Hi guys,
I work as a Property Manager for L.J.Hooker and although i enjoy my job, would love to turn into a professional “Bird Dog”…… finding great deals and then onselling them to other investors as discussed in Steve’s book “$1,000,000 in property in one year”.
My question to you is WHERE DO I START???
I live on the beautiful mid north coast of Australia and i have found quite a few great deals recently (some that i bought myself) but would love to make an income from passing these deals on to other go getters.
If you could help me to find some more information or get me started then i would be a very happy little invester [cigar]
Thanks very much for your help.
[thumbsup2]Wealth Angel
Hi,
The regulation in this area is changing all the time. You will have to check the legislation in your state and decided on what sort of business model that you are going to use to be able to find and offer quality investment properties. There will be a way as the law is a wonderfull thing – have an open mind.
Even in NZ where I find properties some are still using flawed and old techniques that could have serious consequences for the buyer and the client. What you need to do is search your local legislation and get informed.
When you are informed enough to ask some good questions schedule and appointment with your legal people with notepad and even business plan in hand and ask away.
What I am seeing from recent forum discussion is that great deals are out there no matter what location you are in.
Motivated and skilled people will find them. Others won’t. People will tell you all day long that there are no deals like that anymore or those properties don’t exist.
Well I am here to say that great deals exist in all markets in all locations at all times. Your skill as an advocate or bird dog will have a very very significant impact on the quality of the deal that you are able to offer the client.
Plus it is pretty rewarding work when you find deals that add up.
One question: Are you buying for yourself as well as others. The whole process seems to have more of a natural flow if you do it that way.If you have any questions feel free to email. I may be able to help.
Regards,
Don
D&L Property Projects Ltd
Positive Cashflow NZ Property Deals.Email to receive current deals & Free New Zealand Information Sheet.
[email protected]In Australia to be able to legally charge a commission for finding properties for others, you must have an estate agent’s licence (at least agent’s rep) plus work under the umbrella of some one with a full license who has a trust account and proffesional indemnity insurance. In other words an estate agnecy.
I know not everyone does so, but it’s breaking the law and there are new regulations coming out to control the property investment industry and protect the consumer -about time
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 11,000 readers each month.
FREE subscription http://www.PropertyUpdate.com.auI agree with Michael.
In SA, you must be a registered land agent to legally act on behalf of others for the purpose of negotiations dealing with land.
Anyone flipping properties without a license is not entitled to a commission and may be fined $20,000 per transactions.
You need to become familiar with the legislation in your state.
We buy properties in Adelaide. No Agent Fees.
[email protected]
INCREASE THE CASH FLOW FROM YOUR INVESTMENT PROPERTIES!
http://www.renttoownau.com/ http://www.vendorfinanceau.com/are you guys both saying that a service like “Jarrah” is offering is illegal. If so strange that the site administrators support his idea.
D&L Property Projects Ltd
Positive Cashflow NZ Property Deals.Email to receive current deals & Free New Zealand Information Sheet.
[email protected]Here is the part of the land agent’s act that makes it illegal. I interpret this as meaning that you cannot act as an agent unless you are and if you are, you must be registered!
4—Meaning of agent(1) A person is an agent for the purposes of this Act if the person carries on a business that consists of or involves—
(a) selling or purchasing or otherwise dealing with land or businesses on behalf of others, or conducting negotiations for that purpose; or
(b) selling land or businesses on his or her own behalf, or conducting negotiations for that purpose.
(2) However, a person does not act as an agent in so far as—
(a) the person sells or purchases or otherwise deals with land or businesses on behalf of others, or conducts negotiations for that purpose, in the course of practice as a legal practitioner; or
(b) the person sells land or businesses, or conducts negotiations for that purpose, through the instrumentality of an agent; or
(c) the person engages in mortgage financing.
5—Commissioner to be responsible for administration of Act
The Commissioner is responsible, subject to the control and directions of the Minister, for the administration of this Act.
Part 2—Registration and management of agent’s business
6—Agents to be registered
(1) A person must not carry on business, or hold himself or herself out, as an agent unless registered under this Act.
Maximum penalty: $20 000.
(2) A person required by this Act to be registered as an agent is not entitled to commission or other consideration for services as an agent unless the person—
(a) is, at the time of rendering the services, registered as an agent; and
(b) is authorised, in writing, to act as an agent by the person for whom the services are rendered or a person authorised to act on behalf of that person.
(3) Any commission or other consideration paid or given to a person who is, under subsection (2), not entitled to it may be recovered from the person as a debt.
We buy properties in Adelaide. No Agent Fees.
[email protected]
INCREASE THE CASH FLOW FROM YOUR INVESTMENT PROPERTIES!
http://www.renttoownau.com/ http://www.vendorfinanceau.com/(a) selling or purchasing or otherwise dealing with land or businesses on behalf of others, or conducting negotiations for that purpose; orseems a little wishy washy. Would have to read how “otherwise dealing” has been interpreted.
If person x is interested in a piece of real estate, say a westfield plaza for example in the NSW and x then sends his employee to meet the parties, conduct research and due dilligence, establish business relationships and set up contacts and elicit the likely terms of a subsequent agreement is he breaking the law.
