Hi there,
TEST POST for NEW IDEA
It might be nice to post ADVERTISED (ie not personal ) deals we’ve found, but are not interested in doing.
A little note as to why you think it’s a good deal should accompany the post and perhaps why you’re not going to do the deal.
For example, if you live in an area and you know there is a house that is below market value or might be a good deal, but you don’t want to do the deal, pass it on.
The person reading the post or looking at the deal has to remember to do their OWN DUE DILIGENCE and take responsibility/liability for actions taken.
If you are going to benefit from the deal in any way, (i.e. commision etc) don’t bother posting it as it will be deleted.Okay, so I’ll start off. I found this ad in my local paper.
PICK OF THE WEEK
737 South Rd
Bentleigh East Victoria 3165
Land approx 651sqm, north facing.
Original 2/3 bd clad home, which is either for reno or to redevelop (STCA)
The advertised price range is $250-290K
The auction is set for SAT 6th September at 12:30pm
Melways ref 77/E5Why is this a good deal? It may or may not be, depending on what you want to do with it…BUT… The price range is BELOW the average for the area which is generally 350K plus. So, as a RENO, even if you spent 10% doing the house up, it would still come in under the average market value for Bentleigh East.
If you think this post might work against you if you are interested in a deal but don’t want the competition just post a note. This is not a compulsory post (nor is any other) I just thought it might be nice, especially for the people who keeping saying that they can’t find any properties.
The reason I’m not doing the above deal, is because we are time poor and doing a renovation takes time. So this deal would work against our goal.
Let me know what you think of this post…
Cheerio
Sooshie [
]“small steps make the journey” (SAS)
It’s a very good idea Sooshie. I hope to see more of this. Thanks[
]The concept sounds fine, but the mechanics are another issue. In creating such a concept I believe it would be more effiecent if there was a seperate board for posting, as the discussion board/forum is just that.
This new board should have a standard template to ensure that adequate facts are posted or irrelavent prompts are not added. The final requirement is a legal disclaimer to indemnify the remitee and site.
Your idea is brave, bold and brilliant. This is what set achievers apart from the pack.
Slow Boy.
Hi there,
Thank you both for responding. The new revised forum is not long in coming, so Slow Boy it might just be a goer at the new site, maybe not.
Slow Boy, you made a valid point. In retrospect I should have mentioned the only thing I had to gain from letting people know about that particular property is new neighbours! [:0)]Investors appear to have a level of a ‘hush hush’ mentality. I guess when your dealing with money and life goals, it stands to reason that many investors would restrict some or all of their information to being paraded on a huge forum with members numbering in the 1000’s.
I just have the mentality, if you can help someone achieve, pass it on. I’d like to believe that others feel the same and in fact there are others at this forum who do just that.I’d like to know what you think.
Cheers
Sooshie []“small steps make the journey” (SAS)
Fabulous idea sooshie
Generosity of spirit breeds generosity of spirit. I guess you reap what you sow. Hope you reaps heaps of good deals from your good idea[].My two bobs; if we can’t use a good deal, why not pass it on?
Thanks.Hi there,
Welcome to the forum Avid reader! Thanks for your kind thoughts [8D] I should mention, I’m not doing any deals at present. I’m tying up loose ends first and doing my research. Then I’ll ‘rock ‘n’roll’ again [8D]
I think we’ll soon see how the forumites respond. We might get some deals posted we might find this post on page 20 in 2 days [:0)].
Either way, nothing ventured nothing gained.Have a nice week
Sooshie [
]“small steps make the journey” (SAS)
I think that it is a great idea. Like you mentioned it seems investors are very hush hush about deals even if they are not interested in the deal. Its a great idea that could help many people that are new to investing, like me. Congratulations Sooshie on a great idea.
Cheers
Wilko
Good Idea..
There should be a new forum category for it though… So we could just post the properties details and it wont get lost in the usual forum.It may be worth enforcing a standard for the subject line too, so you can easily see what area the properties are in… ie.
