rather than $3000k. For the million dollar deals we charge 10-20k, again depending on the deal. One such deal we had was 17 percent under valuation so that was a 20k deal. Basically we just made the client 150k even after our fee was taken out, so we always try to find deals that are worth more to the client than the fee!
Other bird dogs – House Hunters charge about 2k to join the list (our list is free) and then 6k for a deal. This is for Australian deals with stamp duty so you would be up for 10-20k to buy the average deal. Richmastery charge about 1-2k more than us for the same sort of deal.
>I’m doing by own checks on the properties, and am happy with what I’ve found so far. I am not aware of any of their “qualifications”>
we don’t have qualifications because you don’t need any qualifications to be an investor, and all our spotters are investors themselves, 5 of our spotters are full time investors. I would never be a full-time investor as such, because I see property as a way to make ‘free money’ passively without having to slave away at it like a full time job, in order to fund and experience life and fulfil one’s dreams, whatever they are! I am making TV shows and doing deals with networks these days and that’s all thanks to property. So if I am passionate about it, it’s because it works. Sure, I renovated with my own hands when I was starting out but these days I just make calls and ‘have it done’. Frees my time for more important stuff like quality of life!
” but if I do my own checks (checking the numbers I’ve been given, getting the lease agreements, building inspections, council rates searches) are there any other things I should be wary of?”
Basically we have done so many deals now (350, 400, lost count!) and helped so many clients through the whole process, plus monitored all the deals for years (just because we keep in touch with our clients) that we have a handle on all aspects of the process, so we basically help the client so they don’t ‘forget’ anything to do with the deal.
“I have been told that once I sign up with the bird-dog for the property that the sale contract is automatically unconditional. “
I am sure that some bird dogs do this (shonky!) but we don’t. We sign up conditional contracts and assign them to the client with say 10 days to do until unconditional (confirmation.) In that time we are doing builder’s reports, valuations, getting all the bits to the client’s lender, and then re-negotiating the deal if required. Any problems with the deal miraculously come good when the vendor agrees to fix them by settlement or offer a discount off the purchase price to compensate! We also line up a rental manager who we recommend in each area to take on the property. As you know people move around so our favourite rental manager in any town does change from time to time.
>I’m a bit unsure because I haven’t seen the contract of sale and I’m not sure of any encumbranc es, etc. Is this common practice, and how do I best protect myself?>
We provide the contract of sale (this is what we assign the client.) with the deal. As far as understanding the contract, you would use your own solicitor for this. We have a solicitor who we think is the best in NZ and the best priced as well, we use him and a lot of clients do, but you can use whoever you like. The solicitor will do the title searches but this is usually done after the due diligence, towards the end so as not to incur fees. i have never done a deal where there were any title encumbrances so it didn’t proceed. We used to order the title from QV for a few bucks but we stopped bothering because the client couldn’t use the ‘online version’ anyway, the lawyer has to do the ‘proper’ one from the Land Transfer Office. Basically it has never been a problem.
if you email me at barb at vocalbureau dot com I can email you the information sheet which is 15 pages long and answers all your questions and more.
>professionals in Dunedin or Christchurch they have used?
I certainly know all of the people below that you requested or rather our spotters do, however we provide this information to clients and through the deals (i.e. we use this ourselves) as it has value to us. We work with several agents because we do a lot of repeat business. They know our deals go through and so to pass you the name of our real estate agent would either be commercially imprudent for us to do, and also no use because a new person doesn’t have the relationship with the agent. however as our client you get the leverage of all 8 spotters’ combined on the ground real estate relationships with their favourite trusted agents in different locations all over NZ.
Broker – we use a really good one in Auckland and I only give this contact out to clients so you would have to join the list. To buy a property in Christchurch for instance you don’t need your broker to be in Christchurch.
>- property managers
we choose these depending on the deal. A Brighton beach renovated ex state house might be managed by a different agent to a near – new furnished townhouse across the road from the hospital. It is not one-size -fits- all with property managers and our clients benefit from our town-specific knowledge there because our spotters do/oversee/keep tabs on so many rental properties.>- settlement agents
You mean a lawyer. Yes there are two or three lawyers in NZ that I like to work with (prompt, not expensive, great communicators, smart) and many that overcharge, are hopeless/slack. The ones we recommend are the former and when clients decide to use ‘their own solicitor’ we often get the latter. This is not an exaggeration! However this is where we come in and help bridge the gap between the lawyer and the client. We remind/hassle the lawyer if need be, help write letters of negotiation to save the client fees, etc etc!>- building inspectors
with our deals, we always provide a name or names of who we think is best. I.e. $350 you get a full written report with 150 pictures, or for $150 you get a verbal and an invoice! (the client can choose!)
>- pest inspectorsIn NZ as pests are not like they are in NZ it is not necessary to get a separate one, in fact not at all common, it’s all done as part of the builder’s report.
cheers –
BarbFeel free to text me your email address to be added to the list. Our website is in between changing to nzbirddogs.com (not up yet but it will be) as we are newly incorporated in NZ now, so just email me as above if you want more info and I can email it to you for now.
cheers –
Barb AKA MinimogulNZ Bird Dogs – Great deals in NZ, Integrity Guaranteed!
barb at vocalbureau dot com
0411383117
