Forum Replies Created
There is a section in the real estate legislation that states that in the even that a house is sold fraudulantly, the new purchaser would be protected as they purchased in good faith and the vendors only course of action would be against the person commiting the fraud.
This law has been around forever and that is why title references are checked by conveyances and agents before selling a house.
It can happen but is not a very common thing,I don’t own a TV at home but I happened to see the show while at my mums house, it just reinforced our choice not to watch TV!
Highly sensationalised journalism making it seem like it happens as an every day thing and putting the fear into people not to go overseas because your house will be sold from under you in this “New Scam” that has really been around since the 1940s!
And offcourse it was a chance for our hero Neil Jenman to shine once again while he pointed out all the ways in which real estate agents are to blame for making houses disappear and all this runt was based on a total sample number of ONE!!!
Hardly statistically relevant now is it!!!
Investment Property Management
http://www.adprop.com.auHi Macca,
I think your question was answered in the first 2 posts. Richard Taylor is a mortgage broker and details displayed at the bottom of his post so you can get in contact with him directly.
A good mortgage broker does not have to live in the same city as you! All transactions are done by fax, email or phone regardless of whether the mortgage broker lives interstate or next door to you!
May be worth talking to a few on the forum to see if you “click” with any of them [biggrin]
Investment Property Management
http://www.adprop.com.auHi Intrinsic,
Wrap around mortgages as in getting a tenant to pay inflated interest rates on the purchase of a house, council rates and all home ownership expenses but not allowing the title to transfer to them for 25 years, is highly illegal in SA. This is just one form of vendor finance.
another form is having the title transfer in a 6 week settlement and the vendor leaving in part of the purchase price which is secured as a second mortgage on the title. This form of vendor finance is allowed in SA and done all the time. ‘
Leasing with an option to purchase is also legal because it is just a residential lease agreement with an option to purchase contract. We offer this service to investors as part of our business. Have a look at my website you may get some useful information and feel free to contact me if you have any questions.
We can also set up the legal sort of vendor financing.
[email protected]Investment Property Management
http://www.adprop.com.auOriginally posted by Terryw:I have 101 and the kids one. Hven’t played them much because of the time it takes, and lack of willing partners. They are pretty expensive games and are very americanised.
Terryw
Discover Home Loans
[email protected]
Send an email to get my newsletter.Funny about that Terry since they were created by Americans [biggrin]
I have 101 and the kids one, I love playing them and used to make it a regular Friday night thing at our house with a group of like minded friends, it was great fun and went on for years.
Now we are all just too busy to have fun! Good things just don’t seem to last [biggrin]
Investment Property Management
http://www.adprop.com.auI belong to the same investor group that Kim does, we now have over 200 members with 80 to 90 attending monthly meetings.
We are having difficulties finding a venue for the 13th and may have to look at alternative dates.
Please email me [email protected] if you want to be included on the distribution list to attend meetings. (no PMs, I may not see them for weeks!)
PS, bridgebuff, no need to be pissed off, it’s a free networking meeting, we are not selling anything!
Investment Property Management
http://www.adprop.com.auAnd good luck to all the oldbies too [biggrin]
Investment Property Management
http://www.adprop.com.auLosing all brick and mortar assets and other material things does not mean you have lost everything. If you maintain the MINDSET that enabled you to accumulate those assets in the first place, you can do it again!
On the flip side, people with a poverty mentality will always lose everything even if they were given $10 million. This has been proven many times by lottery winners who were previously poor.
My parents lost EVERYTHING in a war in the 70’s, investment properties, PROP, savings, jobs, commercial buildings wehre they conducted their business from, cars, family, friends etc…
They were sponsored into Australia by family members and bought with them one suitcase between 2 adults (in their late 30’s and 2 children).
They did not lose their investor mentality! [biggrin]
Now they have more assets and more money than people who have been born in Australia and who have never lost anything!
Moral of the story, it’s not about money, its about being able to think in a particular way!!
Investment Property Management
http://www.adprop.com.auWe have a licensed buyers agency in SA and also a database of purchasers and the knowledge and expertise to analyse deals and turn them into real sales.
Feel free to email me with any good deals, we can use our license to pass them on to purchasers and pay the “spotters” a percent of our fees for the referal.
Investment Property Management
http://www.adprop.com.auare you talking about people using the posts for advertising or newbes asking where the positive cash flow stuff are or how the “11 second solution” works?
What’s more annoying?
Investment Property Management
http://www.adprop.com.auOriginally posted by condog:No. Not legally.
Why Not?
That’s the way we are set up at the moment, all accountants say it IS legal, are you talking about something state specific?
Investment Property Management
http://www.adprop.com.auI haven’t used them for anything, they look like buyer’s agents.
