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Hi Xenia,
Thanks again, it's been a while since I was here as you can see!!
As I understand it, there would be plenty of work for everyone even if all knew about it. Real estate agents wouldn't tend to use the approach because it kind of contradicts what they do doesn't it?
Anyway, I am over on the Eyre Peninsula in SA so wouldn't be dabbling in your territory at all. How would I make the money if I got you to set up the lease options? Could be an idea, but let me know how?
I have a property or 2 over here that I am trying to rent to own, but have lots of interest and no one handing over any money. How much do you ask for an up front option fee? I am wondering if this is what is stopping them. What percentage of people finally finance and buy? Most or not many? Are you finding people with negatively geared properties and just setting up the transaction for them or actually doing a sandwich lease?
I'd love to know more about your business.
Thanks for tha advice,
MandyHI Xenia,
That is great news, now if they can make it a bit easier for these people trying to get into homes on Rent 2 Own as well as wraps I'd be happy! Is there a way or someone we could lobby to to see if we can get wraps in SA too, let them know we are behind all other states and maybe we are doing something wrong. May be worth a push if there is enough of us!
Anyway, on the lease options, what do you call the payment over and above the rent, do you call this an ongoing option fee so save confusion or what? Don't suppose you would be happy to let me have a look at the paragraph or 2 in your option paperwork that talks about the option fee part of it so I know I am on the right track and not doing anything illegal?
Thanks anyway for your advice and it's great to know that we can do this with no problems as such,
MandyHi all,
I am new at this option thing and have just started in SA too. Am nearly at the paperwork stage for signing up the buyer and seller. I am very concerned about this new legislation as I don't want to be seen as doing anything illegal. We live in a small community and this could have bad effects all round.I have emailed a friend who is doing these in Adelaide and he saud that we just call the excess over and above the market rent, an option fee. Would this cover it or not? If we also collect an option fee up front, can they get this back too if it is voidable, or is it only the weekly excess rental payments?
Now you've got me worried. What other strategies are there for us in SA with no wraps and lease options. Spewing!!
Mandy