Probably not – otherwise every large firm would have to employ teams of real estate agents and buyers agents rather than more suitably qualified persons to conduct business and make serious decision about purchases.
D&L Property Projects Ltd
Positive Cashflow NZ Property Deals.Email to receive current deals & Free New Zealand Information Sheet.
[email protected]I have to agree with Dr X,
I just completed my real estate course (so did she) to become a buyers agent, and after asking everyone in REISA, to conduct deals, flipping and due diligence, etc, you must work under an agency. And even then, in SA, the basic understanding is that you need to do Cert. 4 as well.There isnt much legislation on it in SA as its relatively new in this state, but the new laws that should be coming in in a few months might change all that. I only know about this state and NSW though.
Good luck!
In commercial confidence and without prejudice.
DLPP…and all else…
“(1)…..carries on a business…â€
No money changes hands; no business is recognized (“carried onâ€)…
Anything that comes after (1) is all relative and pertaining to (1) it being the opening and therefore “guiding†clause…
Business Law not Real Estate Law is relevant here…
Just a humble Lumber Jack…
“ask and you shall recieve”
Sincerely, Jarrah
++CASH FLOW PROPERTY HUNTER
(your not hunting if your not hungry)[email protected]
Climbing & Consulting
Arboricultural Services
0431433288“be ye angels?”,
“nay we are but MEN!”further more in no context do I hold myself out as an agent…
“ask and you shall recieve”
Sincerely, Jarrah
++CASH FLOW PROPERTY HUNTER
(your not hunting if your not hungry)[email protected]
Climbing & Consulting
Arboricultural Services
0431433288“be ye angels?”,
“nay we are but MEN!”i know jarrah
need to just get some good paid advice about what you can do. I don’t see a problem.
doing the course would not help you much because you will be working all around the place
if only there were not stamp duty in oz. in nz i actually buy all my properties and legally transfer ownership by deed.
Positive Cashflow NZ Property Deals.Email to receive current deals & Free New Zealand Information Sheet [email protected]dr x and audrey 123 – how does it work? can you guys only deal with properties in your state or clients in your state
Positive Cashflow NZ Property Deals.Email to receive current deals & Free New Zealand Information Sheet [email protected]hi all
what happens if you take an option in sa and then sell the house with the option on it.
you have flipped it and you haven’t changed names on the title until the new owner buys it.
and option is legal as far as I know in each state and you sell the property with your work as the option part.
also I do agree with jarrah the main point is running a business you need to be registered
doing one on one dealing negates alot of these little rules as you are not running a business on selling real estate.
if this is not the case then most developers would be out of business as they neg a deal on the land, develop and then sell them off the plan without any real estate involved at all.
( I know a bit about this as some are sold before the purchase of the land internally)
bird dogging is a interesting market as I don’t see much difference to say
a broker chasing the best loan.
a commercial banker chasing investors to invest in a unlisted property trust. a seed capitlaist chasing money to put in a deal.
they are all one on one dealings so they take you into that merky world of business that is not regulated at the moment and as long as there are people that are willing to give it a try it is relatively difficult to regulate.
for wealthangel the answer is relatively easy find out the rules and either work with them or work around them just don’t work opposite to them.
and hope it goes well we need people that will have a go.
I had a very wise business man who told me once when I asked was this legal and he said its legal until a guy in a wig has knocked down that its not legal.
I must admit I like the merky area of business as there are few people that dabble in that area and can be very profitable.I am not recommending any one to get into this area of investing nor am I recommending anyone to becomming a bird dog each to their own all I would say is good luck.
here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Gross its all about scarcity as Steve would say…
…and encourage us to educate ourselves…
…”$1M in I.P. in 1 yr” changed my life through cementing and binding a life long education I had been unaware of…
…15 years earlier “MAVERICK” had a similar if not holistically polarizing effect on my “education”…
…perhaps more people should look at polarities as a means of diversifying there mind set…
(Amazon.com: Maverick: The Success Story Behind the World’s Most …)
“ask and you shall recieve”
Sincerely, Jarrah
++CASH FLOW PROPERTY HUNTER
(your not hunting if your not hungry)[email protected]
Climbing & Consulting
Arboricultural Services
0431433288“be ye angels?”,
“nay we are but MEN!”The law can be interpreted in many different ways and it’s never really an issue unless someone refuses to pay or finds you accountable for something, then the law gets looked at.
It all depends on your risk profile, I feel safer to have a real estate license.
Hi Audrey [biggrin] all the best for the future
We buy properties in Adelaide. No Agent Fees.
[email protected]
INCREASE THE CASH FLOW FROM YOUR INVESTMENT PROPERTIES!
http://www.renttoownau.com/ http://www.vendorfinanceau.com/Hi Guys,
Thanks so much for all of the detailed information in regards to Bird Dogging. Im actually half way through obtaining my buyers agents licence. I am a Property Manager for L.J.Hooker real estate and have also done my fair share of real estate sales in the past.
I have come across alot of great deals and have purchased quite a few of them myself.
Im very happy to get all of this wonderful information as it seems that im on the right track to become a bird dog or otherwise known as a buyers agent. Thanks again guys for some really good advice.
[jerry]Wealth Angel
You must be logged in to reply to this topic. If you don't have an account, you can register here.
