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Hi Tim,
I am in the process of buying a display home and leasing it back to the builder at the moment.
The house I am purchasing is at current market value in comparison to other properties around it and the lease back is at 7% of the purchase price.
I am having some trouble however raising the money from the bank as they dont recognise the 7% lease figure and want to do their calculations at what would be the current long term rental figures for the area.
I am wondering if any one else has any other suggestions to get the bank to see this is a great opportunity.
I looked at quite a few other display homes before making an offer on this one and yes, I saw some inflated purchase prices, one builder offered 10% lease back but had an inflated purchase price and also some of the lease terms that were offered were for a shorter term than I would have liked.
I think there are some great opportunities out there, but you just need to do your homework on what the property is worth, what the growth of the area is expected to be and how long you can get the lease for.
Happy hunting!!
I would also like to hear any others feedback.I am seriously looking at buying property in Roxby, but I am not totally convinced that I can get a proeprty that will give me a good enough return. Does anyone else have any opinions or suggestions?
The mine has been given the go ahead to expand and the town is going to expand with the influx of workers, is there any plans for the town to expand.
I have been watching Roxby for over 18 months like most other people, and I am kicking myself that I didnt buy back then, but the future of the mine at that point was too unknown.
