Hi,
I'm pretty new around here, and have been doing some research into the USA market over the past few months.
One of the area's of trying to obtain income from Real Estate which interests me (as a recently unemployed contractor), is the idea of wholesaling property.
Is this method of buying & selling something we can do, or are there restrictions in place to stop investors doing this here in Australia?
Thanks
Anyone can wholesale properties, although being in AU you will find it very difficult to do this as the local US boys will beat you to almost every deal.. What you could do if you have a significant amount of Cash is provide funds for a wholesaler…as an investor. However extreme due diligence must be performed on anyone you would invest with. the US real estate market is rife with charlatons spruiekers, crooks, liars, cheats , thieves, felons and all other manner of bad business people.. There are also great people to do business with however you must find them and you will want to do the following on anyone you would provide capital for.l……. 1). Criminal background check ( there are services in the US that do a nationwide search for 50 bucks).. 2. credit report 3. Banking references with proof of funds IE copy of bank account records. Lawyer and CPA references are no good these are for fee Vendors that will just talk the party line…. When I ran TWH I had all of those avalaible for our client investor upon request. I would think if you had 250 to 500k you could get someone's attention including mine:)
Hi Jay,
Thanks for your response & for the excellent info regarding DD, unfortunately the reason I'm looking to do wholesale deals is because I have very little funds available. I'm hoping to get started by locating property deals, assigning them to an investor or retail buyer, and taking a fee for finding the deal – as the guys in the USA do.
At this stage, I'm hoping to find out if this is a legal activity in Australia.
In New Zealand, property finders are no longer able to assign properties without having a Realtor license (which also comes with its own problems – ie: they also need to find a licensee to work under), this new legislation came in about 2 years ago, and effectively stopped the finders from "assigning" property. So, as far as I'm aware, there's no way to Wholesale property in NZ at this time. Hence my question to the Australia community.
Thanks, and any further info is very much appreciated regarding this subject.
Ok I get it overseas deals to you mean over the pacific to Australia not to the US.. There are all manner of "how to assign" class's and written articles for the US. Be pretty tough to do without being on the scene and being able to pull the trigger quickly.
Jay,
Sorry for the confusion, yes I'm hoping to do some wholesaling (or similar) in Australia (Melbourne preferably) – would love have a go at doing this in the USA, but I'm assuming that it's not possible working from a distance?
Maybe you can advise if you think that would be possible?
Thanks
Nu2oz wrote:Jay,Sorry for the confusion, yes I'm hoping to do some wholesaling (or similar) in Australia (Melbourne preferably) – would love have a go at doing this in the USA, but I'm assuming that it's not possible working from a distance?
Maybe you can advise if you think that would be possible?
Thanks
Hi Nu2oz,
You will find it very hard to conduct any business in the US from overseas. Its hard enough being on the ground lol
I do believe if you have the will anything is possible.
Thanks.
EngeloRumora | Ohio Cashflow
http://ohiocashflow.com/
Email Me | Phone MeF@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST
jayhinrichs wrote:Anyone can wholesale properties, although being in AU you will find it very difficult to do this as the local US boys will beat you to almost every deal.. What you could do if you have a significant amount of Cash is provide funds for a wholesaler…as an investor. However extreme due diligence must be performed on anyone you would invest with. the US real estate market is rife with charlatons spruiekers, crooks, liars, cheats , thieves, felons and all other manner of bad business people.. There are also great people to do business with however you must find them and you will want to do the following on anyone you would provide capital for.l……. 1). Criminal background check ( there are services in the US that do a nationwide search for 50 bucks).. 2. credit report 3. Banking references with proof of funds IE copy of bank account records. Lawyer and CPA references are no good these are for fee Vendors that will just talk the party line…. When I ran TWH I had all of those avalaible for our client investor upon request. I would think if you had 250 to 500k you could get someone's attention including mine:)Only 250-500k? lollol
Thanks mate
EngeloRumora | Ohio Cashflow
http://ohiocashflow.com/
Email Me | Phone MeF@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST
I have a partner on the ground in Florida.
The lesson is that if you are going to be involved in the market in the United States you must have someone reliable on the ground. The others commenting here are all experienced operators. If you do not have someone that you can trust 100% then stay out of the market. The quality of whatever you do is determined by the quality of people you work with.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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Nu2oz wrote:I'm hoping to do some wholesaling (or similar) in Australia (Melbourne preferably)There's no wholesaling in AU. Not enough inventory like the US market. Most forclosed or ex govt stock goes to auction or preferred RE agencies to sell. They act as agents just to facilitate a sale. No one buys 20 units to rehab and flick to investor groups etc. The closest thing is a buyers agent (need RE license) or an RE investment advisor who you pay a fee to and they locate suitable deals for you. You need a lot of runs on the board to be taken seriously and there's more players in the market than fleas on a dogs back.
Quote:would love have a go at doing this in the USA, but I'm assuming that it's not possible working from a distance?Maybe you can advise if you think that would be possible?
Thanks
You have no money no experience and not in situ – get real!!
Nigel Kibel wrote:I have a partner on the ground in Florida.The lesson is that if you are going to be involved in the market in the United States you must have someone reliable on the ground. The others commenting here are all experienced operators. If you do not have someone that you can trust 100% then stay out of the market. The quality of whatever you do is determined by the quality of people you work with.
Thanks Nigel,
100% agreed.
Team Team and Team
EngeloRumora | Ohio Cashflow
http://ohiocashflow.com/
Email Me | Phone MeF@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST
Frekle fleas on a dogs back is the least of anyones problems in the US……. Its dog EAT dog here
You might want to consider partnering with some with cash in your market and use you contractor expertise to buy & flip properties where you are located. Doing anything at a distance is difficult at best. You might find a program like ours where you can network and still make money in real estate without more than an investment of time on your part. Just depends on what you are trying to do. Find a niche, as we have in atlanta and you can still turn profits that will make you the envy of most of the posters here. Wholesaling isn't the easiest thing to do these days anyway and, as Freckle implies, probably would only work in a US market. Keep networking! Andy
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