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Viewing 18 posts - 1 through 18 (of 18 total)
  • Profile photo of RaydenheadRaydenhead
    Member
    @raydenhead
    Join Date: 2011
    Post Count: 7

    I'm relatively new to this forum, so hi everyone!

    I am looking to make a significant number of property deals in my life as I love real estate, being creative and making money. I have just bought my first house significantly below market value, with plans to lightly rennovate (rejuvenate) for quick capital gains and then rent out by the room for positive cash flow. I don't have the highest paying job in the world so I am probably maxed out in terms of lending capacity for the next year or so.

    Are there any capital rich but time poor investors living in Perth who would like to invest in property, specifically rejuvenations and positive cash flow deals? My job has very flexible work hours and I have oodles of spare time during the week which I could be using to research property deals. However at this time I would be unable to get finance for them.

    If you are capital rich, time poor, live in Perth and think you may be interested, send me a message. We could meet up for lunch and discuss goals and strategies. We could enter the deals jointly (you put in the money, I'll put in all the time/work), or you could tell me what you're looking for, I'll go find it and then take a finder's fee. I'm open to any kind of mutually beneficial agreement – as I said I simply want to make use of my free time and gain experience in property investment.

    Finally, I'd like to make it very clear I'm not here to rip anyone off. I have nothing in particular I'm trying to sell to naive people "omg let me tell you about US property…". Nor am I trying to fleece you from your money. The purpose of this post is to try to find likeminded people with honour and integrity who are interested in property investing for mutual gain.

    Thanks everyone.

    Profile photo of angelinsydneyangelinsydney
    Participant
    @angelinsydney
    Join Date: 2011
    Post Count: 270

    Hi Raydenhead,

    Are you able to come to Sydney instead?

    If you can, let’s discuss.

    Perth, maybe in my distant future.

    Angelina

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Dont want to put a dampner on your enthusiasm but you might find you either need to be Licensed to accept a fee for introducing a deal to a investor (This will vary from State to State) or be required to compy with the Managed Investment Act.

    Not that easy these days.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of angelinsydneyangelinsydney
    Participant
    @angelinsydney
    Join Date: 2011
    Post Count: 270

    Richard,

    I don’t think Rayden was offering finance, my understanding is he’s offering time and skills.

    Isn’t that right, Rayden?

    Time and skills are what I don’t have.

    Angelina

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    No Angel he isnt offering finance at all but is seeking investment (3rd para).

    Big difference as far as ASIC are concerned.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of RaydenheadRaydenhead
    Member
    @raydenhead
    Join Date: 2011
    Post Count: 7

    I may be in Sydney next year, but for now I am in Perth, and I'd like to meet and discuss with potential investment partners preferrably on a regular basis. This may be difficult with interstate people.

    As for the licence thing, I'm sure 2 people buying maybe a couple of houses per year would fly under the radar.

    Profile photo of Kent CliffeKent Cliffe
    Participant
    @kent-cliffe
    Join Date: 2011
    Post Count: 110

    I'm open to talking to you about my own private deals. I tried to contact you, however you are not accepting messages.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Raydenhead, Hate to say "Flying under the radar" doesnt make it legal.

    Legislation is in place for a reason in order to protect the interest of investors.

    Not declaring your income and pocketing the cash probably wont immediately attract the attention of the ATO but doesnt make it right or legal.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of RaydenheadRaydenhead
    Member
    @raydenhead
    Join Date: 2011
    Post Count: 7

    @kent     Hmm, I have private messages enabled, not sure why you can't send me anything. My email is [email protected], message me there.

    @qlds007   I never said anything about "not declaring income and pocketing the cash". If my friend Bob and I want to start buying houses together, I don't think we need a licence for that…

    Profile photo of ForeverStudentForeverStudent
    Member
    @foreverstudent
    Join Date: 2009
    Post Count: 41

    Is there a section here where there's 'forum rules' or 'guidelines'? I've been hanging around forums long enough to know that a post like the original post triggers alarm bells specially if it's the first few posts (no offence meant).

    I would listen and ask advise from Qlds007 about this type of things if I were you Rayden being a newbie. This is also to warn you that some people could be taking you for a ride (not talking about Angel) for getting you to look for deals where they have no capability to realise; it's happened to me in the past.

