morning all sorry to bug you all again..
ok im looking into a rent to buy, whilst im renting the place out id like to do minor renovations to force a bit of equity so i can really get started on the right track… if someone in this forum has used this stratergy successfully before id love to have a chat with you…
you can contact me at [email protected] or just email me on this site…
thanks,
ben.So are you wanting to be the person who is renting with the intention to buy?
What area are you looking at, and do you have any kind of deposit?
yes i would be renting with the intention to buy…no deposit but have a good job 2k + in hand pw so reno would be ideal… i live in western australia and an looking for property around the henderson area
You need to be careful about wanting to do renovation while in the rent period because at that stage you dont own the house, and if you reneg on a deal the landlord can be left with a renovation they didnt want, wasnt done properly or painted in a colour they hate.
I understand your concept, but you need to be careful of the legals around what you can and cant do. On that kind of money, it shouldnt take you long to save a deposit.
yes i were going to speak to a solicitor to write up the contract and put in something which will allow me to renovate whilst i were renting and allow me to access equity that i build whilst renovating…
have you used this technique yourself lucky i guess…
ive actually just come across a deal in mandurah the property is 700+ sqm is zoned r30 which allows three units to be built on the property has an old house on which needs to be demolished but rents for 270 pw with a tenant in it who wants to stay in it for as long as they can i beleive i may be able to get 280- 285 pw for it. also the area it is in is less than 5km from the town centre and area has ahd annual growth rate of 9.2% over last 10 years… im trying to think of a stratergy that i can use to get this property as id like to get it DA and BA approved or possibly hold it for a while then get approval as it is pretty neutral and has a pretty good growth rate and in prime spot. if you have a suggestion id liek to hear it…
oh i also know the buyer is selling as he is trying to get out of the area because of work reasons
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