Spotters Fee issue??

Viewing 7 posts - 1 through 7 (of 7 total)

battz71
Participant
@battz71
Join Date: 2003
Post Count: 95
October 3, 2003 - 12:15 am
G’day All,
Just seeing if we have received any clarification on the legal implications of providing a “Spotters Fee” service.[?] I know that there were discussions that perhaps a licence was required, or that it could be intepreted as providing “professional investment advice”
The reason I ask is that I am off on a road trip[8D] for 3 days (very exciting!) to an area where I purchased an IP 3 weeks ago and am signing a contract on a 2nd. (thanks Steve I wouldn’t be in this position if I hadn’t read your book!)
I have been advised of another 4 properties that are cashflow positive. However I am out of funds for now [], so i cant afford to purchase anymore.
I am prepared to view these properties, photograph and video them and provide the details to buyers for a small spotters fee (subject to successful purchase of course). I also have other relevant population growth/capital growth for the region.
If anyone wants to email me at I am happy to provide details of 2 two properties I have already purchased and can discuss further.
Cheers,
Battz
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 3, 2003 - 2:32 am
I mentioned this to a real estate agent friend of mine in NSW. He was of the opinion that no licencing would be necessary to act as a spotter or a buyers agent. It is best to check with the Dept of Fair Trading to be sure. Just ring them up.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
battz71
Participant
@battz71
Join Date: 2003
Post Count: 95
October 3, 2003 - 4:25 am
Thanks Terry,
I had been given similar advice. Provided you are not “advising” people to buy these particular properties. It is simply providing information about a certain property and perhaps providing recent sales figues/photss etc and charging a fee.
Cheers,
Battz
P.S. Thanks to those whom have emailed me, sorry in the delay to reply but Telstra Cable email has been down in Qld [!]
But I will reply to everyone and send details/pics once I return on Monday.
Administrator
Keymaster
@piadmin
Join Date: 2013
Post Count: 3,225
October 3, 2003 - 11:18 am
Hi there.
What is your email address, so that I can email you please – I may be interested in what you can find on your three day hunt.
You can email me at lrobbie$netspace.net.au
Cheers
LR[]
Sooshie
Member
@sooshie
Join Date: 2002
Post Count: 974
October 3, 2003 - 11:35 am
Hi there,
Battz, good hunting on your travels [8D] If you want to post your email, please contact [email protected] first.
Cheers
Sooshie []
When a problem is created the solution is created simultaneously
Tuttsy
Member
@tuttsy
Join Date: 2003
Post Count: 14
October 3, 2003 - 11:04 pm
Battz, I would love to drop you an email but son’t seem to be able to find your addy anywhere.
I am based in Bris. Whereabouts in Qld are u?
There is no turning back.
dagsthedude
Member
@dagsthedude
Join Date: 2003
Post Count: 26
October 4, 2003 - 3:23 am
Ive searched a few “property sourcing” sites
and find the original fees can vary,
Should one charge a percentage of the selling price?
?
is it money first details last? or minimal details first then money then full disclosure?
how do these transaction usually go ahead?
anyone got suggestion?
i have a database of deals that merit further investigation, all over oz.
dags nobody
the hippie investor