    I do encourage you to hang around and learn from the experienced people here willing to share it. One day I hope to be able to contribute as well.

    Cheers

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Raydenhead hate to say If you receive a spotter fee from your mate Bob for introducing the deal to him then YES you will need a license in many states.

    Also if you source your new mate from advertising or an appeal for funds then YES you need to worry about the Managed Investment Act. If you and Bob go way back then you are fine.

    In saying this in your opening post you were inviting people to meet for lunch and money partner up. I assume you didnt already now such potential partners and therefore the comment was made.

    Cheers

    Yours in Finance 

    Richard Taylor | Australia's leading private lender

    Profile photo of MauriceSMauriceS
    Member
    @maurices
    Join Date: 2010
    Post Count: 40

    Hi Richard,

    I understand your comments but whatever happened to the 20 in 12 Investors Rule, which allows you to raise up to $2million dollars in any 12 month period from a maximum of 20 investors without a licence as long as the investors are classifed as sophisicated investors which is someone with a net worth of $2.5 million or have earned more than $250,000 in the past two years to qualify.

    Raydenhead – lt wouldn't be worth your while thinking of doing something "under the radar" l would be researching how you could archieve your goals legally.

    Regards Maurice

    Profile photo of ForeverStudentForeverStudent
    Member
    @foreverstudent
    Join Date: 2009
    Post Count: 41

    @richard aka Qlds007. What type of license do you need to be able to ask for spotter's fee?

    @maurice. Where can I find this 20 in 12 Investment Rule?

    Thanks.

    Profile photo of Anthony KAnthony K
    Participant
    @anthony-k
    Join Date: 2010
    Post Count: 56

    Hi Raydenhead and All
    Just thought I would throw in my 2 cent's worth.
    Re: AFS licencing, I had one from 1991 to 2003, very boring occupation no wonder they all like jargon its the only way to make the time palatable.
    OK Raydenhead, NO you are not setting up a Managed Investment Scheme (MIS) read S708 of the Corporations Act 2001.
    To fit into an MIS there are 3 criteria, 1. people subscribe money, 2. the money is pooled and 3. the profits are shared.
    But you can do an MIS under S708(1) without a prospecctus or a license, for up to 20 people, in < 12 months, and not > $2M. But its not a job for the faint hearted and it carries risks if it goes wrong.. 
    What you are doing is a partnership or a joint venture, NO they are not the same. Your deal looks more like a JV.
    I suggest you structure your relationship under a business structure somewhat like this, set up a company trustee and family trust each and do a JV with the trusts under a written agreement as to who does what and who gets what. Dont foreget the agreement may attract stamp duty.
    Costs about $1,100.00 each plus 30 mins free advice. Any more and its $350ph.
    Structure protects each party from the others risks if anything goes pearshaped and you can use and re-use your structure as many times as you like.
    Financially its simple get a joint bank account for the project costs with both to sign. This structure gets the 50% CGT discount, its much cleaner than a partnership and much safer if things go wrong.
    Have fun !
    Anthony K

    Profile photo of ForeverStudentForeverStudent
    Member
    @foreverstudent
    Join Date: 2009
    Post Count: 41

    @anthony. So what you're saying is the original post should have been 'Looking for possible Joint Venture Opportunities'? That seems to be the implication.

    Thanks for the info. It makes a lot more sense.

    Profile photo of RaydenheadRaydenhead
    Member
    @raydenhead
    Join Date: 2011
    Post Count: 7

    Thanks Anthony K, your post pretty much sums up what I was intending from the outset, none of this managed investment scheme nonsense.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Forever student – Licensed Buyers Agent. Certainly required in Qld.

    Anthony is right in regards to S708 however as stated on 2 previous ocassions i was pointing out the pitfalls of advertising for funds.

    Richard Taylor | Australia's leading private lender

    Profile photo of Daniel CameronDaniel Cameron
    Participant
    @daniel-cameron
    Join Date: 2010
    Post Count: 46

    I believe seeking/advertising for money partners is against the forum rules in the first instance.

Viewing 18 posts - 1 through 18 (of 18 total)

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