Hi everyone,
I would like to have some advices from the community on the following point:
I'm about to purchase an IP in Australia from overseas. I have a concern that I will put lots of trust in the people I'm dealing with, such as:
– Will provide a PoA to my broker for him to sign a contract of Sale on my behalf. (as for some reason, it's a bit of a drama to receive mails where I live)
– Building inspector, pest inspector, Property Manager and even Lawyer are proposed by either my broker or my buyer agent. While I trust them, I feel there is also a risk that all these people are connected together and could possibly trick me.
I could find by myself the inspectors, PM and Lawyer but not being on the field, I can only follow advices of others (or internet, which is not better…
I don't have the opportunity to go to Australia in the coming weeks or months to see the property itself and talk with my team face to face.
How can I ensure that, at the end of the process, I will really be owner of what I've been told and I haven't got trapped by crooks?
Thanks for your advices!
Cheers,
SZ
Wow,
You are in a similar situation like many Australian investors looking at buying overseas lol
I always like to say to spend enough time doing due diligence more on the team on the ground rather than the actual property or area itself.
Its very different in Australia compared to the US for instance as Australia is much more regulated and there are not as many shady operators.
As you mentioned a solution could be to get and independent building inspector, pest inspector, Property Manager and Lawyer, etc…
Thanks and have a great day.
EngeloRumora | Ohio Cashflow
http://ohiocashflow.com/
Email Me | Phone MeF@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST
SuperZiyue wrote:I don't have the opportunity to go to Australia in the coming weeks or months to see the property itself and talk with my team face to face.
How can I ensure that, at the end of the process, I will really be owner of what I've been told and I haven't got trapped by crooks?
Hi SZ
Do you have anyone in Australia that could provide some recommendations for you?
Why not get a couple of recommendations from both the broker and the BA on various allied professionals such as property managers, solicitors, etc and then speak with a few to get an idea of what they offer.
Do some due diligence online – perhaps ask if anyone on this forum has used any of the recommended companies.
All in all – if the PM doesn't work out, you can get a new one. The solicitor/conveyancer should have a very defined role (providing it's a straight forward purchase).
I can't speak for the companies you're dealing with – but personally, I'm only going to refer my clients to businesses that I know will do a good job. Otherwise, it reflects badly on me. I can only assume your broker/BA are doing the same.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
SuperZiyue wrote:H.How can I ensure that, at the end of the process, I will really be owner of what I've been told and I haven't got trapped by crooks?
You can't. Even if you lived here and dealt face to face with the individuals you may be none the wiser.
You go with recommendations by fellow buyers who have had successful experiences in the past.
A friends son (a tradesman) has dealt with a major contracting firm for years. It had a very good reputation for decades until the son took over a few years back. Sub contractors are going broke and he owes 100's of 1000's around the place but could still afford to buy a $200k SUV.
Thanks Guys for your feedbacks.
Should I ask for client references to my BA and broker, if I want to hear from some of them. I'm not sure they would give that to me, as I would expect a bit of confidentiality in the relationship between service provider and customer.
Anyway, both of them are regular contributors of this forum and I never read any poor comment on their service (yet…)
Hopefully everything will be smooth and I will be able to re-use their service for next step.
Cheers,
SZ
Hi SZ
Now that I know who you're dealing with – I can tell you that you're in excellent hands.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks Jamie appreciate the vote of confidence.
Must admit neither Jacqui nor i do it for the remuneration it is just nice to assist others get a foot on the property ladder and start to build their portfolios.
SZ it you are looking for an Australian Broker to finance the deal you can't go past Jamie.
Certainly knows his stuff and is a good bloke to boot.
Just make sure you do the deal before the cold sets in Canberra as his fingers freeze to the keyboard during the winter.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:SZ it you are looking for an Australian Broker to finance the deal you can't go past Jamie.
Certainly knows his stuff and is a good bloke to boot.
Just make sure you do the deal before the cold sets in Canberra as his fingers freeze to the keyboard during the winter.
haha – not this Winter. I'll be working from the Amalfi Coast in July
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jamie M wrote:haha – not this Winter. I'll be working from the Amalfi Coast in July
Cheers
Jamie
Amalfi Coast: Not a bad place. Just good luck for the 20-hour flight with your 1+ year old kid…
SuperZiyue wrote:Jamie M wrote:haha – not this Winter. I'll be working from the Amalfi Coast in July
Cheers
Jamie
Amalfi Coast: Not a bad place. Just good luck for the 20-hour flight with your 1+ year old kid…
haha – you got me there! I'm actually quite worried about it. Going to NZ was hard enough- I don't know how we're going to go with the flights to Europe, especially since she doesn't sit still for a second
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I guess there is no big difference between buying from overseas and buying interstate site unseen (in terms of trust of people you work with, at least)
As said in previous post, you have to make your own due diligence on whoever you want want to work with and not just choose from the nicest website…
Quite a few posts on this forum from people who want to crosscheck references for Broker, PM or other.
Good Luck.
Agree with Eric if you are comfortable with the Professionalism of the team you are working with makes no difference if you are overseas or inter state.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jamie M wrote:haha – you got me there! I'm actually quite worried about it. Going to NZ was hard enough- I don't know how we're going to go with the flights to Europe, especially since she doesn't sit still for a second
Cheers
Jamie
Fly Emirates. They have a stop in Dubia. If the stopover is over so many hours you get accommodation included in the price. I think they have a 9-10hr layover option from memory. Breaks the haul nicely before the next leg to Rome.
Cheers Freckle.
We're stopping over in Vietnam for a few nights in both directions – so that should break it up a bit.
We just got back from a three hour car trip from the South Coast…..and it was terrible! Wish me luck on a 9 hour+ plane trip.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Slip some vodka in his/her bottle. About half a nip. Should be quiet as a mouse after that
lol – that will go down well with my wife…. "but Freckle, from the internet forum I spend too much time on, told me to do it!"
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jamie M wrote:lol – that will go down well with my wife…. "but Freckle, from the internet forum I spend too much time on, told me to do it!"Cheers
Jamie
Yeah but the rest of the passengers will luv ya
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