Qld Lawyers (for Tony Barton)

Dear Ad & Steve,

While it is not unlawful to use a Lease-Option Agreement in Qld.,you cannot however contract outside the law and have the tenant pay all outgoings as it breaches the residential tenancy act of Queensland. I suggest then that you look at installment contracts and that you speak to Mark Game in Brisbane 07 3236 0001.

Hi Tony,

It is Jason Moore from Queensland. We are now up to 10 properties (peanuts compared to your housing empire) that we have wrapped of which our most recently one we did as an assignment of contract which was really cool and probably the way we will go in the future. The assignment of contract method that we are using has taken 6 months to research, trial and hopefully perfect …. as aways the first couple of times we tried to do it were unsuccessful, but provided BIG learning experiences … which have got us to where we want to be … Now as long as we find the properties at the right price this strategy will work very well.

Hi Steve,

The solicitor that I use is Mark Game and he is value for money in my opinion. He is a solid client base that do wraps of varying degrees (residential and commercial) and is currently looking into lease options as well. His details are:

Mark Game
Aylward Game Solicitors
Level 9
193 North Quay
Brisbane QLD 4000
Phone: (07) 3236 0001
Fax: (07) 3236 0005
Email: [email protected]

I hope this helps you to get started.

Regards,

Jason Moore

Couple o’ questions:

Tony – by “contract outside the law” are you referring to the way you (as in your company) use long leases so they fall outside the scope of the Rental Tenancies Act in Victoria? Thus you can put in the contract that the tenant pays all outgoings? By your posting my understanding is that you can’t adopt a similar method in Queensland – a lease option falls under the RTA regardless.

Jason – can you explain what an “Assignment of Contract” is, as compared to a wrap as compared to an instalment contract?

Much appreciated,

Mark Leet.

Tony,

How are you going … I am trying to do as little as possible to generate my business …. but any words of advice would be helpful, we have done the following:

1. We use a professional secretary service as the focal point for all our buyer, ‘we buy houses’ and real estate agent enquiries. It is working well in screening our buyers.
2. We automatically email out to 30 agents fortnightly to find properties plus pay them a visit once a month.
3. We are currently looking at a real estate agent to cashflow and property manage all of our properties … that should be finalised by the end of next week.
4. We use Rick Otton’s lock box key system that works extremely well, which allows people to look through the potential property without me being there.

I believe you make your money doing the more and more deals not administering each deal … that is why we have done the above … I am more interested in setting up more deals (matching buyers with properties).

Please shot me your direct email address at [email protected] and I will shot you an email …. I am always open to new ideas.

Regards,

Jason Moore