Hi there,
I am thinking of purchasing a property for around $300K with a rental return of just over $600 / week . Secure tennant, Mining town but on native land, so lease hold only. New term of 30 years just agreed upon. Unfortunately I have never ventured down this path before, so am a bit clueless when it comes to the whole “lease hold” thing.
If anyone can let us know of their experiences with lease hold, obtaining finance or any pro’s and con’s of it all, it’d be greatly appreciated.
Thanks for your time,
Mark.
Hello Mark,
Good luck finding some advice on that one.
Judging from the figures you gave and the fact that it is Native Title Leasehold. I would say that you are dealing with a situation that has not really been tested yet.
Unfortunately your “lease landlord” may not really have a vested interest in the long term growth of the town. So perhaps there is little to guide you on their potential behaviour. At least if it was crown lease or mining lease you would know that the owner of the land was committed to the economic growth of the area.
I would be trying to source a solicitor who has dealt with residential native title issues previously. Sorry I can’t help there.
cheers
RAV
Hi Rav,
Some mighty fine points there – Thanks for the response….
Thankfully it is a mining town in question, and it has just committed to another 30 Years Lease with the land owners.This makes it a bit more appealing. Have sent out the feelers to try and learn more.Have a great weekend,
Mark [biggrin]
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