Hello everyone, I hope everyone is having an EXCELLENT day! [biggrin]
I’m looking to rent some houses/units, then subletting it to other tenants at a slightly higher rent.
I learnt of this from Steve and Dave’s Fast Track 2 CD. I had a topic here, but it got moved to ‘Heads Up’ because my topic subject was more appropriate there.
I have some questions, and I hope someone with experience can give some advice and suggestions. Please bear with me, for I am new to the Property Investment scene, but I endeavour to do well myself and join you more experienced gurus to help other’s achieve financial freedom.
Q1) Is it legal for me to rent, then sublet to other tenants under a separate agreement, without going through the original RE company?
Q2) Who do I go to find out about Q1? RTA?
Q3) Where should I start to look first about drafting up rental agreements? RTA or Office of Fair Trading?
Thank you so much in advance, and hope to hear from you soon.
~Marvin from Toowoomba (QLD)
“Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee
Hi Marvin, I believe the following to be the case:
Q1) you cannot sublet without the agents, or landlords, approval;
Q2) RTA (1300 366 311) will give you advice, and you could try the REIQ. [gossip]
Q3) Rental agreements [dead2] can be obtained from RTA, I also think you can get them from a post office (used to be able to) or if you have a good rapport with a RE Agent, they may be able to give you a copy.
I would be weary of doing this (subletting that is) as the original lease will be in your name and any damage / loss of rent by tenant you sublet to will, in the end, be your responsibility. [drummer]
I’m talking about residential property only, commercial property is treated quite differently, I think!
Hope this helps. [daisy]
Yasna & Simon
Thank you for the quick reply. I guess I will have to pop down to some RE agencies and have a bit of a chit chat.
I do know that the agreement will be under my name, but then when I rent out to my tenants, we will have an agreement sorted out too. Kinda like a wrap, but in a rent situation.
~Marvin from Toowoomba (QLD)
“Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee
Marvin
You can get Tenancy Agreements from the following website :-
http://www.rta.qld.gov.au/form_18a.cfm
Regards
Becksoma
“It’s about the Journey not the Destinationâ€
Thank you Becksoma. I did find it before reading the post, but thank you very much all the same.
Btw, we do not need to be a licensed RE Agent to be subletting right? I thought I better find that out first. However, haven’t seen it being stated anywhere as yet.
Cheers,
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