Forum Replies Created
Hi Intrinsic,
I’m happy to give you the benefit of my somewhat limited experience in Lease with Option to Buy. I have put together one deal for an investor, and will probably be looking to move into a “Rent to Buy” house myself later this year.
Feel free to call me on 8381 3609 in the evening to discuss! We may be able to help each other out.
Steve G
Hi Nate,
My wife and I rent, and also have a rental property. We were to some degree forced into the situation due to financial pressures in paying the owner occupier mortgage while living in our “own” house, but it has been a real win for us.
We live in a better house (in a better suburb) than we could afford to buy, plus we have an investment property too. We are on one wage plus Family payments and have a 10 month old baby and the increase Family Payments and Rent Assistance makes it VERY worthwhile to organize yourself this way.
It really frees up some cashflow to be able to invest in managed funds or more property or whatever (i.e. don’t waste the savings!).
But it is not just a financial decision, to be sure, you need to make sure that you’re in the right mindset to be a tenant while owning property.
Well meaning family and friends may tell you that it’s a terrible idea and “rent money s dead money” but their opinions (like mine) are just opinions. You need to get all the relevant info and make your decision.
I personally think it’s a great strategy.
Good Luck!
Steve Gibson
GIBSON PropertyHi Maruco,
I’m confused…don’t you just get charged a standard fee for the conveyance? i.e. $300 for a standard settlement. I find it a bit hard to believe that they were charging you for each phone call!
Steve G
Hi Guys,
surely your Superfund could lend you the funds to buy property?Regards,
Steve GHi,
lifeX, do you mind if I ask you how many wraps you’ve done so that I can put your comments into some sort of perspective? Just some clarification on my previous post. The suburb where we’re building is approx 5 minutes to the beach, in the preferred (compared to Northern Sprawl) Outer Southern suburbs of Adelaide. Lots of building and activity down there. We’re looking at No Deposit purchasing as a great way to gain exposure to the upgrade and potential capital gain of this beachside suburb. We’ll be selling on a wrap to gain cashflow +ve too. Worse case scenario is, if we can’t wrap it, I guess we’ll be living there! I see a lot of “Seachange” potential there in next 0-5 years.
Regards,
Steve Gibson
