Forum Replies Created
This is clearly “misleading and deceptive conduct” that falls under the trade practices act, section 52 I think!, so agent can be sued on those grounds!!!
However, you need to PROOVE that the misleading act has caused you financial loss and you can be compensated for that loss. If you were interstate and purchased the house “site unseen” based on the ad, the agent would need to put in new kitchen, polish floorboards etc at their expense if you were willing to take out a law suit against them.
You have seen the house, you know he just full of cr—p. It’s caused you no financial loss! Don’t waste your time, as Terry said, just find another house.
Investment Property Management
http://www.adprop.com.auWell Amanda has pretty much summed it up but just incase you wanted more info check this out
http://www.adprop.com.au/cgi-bin/page.cgi?id=287 [biggrin]
Investment Property Management
http://www.adprop.com.auWas the rent paid on time?
Apart from not formally informing you of the sublease, was there any other breach of contract on the lease?Not a nice situation I know, but you cannot legally stop someone subleasing a property. The legislation states that they must have permission from the landlord to sublease but even if they don’t as long as rent is paid and the property is not abused, the landlord can do nothing! The landlord cannot legally prevent someone from subleasing a property (under SA legislation anyway)
You can increase the rent to allow for wear and tear as the agent suggested, but apart from that the lease allows for subleasing!
Investors do this type of thing all the time, sublease student accomodations, sandwich lease options etc, these are all investing strategies based on subleasing that’s because it is legal!You cannot legally evict tenants just because they are making more money than you using your property unless there has been a breach of contract such as damage to the property or rent defualt!
The person holding the lease is responsible for all payments and damage to the propery. Was the property returned in a reasonable condition? If so, sorry but that’s just investing for you!!!!!
Investment Property Management
http://www.adprop.com.auAre you looking to buy some? If so we list ours on our web site, some coming soon (next few weeks). They are also scattered throughout realestate.com.au
There was also a similiar site for VF properties but can’t think now what it is!
Investment Property Management
http://www.adprop.com.auBuy one as quick as you can get finance, if that means that it’s before the first one settles then go for it!!!!
Investment Property Management
http://www.adprop.com.auThere is usually a “quieter” period around the Christmas/new year week. Less properties are put on the market and although the active investors are still eager, home owners tend to cool off a little bit as do open inspections etc.
It is more of a breather and house prices don’t tend to drop, it picks up again shortly after new year.
In a nutshell, keep looking and doing what you are doing there is nothing out of the ordinary that is going to happen [biggrin]
Investment Property Management
http://www.adprop.com.auCan’t talk specifically for the area that you are in, but generally middle of the range rentals are more sought after and easier to rent.
I suspect that the gross rental yield would be higher on a lower priced property vs an executive type property.
Investment Property Management
http://www.adprop.com.auHi Harrie,
Yes interest would be tax deductable for as long as the property is used as an investment property and rent will be a taxable income. You can also claim depreciation benefits and negative gearing benefits for that period too wich is more than likely to offset all income tax (in most cases in todays market).
Can’t answer the stamp duty thing, I’m not in QLD,
wish I was [biggrin]Investment Property Management
http://www.adprop.com.auOriginally posted by goals2gether:It’s actually illegal for an agent to ask for advertising upon settlement – it should be paid up front. This is because the agent now has an interest in the property (the advertisement costs) and they may be seen to try to sell the property at a lower price because they want to make the sale and recover their advertising expenses.
http://www.goals2gether.com
Commit your goals to the entire community! Find a partner and achieve your goals together! Goals2gether.com is the place to find real help from people who have and are achieving the same goals as you!I have honestly never heared of this [biggrin]
Just prepared a settlement summary today and included advertising (total of $135) to be paid at settlement. Most vendors perfer this because they don’t have to come up with money up front.I honestly can’t say what the legislation is like in other states, but paying money for advertising at settlement is perfectly permissable and preferred in SA [biggrin]
Investment Property Management
http://www.adprop.com.auThat is the most common misconception in the real estate market, that there actually exists “the right time to buy” if you wait for it you’ll always miss it!
