Hi, have read both Steves books on investing and have booked into the masterclass end of Feb. Have also read all the current Q & A re spotting and will checkout the US data on this topic. I do have some questions for the local market though.
1) In NSW do you need to be a buyers agent to do spotting? If yes what do you need to do to achieve this?
2)What is the standard fee charged by a spotter?
3) Does this fee change depending on type of property?ie domestic, commercial, development sites
4)How do you protect yourself from being bypassed on the deal?
4) I have been told there are contracts you can have set up with a client that you are spotting for that covers all properties you pass onto them but it seems like you would be paying alot in solicitors fees to set this up and would only be worth while if it was a continual steam of properties that you were supplying to them. Is this neccessary? I know a guy who told me he paid a solictitor $11,500.00 to put together a template he could use with developers and individual clients to cover himself and make sure he was paid on the properties he passed on to them. Does anyone know a more cost effective way to do this?
5) Is spotting and flips the same thing only one you sign the contract and have a or nominee clause on it? Or if they are different do you need anything legally set up re being a buying agent to do flips? what is the upside and down side on both?What a barrage of questions, the more you learn the more you realize how little you know
Thanks in advance guys and cheers Sue
Sue
In NSW I beleive you must be registered with the office Deparment of Fair trading to be a buyers agent -under the Property, Stock and Business Agents Act (2002).To be registered you will need to have completed a real estate course or a buyers agents course – TAFE NSW now runs one. see:
http://www.oten.edu.au/oten/study/courses/CILS/coursedetails.cfm?CID=17337
cost is $1250Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Here is the link at the Dept of Fair Trading:
http://www.fairtrading.nsw.gov.au/realestaterenting/agentsmanagers/qualifications_buyersagent.htmlTerryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Sue,
This link might interest you… I haven’t used them (a bit pricey for my pocket) but they look highly organised. They operate out of Newcastle NSW but cover the whole of Aust…
http://hunterhousehunters.com.au/
Regards,Sharon
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