I’ve been in my current unit for 7 years straight. The Landlady (and her father who acts in her place when she isn’t in the country) likes me as a tenant (or else I wouldn’t have been there for so long).
Should I approach the Landlady about possibly “renting to own” this unit I am within ? Or where can I start looking (besides the newspaper) to find “lease option” homes ?
I ask as currently with my borrowing capacity I can only afford to borrow enough for a nice 1 bed unit. I am looking for a home as I have a cat and will be bringing my flatmate along with me so as to reduce costs in other areas so I can concentrate on “renting to own” the property.
Or any place that will allow cats and/or a small dog.
Wishing everyone prosperity!| http://www.goldcoastgirl.biz | http://www.goldcoastgirl.info |
Hi CGG
Rather than rent to buy or similar why not try a shared equity scheme.
You repayments would stay the same but as you give up an element of the equity to a 3rd party you would be able to get into a more expensive property.
With Vendor financing you are going to end up paying an increased interest rate and loaded purchase price as they vendor is waiting for her capital.
Trust me i have done one or two wraps and LTO and we did not do them for nothing
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New 100% Shared Equity scheme coming soon – Email us for details.Richard Taylor | Australia's leading private lender
Hi GCG,
You might want to speak to your solicitor/conveyancer about the possibility of arranging such a transaction, considering the paperwork. They and your MB will be the ones to talk to, to get you started. It is possible, although you want to make sure its worth the effort for you, which I think it would be in the end, especially if you do refinance the property off your landlady in 1-2 years & its yours to own. Good luck,
Broome Henderson
Hi
Sure, you can talk to the landlady – it's worth a try. Alternatively, talk to some of the agents around the areas you like, especially about places that have been on the market for a while – those vendors are often more keen to "deal".
Because a lot of people still don't know about vendor financing, it scares them off so the hardest part is finding someone who will accept that it's a legitimate method of purchase.
Good luck!
Regards
What exactly is vender financing?
Vendor Financing is where the Seller or Vendor provides some form of finance during the sale transaction.
This can take many forms from a personal loan and 2nd mortgage carry back to a full installment contract with the entire debt being funded.
Richard Taylor | Australia's leading private lender
Are you positive about your borrowing capacity?
Give Richard a call and ask him to run your figures. A good broker like him will have access to all sorts of products and might well have something up his sleeve to get you into a two bedder.
Worth a call anyway.
Qlds007 wrote:Hi CGG Rather than rent to buy or similar why not try a shared equity scheme. You repayments would stay the same but as you give up an element of the equity to a 3rd party you would be able to get into a more expensive property. With Vendor financing you are going to end up paying an increased interest rate and loaded purchase price as they vendor is waiting for her capital. Trust me i have done one or two wraps and LTO and we did not do them for nothing Cheers Richard Taylor Residential & Commercial Finance Broker. Licensed Financial Planner. Ph: 07 3720 1888 [email protected] New 100% Shared Equity scheme coming soon – Email us for details.Yes she may pay a little more interest in a wrap, but atleast the property will be 100% hers, why save 2% by giving up 33% of the future capitol growth, she can always refinance the wrap when shes in a better situation.
GoldCoastGirl wrote:I've been in my current unit for 7 years straight. The Landlady (and her father who acts in her place when she isn't in the country) likes me as a tenant (or else I wouldn't have been there for so long). Should I approach the Landlady about possibly "renting to own" this unit I am within ? Or where can I start looking (besides the newspaper) to find "lease option" homes ? I ask as currently with my borrowing capacity I can only afford to borrow enough for a nice 1 bed unit. I am looking for a home as I have a cat and will be bringing my flatmate along with me so as to reduce costs in other areas so I can concentrate on "renting to own" the property. Or any place that will allow cats and/or a small dog. Wishing everyone prosperity! | http://www.goldcoastgirl.biz | http://www.goldcoastgirl.info |I have been in property management for a long time and have honestly never heared of the word "landlady" Legislation refers to everyone, male or female, who own property as "landlords"
I have heared of people calling female managers as a "manageress" which is a made up word because in business a manager is a manager despite of gender, but never heared of landlady!!!Hello Xenia
You just betrayed your age …. in a good way.
It may politically incorrect but it's a perfectly valid, if somewhat out of date, English word.
OOOps. I think I just betrayed my age …. in a bad way.
Hello GCG
I second the suggestion to give Richard a call. If he can't find a way to help you finance what you want to buy then he should be able to help you in the rent to buy area as I believe this is his investing vehicle.
Cheers
Elka
Wishing everyone prosperity!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