“VIC – St.Kilda”
or
“VIC – Collingwood – Residential Detached Unit”
etc…Regards,
Arty.
[]Hi there,
All of you made great points [8D]. This thread obviously needs some fine tuning and then the correct forum place (perhaps this will be easier with the new platform coming soon) and then it might work.
There is a lot to consider, but as the first post mentioned, I was testing the waters. It won’t really work if I’m the only one going to list deals I’ve found in my area, but am not going to use.
Actually, in my local trade, there are at least 3 potentially good deals I’ve found this week.Okay, got to run
Thanks for your responses
By for now
Sooshie []“small steps make the journey” (SAS)
Hi all,
I think this new forum is a great idea… something that i think might add to it furthur though: If you find a great deal you would love to be involved in, but don’t have the resources, use this new forum to find a partner. For example, with Sooshie’s post, she might have said “I found the deal, and will put up the equity, but i need someone else who has the time for the renos”.
Could be a great comming together of complimentary skills and resources. What does everyone think?
Dan.
If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.
Great Idea! I only joined the forum today and I was hoping to find an area where we can share. In the past I have passed deals onto friends when I can’t take them up – but circumstances don’t always permit them to make use of the opportunity – so if someone else can benefit it is really great.
I agree with the comments of having a template and easy access (ie areas mentioned). The only problem that I can see that needs overcoming is that we don’t want to drive prices up by 10 of us all suddenly showing interest in the same property! Registering an interest may help – otherwise it is only the seller and the agent that will benefit.
Regards.
>>If you are going to benefit from the deal in any way, (i.e. commission etc) don’t bother posting it as it will be deleted.<<
Sooshie, what is so detestable about someone possibly earning some money from introducing a deal ?
It sounds like hearing some religious twisted mind freaks speak who say ‘money is evil’.
I cannot see anything wrong in someone introducing me to a deal AND at the same time making some money out of it.
This site IS also meant to be a networking site isn’t that so or have I got that wrong ?
I know that in order to find a deal I need to expend a great deal of money and time so I would just love to find someone who would cut out all that hard work for me and so what if that person were to make some gain out of it.
Taking it one step further, are you suggesting that, for example, we should refuse to buy a property via a real estate agent because ‘he makes commission out of the deal’ ?
Pisces133
Hi there,
For clarification:
My idea was based on the idea that if you are not going to do a deal, for whatever reason, why not pass it on, just out of goodwill?
For Peter M.
religious twisted mind freaks[:0)][:0)][:0)]
I just had to have a giggle at this, I hope this is what you intended, if not, please forgive me. It is early in the morning [][|)]
To set the record straight, I don’t think money is evil [}], it’s just a means to an end.
Perhaps I’m too dogmatic, however, what I meant by that statement you quoted, was that for forumites, at this stage, advertising here for personal gain, isn’t what I believe this forum is about. I’d like to think I adhere to the forum rules.
I think the last thing Steve and Co. want is a malcontent forumite complaining to them and accusing another forumite of a ‘dud’ product.My thinking was that generally speaking, fair game property are advertised properties, either from the web/net or paper, usually advertised by a realator. Then you enter negotiations, agreements etc via a legal entity.
I cannot see anything wrong in someone introducing me to a deal AND at the same time making some money out of it.This site IS also meant to be a networking site isn’t that so or have I got that wrong ?
Networking is great!
My thinking is, on the other hand, how can this forum protect you, whether you be a seasoned investor or a newbie, from con artists?
Should this idea come to fruition, one of the things which would need to be discussed, is credibility and legitamacy (in the business sense).
How to determine whether the advert is legit or not, fair market etc? How can we ascertain you are not being hooked in for a ride?
Perhaps this is can’t be done([?][?][?])!
Should it just be left all to the ‘due diligence’ of the forumite/investor?I guess I feel that people should feel free to browse and contribute to posts without a ‘hard sell’, or be under the belief/thinking that this forum has checked out every single person who wants to sell something that they are legit and are not out to just make a quick buck at your expense.
