Hi there – I am a single mum in Adelaide with a small deposit who really wants to buy a house. Is there anyone in Adelaide doing lease options who can sell me one? Look forward to hearing from you – Glenys Kimber
Hi Glenys,
Im in Melb but I would say that there are not many investors investing in Adelaide but rather SA – If your looking for an investment property, there are many in Whyalla and Port Pirie.
If its not an investment property, but rather a PPOR in Adelaide, then contact agents for properties that meet your criteria. Then work back to front, offer the Vendor the option to offer you a Lease Agreement. With a good return for the vendor, Im sure they’ll accept.
Best of luck
Kind Regards,
George.“If You never never ask, you’ll never never know”
I would like to be able to. I am trading / renovating / investing around Adelaide (mainly beach side) but thought it was actually illegal here. Dont know for sure but I had heard we were the only state not to be able to offer a wrap kind of deal. If you do find one or someone else knows that we can here and how to, then please let me know (via email).
Ace, Lease Options are quite legal in SA. It’s the instalment contract that is not.
With a LO, you have not sold the house, just sold an option to purchase, with some other details thrown in….
Cheers
Melhi there Mel,
i don’t supose i could ask u for some more details about lease options in SA, as i don’t quite understand the bit about the instalment contract being illegal, don’t u need an initial contract to get the whole deal underway?
any further information u could supply would be appreciated.
cheers,
rusty[biggrin]yeah buy in Perth instead, my two are a bit sluggish there so any help in pricing is appreciated.
Just kidding. If SA is the only state to ban wraps its not surprising. I lived at Henley Beach for a while due to a girlfriend(20 years ago i might add)and I felt so uncomfortable that now I invest it has never occured to me to try any SA deals. I just got a feeling of it being too concervative for eastern states likings. Plus there are definitey better rent ratios and infrastructure going into Perth. With th stamp duty exemption going up there in July for first home owners. It may boost there but sadly nothing to do with SA.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
thanks DD, but now I have another question, can I live in SA and have a wrap or lease with a contract for a property located interstate?
maybe use a conveyencer in that particular state??? let me guess, the rule applies to which state the vendor is living in????
rustyGlenyskimber,
how did u go with the morgage advisors advice, did u end up getting finance, or are u still looking for a lease option??
rusty
[biggrin]rusty, an instalment contract is actually a contract of sale – so you are definitely buying the house.
A lease option is a lease agreement, whereby you are renting the house, and have an ‘option’ (a right, but not an obligation) to purchase the property at a specified price in a specified timeframe.
The legislation only refers to dwellings in SA, so if you lived in SA, you could quite easily wrap in any other state….
Have a look at the resources or investor strategies pages on this site – I think they’ll have more info for you…
Cheers
Melwraps are designed for owner occupied properties. That is the person that takes on the low deposit high repayment part, not the original owner. So if you do the wrap, you have to live in it. If the property is in SA with a no wrap policy, guess what, move interstate or you are stuffed.
Thats my understanding but goto webuyhouses.com.au
and that might have more info. Hope thats the right website????Good luck
DD
Don’t sweat the small stuff,and it’s all small stuff!!
thanks for the info dudes!
cheers,
rusty[biggrin]
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