Hi MattPaul is quite correct.  It can be written in at the start.We have both scenarios operating: houses we are buying with an Instalment Contract and reselling via a Lease Option, and houses we are selling with an Instalment Contract and the buyer is renting it out.  But as Paul says… it needs to be in the contract at the start.  Our NORMAL IC…[Read more]

Personal Leadership Development wrote:
MR. FAIR GO, PLEASE EXCUSE THE CAPS….YOU MENTIONED YOU PUT AN OFFER …?

Hello Personal LeaderHappy to answer your questions, but I can't find my own post that you are asking about!    Please show me where the post is that you are referring to – we have done a lot and I need to refresh myself on what d…[Read more]

I didn't comment one way or t'other, I just brought the news item to your attention.   But I am hoping that the news item means that this bank will more readily take into account the "to-own" part of a "Rent-to-own" payment as "savings"Currently we have to jump through all sorts of hoops to get a bank to allow those as "savings."  Most lenders ar…[Read more]

Hi NLocal notice board is a great one, but not all noticeboards are created equal.  Test, test, test.  Our area has four or five of them, but only one, outside the local IGA supermarket,  is really effective.  And they get so many notices that the supermarket pulls them all down regularly and starts fresh.  I keep a bunch of fliers (with litt…[Read more]

PGD wrote:
Hi all,It seems renting a house by the room is a good way to leverage the property. In reality does it work?What are the pros and cons of doing this?Mario

In Queensland at least, there are restrictions on the number of people (not related) who can occupy a house in this way.  Max is 5 before you need a licence.  In our town many ow…[Read more]

propertyjockey wrote:
Who are the best types of people to wrap with and why?PJ

Hi PropertyJockey,As you already appreciate: the ones who give you the least trouble in achieving your aims with wrapping. Besides the very wise advice you have already received to check out their current living conditions and employment etc, consider a newish…[Read more]

JacM wrote:
 use the first home buy grant to acquire your first property… live in it for 6 months, then move out and put tenants in it?  The extra cash from the grant will be really handy…

I'm sure you meant "twelve months" to fulfil the grant conditions.  Mr Fair Go

G'day TelevisionRead the classic "Rich Dad Poor Dad" and other books by Robert Kiyosaki to get some theory and mindset.  If you'v e already done so (I I suppose you have) move straight on to #2…Read John Burley's "Australia's Money Secrets of the Wealthy" to get an overview of a bunch of strategies and a lot of practical help.  This will r…[Read more]

Davidqld wrote:
Re Mentors etcHi everyone, Mudassar , My Fair Go, Matt and others ….I would be very interested to talk with anyone who is doing options or is keen to.David  

Like Matt said, Please email me: mrfairgo  at  mrfairgo.comMr Fair GoA fair go for investors, home buyers, and sellers.

“Is any one doing optios at the moment. can any one tell me that they actually did the option and executed the deal . and have made money”

Yes.

Yes, yes, and yes.

Mudassar, there are dozens – probably SCORES if not hundred of people making money with this technique in Australia right now. It is nearly as old as the country itself.

Of course,…[Read more]

Look in the Yellow pages for "House Removalists" or similar, ring some and get some offers.  That will give you a starting price.  Expect about $5-10k.  (yes, that's all they will offer unless it is modern!)Then put an add in your local paper "House for removal" and at least double whatever you were quoted by the pros.BTW some councils accept bo…[Read more]

Hi Guys!A few comments, relevant I hope, based on my 8 years of experience with dozens of Instalment Contracts and Lease options in Queensland:Mal & Jean, it is correct that you have to pay the Stamp Duty upfront with an Instalment Contract purchase.  However, if you are an owner-occupier and this is your principal place of residence, you should…[Read more]

Hi LockymacThis will not be a "free house"!  I take it you've talked to the local council?They generally require a bond to make sure you will finish what you've started (think $20-30k deposited with them)They also require these days that the finished moved building completely meets CURRENT building codes.   Often this requires a new roof, even if…[Read more]

markymark84 wrote:
Hi MyFairGo,Any advice?

Well, first read Steve's disclaimer, that this site is not providing "advice" that should be relied upon without checking with your professional.  Having said that, save like mad, coz the "no money down" deals are too far apart to make a living with only them."Comparatively little money down" deals…[Read more]

Matt007 wrote:
' PM me

Hi Matt – Tried, but "Matt007 is not accepting e-mails."   Can you please edit your profile to allow PM, or else PM me first so I can reply?thanks

Quantum Leap, what sort of option deals are you wanting to learn about?I personally don't do the "option and DA then sell the deal" type, but I do the "Option and improve and onsell" or "Option a discounted property and flip."  It's a lower profit than those "DA" guys all talk about (assuming those are "real"), but I find my way of doing deals…[Read more]

"…interested in people views on what their strategies are now, if any, or are you sitting on your hands for the time being. Is it because the newspapers are telling everyone it's recession time, you are going to lose your job or some other horrible occurance is certain to befall you. On the other hand interest rates are the lowest they have been…[Read more]

Oh Well.  Time to get more creative.There is a way to give these people a fair go – I just have to find it!Mr Fair Go

If you have a purchase contract that is within about 30 days, most banks will transfer the security as you describe.Cheers

We recently lost a sale because, even  after several extensions, the buyer could not get finance.Our solicitor sent me a bill for $330 for his time, being a lot of communication with the buyer's solicitor.  Ouch!So if a buyer comes to me and wants to buy our house, I want to know they are likely to go ahead with the purchase.Having said that, I m…[Read more]