My statement was poorly worded if it gave you the impression that making money is something to be ashamed of, or evil, for that matter. That was not my intention.
Please note my use of the word “My” and “I”, as it is my opinion and as you can see from the other posts, other forumites have added their thoughts and ideas.
It was a Test Post (clearly stated in first line of first post). It appears, I’ve opened a can of worms, and personally speaking, I think it’s healthy to nut out or debate certain issues, whether they lead to something or not. I’m also glad that you had an opposing view. I reckon this makes a great example of democracy.Look foward to your reply
Cheers
Sooshie []“small steps make the journey” (SAS)
Sooshie, where I came from in my reply is that on another forum I mentioned a situation where an elderly man (76) was in quite a spot of bother i.e. he was under mortgae pressure and HAD to sell but didn’t really want to.
So I suggested that someone may possibly be interested in a deal whereby they paid out the mortgage and finished up settling the purchase on the vendor’s demise at a heavily discounted purchase price.
I ran into flack and accusations as the poster jumped to the (wrong) conclusion that I stood to make money out of the deal.
The facts are that I was merely trying to help both parties and didn’t stood to make any profit out of the deal.
However, even if one were (getting some financial benefit) so what ?
The only legitimate possible objection one could raise to such type of posts is the fact that the owner of the site may consider it unpaid advertising and may object to that.
I don’t know but to me it seems that running such types of posts would increase the visitor rate to the site and thus would be a win/win situation for everyone.
As far as a possible bumb deal is concerned, ‘Caveat Emptor.
If one doesn’t know what one is doing one shouldn’t be doing it.
One should ALWAYS do one’s homework no matter what the source is of the property.
Pisces133
Hi ya Sooshie. I think it’s a great idea and also agree on the goodwill part of the scenario too. Like many others on this forum you sound to be very good natured so I’m sure that you will have many successes (is that a word)[
]All the best
Marty
May I suggest that if we do end up having a separate section for “good deals spotted” we limit the amount of “good deals” a person can post?
This should help separate the genuine deal-spotters from the agents, advertisers etc. (i.e if you are only allowed to post 1 deal per week or 2).
Also, I think the majority of people on this forum would use the section in a positite way. Most can distinguish between a good deal and a rip-off, so it would be great to pass this judgement on to others(the deals they find.)
If users don’t want to feel as though they are having ads crammed down their throats, they simply don’t visit that section & stick to the discussion forums. (Retain the strict “no advertising” criteria for these threads).
I found a wonderful deal several weeks ago (before you started this topic Sooshie) but as it was through my dad’s real estate agency I couldn’t recommend it in case it looked dodgy on my behalf… someone bought it eventually but as it was in a small country area (VERY cashflow +) it sat there for months before it was discovered & bought.
So it would be nice to have an avenue to let people know about this type of thing. The only reason I didn’t buy was because I had just bought one days earlier and am not a big investor. These deals do crop up now and then though, so I would happily pass them on.
I see no reason why there can`t be both available on this site.Ie. People passing on deals for free and people passing them on for a fee.
After all if they`ve done the hard work, why not?The buyer still does their own due diligence to decide whether it`s a good deal or not before they buy and pay a spotter`s fee.
[b]From 0 to 130 properties:page 260
Nevertheless, for people who are time rich and money poor, sourcing properties and then selling them to investors for a spotter`s fee can be potentially lucrative.
You can do this without having to sign the contract or pay a deposit in your own name. I you`re looking to earn a spotter`s fee, use the forum at our site http://www.PropertyInvesting.com to look for potential buyers.[/b]
Steve suggests it! And I`m grateful for it because
I`m time rich money poor! I invest my time learning and searching the area I live in so why not get some reward for my efforts?I`m sure if there are any disreputable dealers out there they will be quickly found out and shunned by buyers. But if they come up with the goods, investors will appreciate it because they would not have time to find deals otherwise and any costs would be more than paid for by a good investment.