Develop an investment strategy and find properties that suit that strategy, the market is always ready when you are!
Investment Property Management
http://www.adprop.com.auYou do not have an agreement with the agency to manage the property. The agreement is with the previous owner.
I would write a letter saying that you are taking over the tenancy management and to hand over the lease to you at settlement.
All the best [biggrin]
Investment Property Management
http://www.adprop.com.auYou are dealing in real estate on behalf on another party. You may need a buyer’s agent’s license.
Look into what they fines could be in obtaining a commission for property without a license. In SA, it is $20,000 per transaction made!!!
Investment Property Management
http://www.adprop.com.auThese contracts are very state-specific and tie in with all sorts of regulations and legislation relating to real estate law.
Not only are they state-specific but also property specific and specific to the vendor’s and purchasor’s individual circumstances.
Legislation can be very easily breached even if it is not intentional. Something as simple as forgetting to add a clause waiving the cooling of period in the annexed residential contract could make the whole contract “void” and the entire option consideration becoems “refundable to purchaser”.
Even if someone does take you up on your offer and gives you a “standard” contract, don’t use it. Real estat law is huge and if you are not familiar with the legislation, use a solicitor!
I do rent to buys for investors all the time and each time I always run everything past our solicitor.
Rick Otton has done hundreds and I believe he always uses a solicitor for each contract too!
Do yourself a favour and get a taylor made contract to suid your purpose!
Investment Property Management
http://www.adprop.com.auWhy would anyone in their right mind deliberately make the choice to invest in a vehicle that you have no control over and most importantly cannot leverage off???????
I replaced my income and retired at 33 using PROPERTY!, has anyone ever done that with super?
It’s more like investing in a rolls royce (always appreciates in value) or a car that may explode and not even be there in the future, it’s just a no brainer to me!
Investment Property Management
http://www.adprop.com.auI am also a licensed agent [blush2] (but more so an investor [biggrin])
I think anything over $1000 is ridicilous! Don’t ever let an agent talk you into the big colourful display adds, you are just paying for them to promote their agency, not your property.
We’ve sold properties using signboards and classified ads in the newspapers describing the property.
Always ask them how much cheaper the display ads would be if they didn’t have their company logos printed in the newspapers in colour!!!
We bill our clients exactly what it costs us and have reciepts to show them.
I agree that comissions are enough, but if the agency keeps paying for advertising for property that does not sell and therefore does not bring in a commission, the business will fall over very quickly!
Investment Property Management
http://www.adprop.com.auYes I got this too [biggrin]
I like Rick Otton, he is a successful business man!
so what if he recieves kickbacks? If the product suits you buy it! If it dosen’t delete the email!Investment Property Management
http://www.adprop.com.auHow about finding a motivated vendor or landlord and saying,
If I rent this house for 3 years and the rent covers your mortgage repayments, is there any reason why I can’t buy this home in the future?
If they have a problem with the sublet clause ensure them that you will be responsible for all payments to them even if your tenants default!
Investment Property Management
http://www.adprop.com.auDo you mean a first right of refusal? This is very different to an option to purchase!!!
Investment Property Management
http://www.adprop.com.auI like Rick Otton,
I have learned alot from him. Have never done wraps, but I do lease options as part of my property management services.However, just like any other property guru, if you dont have a plan of where you are going then you will not implement his strategies and if you are not implementing what you are paying for then it’s a waste of money!
It’s very easy to blame others for your failiures in life and not so easy to take responsibility or to make changes in your life that lead to success.
The internet is full of “victims” that like to point the blame outwards and the first people they blame is property gurus.
Rick Otton is a successful entreprenuer, you can either learn from him and becoem one too or waste your money then turn around and blame him for it!!! It all depends on YOU [biggrin]
Investment Property Management
http://www.adprop.com.auMy website is operational again, if you want to have a look at pm fees just as a comparison, please feel free to do so.
I only operate in SA otherwise I would have been happy to chat with you specifically about your property [biggrin]
Investment Property Management
http://www.adprop.com.au
