Wouldnt that be like purchasing information, doesnt matter what information. Sort of Knowledge exchange. Sort of like the barter system, where you have something I want and visa-vera, so you provide a service and in return I will provide a service back to you ?
[8D]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)I agree with Arty.
The spotter wouldn’t be setting up the deal, only passing on information that is in the public arena anyway. That is where there involvement stops.
It may be different if you set-up a company name and have an ABN to accept payment for the fees.
It would be good to have someone provide some legal advice as I think a lot of the members of the forum may use this to generate more income.
Milkman.
And there seems to be a few in here, that know where the gems are, but arent interested or not prepared to follow it through, so they can benefit from passing out their knowledge.
Rubbing hands together.. [
]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)I found a book called “I sold 22 homes in one day”. There is an article that says, it is an offence to receive a fee for carrying out the services of an estate agent if you are unlicenced ($3000.00). However, if you pass on information, without performing the services of an agent, and receive a fee, that is acceptable. Bear in mind that author of this book is based in Perth.
If I was a spotter, I would ask my prospective buyer a bunch of questions.
What’s your priority?
(some might say ‘cheap’ and ‘yield!’! others might want the security of a larger town and be prepared to pay more for a higher quality house.)
Price range and desired yield? Do you want me to look for house which are tenanted already or vacant ex-owner occupier property? (both have benefits, the latter is more likely to be well maintained!) Do you have a minimum population size in mind for towns you invest in? Would you sacrifice yield for capital gain potential if it was still +ve cashflow? How much deposit do you want to put down? How do you feel about the deal if you’d have to put in 20 or 30 percent? Do you want houses with minimal maintenance/repair issues or you wouldn’t mind renovating? Do you want a large land content or are you interested in ‘low maintenance units’ on smaller blocks? How do you feel about leasehold land, if the returns are there?
Do you want me to fully research the house (making a lot of phone-calls, etc) before I pass you on the deal, or do you want me to just give you the details of any property that looks good on paper (i.e. the list price) and you can make your own calls? How many properties do you want me to find, for you to choose from?
Do you want a written ‘executive summary’ of data about the area, recent sales data, etc….So basically it could be a lot or a little work, and a prospective spotter could charge accordingly.
Richmastery are on to a good thing offering deals on their web-site. I know they have a lot of little ‘elves’ looking, and some of them tried to find 100 ‘deals’ before richmastery accept one and put it on the web. they split the commission with the ‘finder’ (elf!) They obviously take the best ones themselves first – which is how they got the idea to do it for the public -they’d asked their past students ( i guess) to find them deals and if they took them they’d get a fee. There were so many deals coming in that other people said ‘can we have the ones you don’t want?” which gave them the idea to do it as a business. they actually tie the houses up with a contract for usually about 2 weeks, and you have that long to think about it – so they are actually flipping it to you.
Phil Jones said that sometimes he looks at the deals available to the public that nobody’s bought. He sometimes even buys them himself off the web. He was telling people about some incredible deals that had been on the web for 9 days and nobody had bought it, then he ended up getting it.
The trouble with spotters is that if you miss a beat the house has gone before you’ve typed your executive summary.
For that reason, flips I guess are the way to go for the prospective bird-doggie.I totally agree with AD. If spotter’s fees were to be charged on this site it goes against what Steve is trying to achieve (In my opinion only). The list will fill up with spotters and only the people with money will be able to obtain them more competition for those with no money willing to do the work. I would suggest if some one is working 12 – 14 hours a day they are making good money which is fantastic but there are battlers on the list on welfare payments just trying to make ends meet. I also believe that what we put into something is what we get out of it. I’m not suggesting that spotter’s fees are wrong, I’m just saying I don’t believe this forum to be the right place for it.
I would like to think if I found some positive cash flow properties and I didn’t have the finances to purchase I would give the details to somebody to purchase knowing I helped some one and also knowing that in some way something even better will happen for me later down the track. ( What goes around comes around) What ever happened to goodwill?
Sorry if this post upsets any one, it is my thoughts.
Regards Bear
One of the problems with such an idea is that this site is about sharing ideas and approaches it is not a real estate sales point. There is a certain amount of responsibility with allowing people to advertise, etc. as the sharks do come out to swim and many are unwary. As to Caveat Emptor (Buyer Beware) I know Steve/Dave are not happy to see anyone being mislead especially through this site.You would be surprised how many posts get removed because of overt advertising on this site. Often what amazes me is by the time they are removed people have already replied asking for more info. I guess everyone wants it on a platter rather than going out in the field and digging it up themselves.
I still firmly believe that the best deals are the ones sourced by you. The major part of the learning is the journey not the end. If time is a problem not being able to get out and find the deals….what are you willing to sacrifice to this end? How important is success to you? We all have problems but how do we solve them. As I heard on the radio today.
“We are all faced with great opportunities wrapped in the packaging of huge problems.” Are you willing to be an unwrapper or would you rather leave it under the tree.Just my thoughts.
Enjoy
AD [:0)]
(Andrew)It is good to have an end to journey toward, but it is the journey that matters in the end.
Bear.. no offense taken or anything like that.[
]I didnt think about the scamming/scalping/licencing problems, I just thought we could benefit from the information available.
Its getting difficult to find a bargain lately.[
]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)No offence was taken Arty,[
] I was just expressing my point of view. I doesn’t mean I am right, wrong or in indifferent it’s just an opinion and majority and moderators rule []Regards Bear[
]
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]The topic ‘Finders Fees’ is closed to new replies.