If a spotter`s fee is only payable if the property is purchased, where`s the harm?
It`s a win/win.
Sure, it is kind to pass on information for free and I will at times, so why not both?
Clinton
Hi there folks,
Thanks for your reply Peter, I was sorry to hear that your suggestion which was meant to help out, in fact backfired on you [
]. I’ve been in that same situation before on many occasions and I found it to be really hurtfull [][][].
I don’t know but to me it seems that running such types of posts would increase the visitor rate to the site and thus would be a win/win situation for everyone.I tend to agree with you, but I can’t talk for Steve and this site is his baby. He’s da man!
As far as a possible bumb deal is concerned, ‘Caveat Emptor.If one doesn’t know what one is doing one shouldn’t be doing it.
One should ALWAYS do one’s homework no matter what the source is of the property.
Once again, I totally agree with you. However, I was in that ‘green’ stage where I was eager to do something, last financial year cost me more that 2K in making mistakes, despite having read the books that said ‘Go Do It!’. I thought I had done my homework, and let me tell you, getting out of it with just over 2K damage was fortunate. That was my sixth sense that saved us from more trouble.
How do you know when you really have learnt what you need to know? I’m still making mistakes and learning from them.
‘Caveat Emptor’ true enough, but I wouldn’t feel comfortable knowing that I’ve mislead someone into making a bad decision by dressing it up and making it look all glittery. Sure they have a responsibility to do the numbers and homework, but sometimes reality doesn’t stack up like that.There are a lot of people, like the newbies, who’ve been to a seminar or two, read some books and think, okay I’m ready to jump in. So they come to a forum they trust for it’s high level of excellent content ([
][]) and look for deals. These deals haven’t been checked out, evaluated or discussed, they are just there, ripe for the picking. Due to their inexperience how might they determine the wheat from the chaff?On another forum I know of, deals are picked to peices, analysed, calculated, etc etc. This is a good thing. It might be the way to go, but in the mean time, the ‘early bird catches the worm’ scenario might apply thereby rendering all the calculations and analysis on the deal, ipso facto.
That is probably where ‘Caveat Emptor’ holds truth.Soliel, you make a good point, about restricting number of ads placed. How would you go about addressing someone like Clinton (powederfinger)who is time rich, cash poor? Would he also have to be limited to the number he can do per week?
I`m sure if there are any disreputable dealers out there they will be quickly found out and shunned by buyers. But if they come up with the goods, investors will appreciate it because they would not have time to find deals otherwise and any costs would be more than paid for by a good investment.Clinton, I tend to agree with you here. We could always let the investor be the judge of who’s legit or not. That would put the onus back onto the investor. A good thing.
These are all questions. I’m just trying to look at all points everyone has made and nutting out questions raised from your points, looking at it from every angle possible (almost like market research [
]) This is a discussion, please don’t think I’m attacking anyone personally, I’m just interested in everyone’s opinion, inviting some healthy discussions and perhaps playing a little devil’s advocate [}][]I’d love to hear your thoughts
Cheers
Sooshie []“small steps make the journey” (SAS)
Hi again,
Thanks Marty for your kind words! Ditto [
]
Dan, I like your idea.Cheers
Sooshie []“small steps make the journey” (SAS)
Clinton if you are going to do some spotting for other people I would like to suggest you approach it in a businesslike fashion by having an agreement signed by the investor beforehand which in essence says that from time to time you will introduce the investor to certain properties and in the event he or any company he is associated with or any associates of him or any companies associated with such associates of him proceeds to purchase the property then in that event a spotters fee of xyz dollars is payable upon exchange.
If you find that the investor refuses to sign this type of agreement you can be sure you are wasting your time talking to him as more likely than not he would be screwing you when the time comes to pay you.
I also would like to suggest that you have a solicitor draw up such an agreement (unless you are very experienced yourself).
Pisces133
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]. I’ve been in that same situation before on many occasions and I found it to be really hurtfull [The topic ‘Pick of the Week’ is closed to new replies.
