With regards to the property investing scene, I’m a complete new comer. However, I’m probably like many out there who are sick of turning the wheels in the rat race.
I’ve recently been reading and seeking out ways to invest. Property came to my attention as probably one of the most concrete ways to path my future.
So I started reading and listening to CDs from a couple of well respected authors out there. One of them being Steve’s book ‘130 properties in 3.5 years’. I then bought the second book and the CD Fast Track 2.
I’ve been struggling with getting into the property scene due to my low savings, extremely long hours at work and low pay.
However, the CD revealed a strategy that my well be my stepping stone into this challenging investment game.
I’m talking about renting houses/units then subletting to other students. This is something I can actually afford to do, with managable risks. Not only that, being multi-lingual and having many overseas student friends, I am able to get connection with the school administrations that arrange student accomodations for overseas students when they come to Australia for studies. I thought I had finally managed to wedge by foot in the door of property investments.
However, a phone call to my rental landlord quickly diminished my hopes. Apparently, even if I did rent the whole house, anyone who is staying going to stay in the house has to be on the lease.
Anyhow, I’m not going to let this hinder me.
I’m desperately looking for a mentor who can assist me with answering some questions. Many of which are probably very fundamental questions for those who are well versed in the property investment game.
I respect many of the contributors in this forum, and hope that some of you can give me a helping hand. Thank you all so much in advance.
My initial couple of questions.
1) The example given by Steve and Dave in ‘Fast Track 2’, seems so brilliant and simple. Yet my landlord wouldn’t allow it. Is it legal, or is my rental company just trying to restrict me?
2) Where can I get a rental’s agreement sample for sub-letting? Should I draft out a new one? If so, who are the people to talk to?
I know there is a way for me to enter this game. I also know that it isn’t going to be easy, but being so frustrated with being an ‘Employee’, I’m driven. All I ask is for some mentoring to guide me the right way.
I eagerly await a reply or suggestion from you guys.
Thank you very much.
~ Marvin from Toowoomba.
Thank you everyone who have had a read of my post. I’m just adding some update I was hoping could capture the attention of Steve or Dave, or in fact anyone else who knows anything about what I’m trying to accomplish through sub-letting. So here I go…
Mr Steve McKnight & Dave Bradley, if you are reading this. Firstly, thanks for the Fast Track 2 CD, I really enjoyed it. And thank you for sending me a free Fast Track tape (but I have yet to get access to a cassette player. I’ve not seen one around for years).
I would very much like to meet your friend who managed to do this.
I would like to thank him/her for such a creative idea. And I also have a few questions to ask him about the basis and the fundamentals of his/her idea.
If it isn’t too much trouble, could you pass on my e-mail to him/her? No obligations, if he/she decides to e-mail me, that would be great.
My e-mail is [email protected] and I’m from Toowoomba.
Thanks heaps guys.
~Marvin from Toowoomba (QLD)
“Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee
Usually sub-letting if banned by the landlord/agent is illegal. However there a few ways around this, for example draft your own lease agreemnt up (you may need to profit share for the landlord to okay the idea).
In the end however it probably would simply be better to purchase a property and the sublet, that way you don’t have to deal with landlords (who dislike subletting for a reason).
Figure out the average cost of a prop. work out how much you can borrow (usually up to 95%). Right now is a good time to negotiate deals because the makret is falling (so vendors are getting a bit desperate).
FFComm
Hi Marvin,
I have a friend who sublets properties on short term leases and does quite well. He approaches the landlords directly and offers them slightly above market rates, rather thn going through letting agents. Perhaps you could try this.
Regards
AlistairAh that is very interesting.
Could I possibly talk to this friend of yours? As I am very new in the RE scene, I really need all the help I can get.
Maybe I can send him a nice e-mail and see if he is interested to give me some advice.
Thanks for that Alistair Perry
~Marvin from Toowoomba (QLD)
“Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee
May I ask advice on how to find out who the land lords are? Or does your friend just walk up to a place and knock on the doors?
Hi Marvin,
I emailed you his contact details. Let me know if you don’t receive it.
Alistair
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