Time to do a bit more research/reading I think!
No doubt I’ll be back with further questions, but once again, I appreciate your time and the information you’ve provided.
All information from posters here has been very helpful, thanks for the input folks.
Thanks for the replies, and I see there is more to this than first meets the eye. Please bear with me, with the following idea's, I'm pretty much just trying to find out what I can or can't do legally, and the implications.
The idea is to find a "distressed" property, and get it under contract (me as the buyer and/or assignee) with a deposit only…[Read more]
Thanks for your reply Terry,
The idea is to look for distressed property and then assign it to an investor for a fee.
This is called wholesaling in the USA, and I'm interested to know if it can be done (legally) in Australia ?
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 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…[Read more]
I was just about to post a similar question.
In the USA this is a more creative way of working with the vendor, using an "option to buy" instead of an outright sale & purchase.
I'd be interested to hear if other investors in Australia use this method, who they use to draw up the contract(s), and the workflow they use until the property is reno'd…[Read more]