I'm currently looking at purchasing a property to put my mother in as the tenant. I really like the property but just found out all rental properties have to go through the body corp...with a fee. The actual agreement is between the tenant and landlord though and can be whatever we set it at. They won't disclose the fee until we have a contract in place! They said it's standard so I'll assume 6-8%?
Kind of takes the sheen of the whole venture but I'm wondering what's to stop me from charging my mother a token rent amount of $100 pw, paying them their $8.00 and then my mother paying the difference to me privately.
I realise there is an ethical consideration here. I guess I am in defensive mode at the moment trying to work around something I find unfair (forced property management). I do have to pay body corp as well so to pay an extra % to collect rent burns my chaps.
Just not sure whether to walk away, work around it or live with it.
Kind of takes the sheen of the whole venture but I'm wondering what's to stop me from charging my mother a token rent amount of $100 pw, paying them their $8.00 and then my mother paying the difference to me privately.
I realise there is an ethical consideration here. I guess I am in defensive mode at the moment trying to work around something I find unfair (forced property management). I do have to pay body corp as well so to pay an extra % to collect rent burns my chaps.
Just not sure whether to walk away, work around it or live with it.