Hi all!
I am hoping someone can help. I have a plan in place to start buying some + cashflow properties in the near future. The biggest problem I am facing at the momment is that my flatmate is moving out so I have decided to move somewhere cheaper to save a bit more money. As I have to rent at the momment I thought it may be a good idea to see if I can find a house that I can rent for now with the option of buying it through a lease option in the future.What do you think of this plan? Any better suggestions? I have asked a friend who is in real estate to look out for a property for me and have thought that I might put an ad in the paper? Any other suggestions on how I may find a property? Should I be approaching owners of rentals properties or owners looking to sell?? Would appreciate any advice.
Cheers[wacko]Hi There,
You should get some good feedback here.But here is one i am doing at present. Selling on of my IP houses in the tweed area and providing the buyer with 10% deposit as equity i’m leaving in the property (second mortage carry back finance). The buyer still gets bank finance(and 1st home owners if they apply) and pay’s me 7% interest only for an agreed time (say 2-5 years) for the deposit money, then pays me back. In which time the property should have increased in value and everyone is happy (hopefully).
You could use the above strategy to get into a property simply by putting it to sellers, and understand 9 out of 10 will say no then someone will say yes. You will have to pay the asking price, but hey you will be a home owner and in the market. A lease option or vendor finance(wrap) will also get you in.
Thats my 10cents.I hope you get some good posts & good luck.
Cheers,
Don[strum]
“To have more than more than you’ve got, become more than you are”
Not sure what state you are in, but we do lease options in SA [biggrin]
Investment Property Management
http://www.adprop.com.auThanks for the feedback so far. Good strategy and wouls like to hear more ideas. I am in the Brisbane area
[blush2]
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