Creative REI Associations



From: Dale McDowall

Hi All, I have been in Seattle for approximately 2 years now on a work assignment and have become quite interested in the REI game over here. I am a member (soon to board member) of the Seattle REI Association which comprises of approximately 250 people from all walks of life and importantly, includes many seasoned investors, mortgage brokers, hardmoney lenders, title company representatives from companies that are investor friendly/facilitate double closings, attourneys, realtors etc... the list goes on. It is a fantastic place to build your network and collectively the group offers a wealth of information on any technique in the creative area from wholesaling to lease/purchase, wrapping, pre-foreclosures etc.. We often have speakers that fly in from other parts of the country and provide us all a few hours of education in the techniques or area that they specialize in. I have been concentrating on wholesaling (you guys call it flipping) so that I won't end up with a long term problem. Anyway, I will be returning to Oz (Brisbane) in the next 12-18 months and obviously I am keen to see how established the Creative REI game is over there. I didn't learn about Creative REI until I got here so in light of that I have a few questions for some of the pros in Oz. Have creative techniques been used in Oz for a long time or is the ball just beginning to roll? Are there established groups in each of the capital cities per the one I described above? Obviously, I'm interested in Brisbane in particular? Are you aware of any significant differences in Australian law that would prohibit the practice of any technique. For example, I would be interested in assigning contracts, doing double closings where the contracts are unassignable, taking mortgages 'subject to'. Are there any laws that prevent any of these? Do the banks in Oz use a 'Due on Sale' clause in their Mortgages? As you can see I am full of questions based on my experience to date being limited to the US experience. I don't expect that someone would answer all of my questions but I did try to give a flavour for the type of broad guidance I am seeking. Any thoughts will be most appreciated. Hope this greets you well on the road to prosperity. Regards, Dale.
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Reply: 1
From: Tom Cleary

you would probably find that stamp duty is the major difference, between the US and Oz.
What might be viable in the USA might not be here. The numbers have to add up. Remember we are a socialist country, ie the government's job is to be a solver of all problems even if they always have "sexy fingers" i e everything they touch they f..k up.
So basically its a number game within a regulated system.
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