Experienced buyer’s agents can save you alot of time and money. Most charge between 2.5 and 5% of the negotiated purchase price, now if they can negotiate at least a 2.5 to 5% reduction in the price of a property, their services are basically free!
I’m talking about buyer’s agents in general, not those particular ones you enquired about [biggrin]
Investment Property Management
http://www.adprop.com.auHow about just being loyal to the vendors???
One of the properties we had listed once had another agent trying to sell it a few weeks before us (unsuccessfully!)
At an open inspection, one of the potential purchasers informed us that the other agent told them that if they put in an offer $50,000 below what the vendor is hoping for, they would get the property!!!
The truth was that the vendor would have accepted a lower offer, we knew it and the other agent knew it, however, that information should be kept confidential, not for purchasers to know EVER!!!
I think blatenly telling purchasers that the vendor would accept a lower offer is just plain dishonest and a form of betrayal to the people that agents are meant to be working for. And this is not a once off case, it happens all the time!!! [angry2]
Investment Property Management
http://www.adprop.com.auYou definately need to check with the council. In SA, you need to change land use to boarding house (from residential) for over 5 people residing in a property. Under 5 is OK, we keep all ours at 5 or less residents to comply with council legislation.
Investment Property Management
http://www.adprop.com.auThere are many investors out there accepting “finders fees” or “spotters fees” for properties that they are passing off or assigning to other investors. Yes it is done alot and it is not an issue until you get caught doing it!
Whether you are conducting a business or not, accepting a payment for a property transaction without a license is illegal. In SA the fines are $20,000 per transaction performed without a license and also paying back any commissions or fees that you accepted.
Yes people are doing it and seminar gurus are advocating it as a way of quick money or quick flips, but it is also illegal. (got me confused when I started out too and I asked the same questions as you)
At the end of the day, you take the “business risk” that is right for you, could you make over $20,000 in finders fees before you get caught doing one of them?
Also if people decide not to pay you, you have no recourse action against them at all, they don’t have to pay you!
A way around it is to take it to a licensed buyers agent who will put the deals through legally, they would not be able to pay you a commission but you can accept a gift voucher [biggrin]
I run a licensed buyers agency and so does Michael Yardney, what state are you in?
Investment Property Management
http://www.adprop.com.auYes, loads of experience. We do this as part of our property management business. You can get information from my website or feel free to email me with anything specific. [biggrin]
Investment Property Management
http://www.adprop.com.auTo have a clue about what the words “investment property” mean!
I am an investor that had to get an agent’s license to do what I have always been doing. Before I got a license, I thought that I knew alot more about investing than the average agent. Now I’m absolutely sure of it!!!
The general consensus agent’s have is that investment properties are those things purchased by “rich” people because “they can afford them”
Investors are rich because they were born that way, someone came and gave them money to buy properties with.
They have no concept of leverage!
They advertise that they will find you a good tenant that will “look after your home”
No concept of risk management or vacancy control, might as well offer to wrap the “home:” in cotton wool to protect it from those bad tenants that just want to put marks in the walls!!!I see them and deal with them every day and as an investor agents just FRUSTRATE THE HELL OUT OF ME!!!!!!
We are looking for staff for our business at the moment, I can very easily walk into the real estate institute and ask for suitable candidates, but they will give me agents trained by agents. I would rather take an investor and train them to list, sell or property manage rather than take an agent and expect them to grow some kind of intelligence!!!!
Investment Property Management
http://www.adprop.com.au[confused2][confused2][confused2]
are you buying, selling, advertising? What is ltv?
Investment Property Management
http://www.adprop.com.auWhy am I not on there [biggrin]
Investment Property Management
http://www.adprop.com.auThe tenant needs to remain a tenant until they exercise their option to buy the property and become a home owner. Until then, they are under a residential lease agreement with an option to buy the property. Residential laws must prevail. If you mix the 2 you make things complcated for yourself.
Under no circumstances should the tenant ever be allowed to pay for expenses related to the property that they landlord is oblicated to pay under the terms of the lease agreement. Ie council rates!
If the tenant defualts on payments, you may not be able to use the residential laws to evict them if you have breached those laws by allowing them to pay council rates etc. By doing this, you may be giving the tenant a right to claim equitable interest in the property. If this is granted by a tribunal or higher law, then you would need to formally foreclose on them to get them out of the property (like a bank does), this could be months of lost rent.
Much easier to use the residential laws where they can be out in 3 to 6 weeks. Dont ever give anyone interest in your property until they are ready to excercise!
Investment Property Management
http://www.adprop.com.aulooks like people on the somersoft forum are more on the ball in terms of this topic!
at least you got some responses there!!!
Investment Property Management
http://www.adprop.com.au
