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Yeah, good question, I am also very interested in the Wrapkits portability!? eg- usable in Qld?[jealous]
I have a copy of the old kit. It has a some victoria specific information, but generally the concepts will be the same in every state. You will have to get your own contracts drawn up anyway.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi All
I thought one of the ideas behind the wrap kit was that you did not have to fork out for a solicitor to draw up a contract for you as they were supplied in the wrap kit for you.
Is this the case?
Delboy[cap]
Dedlboy
Think we have had this conversation before.
All a wrap kit will provide is the concept and the general philosphy. Each State has varying legislation and hence requires tailor made products to suit.
This includes not only the sample contract whether it be an installment contract or License To Occupy, Q & A regarding wrapping in that State and other required documentation to be UCCC compliant
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Hi Delboy,
A sample contract for your state is included with Rick’s Wrap Pack. However, I don’t know if this saved me much when it came to getting the actual contract prepared by a solicitor.
Besides, you do need to make your contract specific for your particular wrappee, anyway. You may want to add or delete certain clauses.
Cheers
Lozza
Just a question…
Who pays for the contract written by the solicitor…the wrapee or you ??Thanks…KP
Hi KP
Just before we instruct our solicitor to draw up the Instalment Contract we use, we get our wrappees to pay us a $650 “non refundable document preparation fee”. We explain to our wrappees that this is what it costs us to get the contracts drawn up and reiterate that it is “non refundable”.
I hope this helps.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Thanks Paul.
That explains it.
By the sounds, if you have a solicitor familiar and experienced with wraps, you don’t really need the kit ??
All you need is his contract, and tailor it to suit the particular wrap…
Any comments…??KP
Hi kp,
The kit explains the concepts and methods of wrapping – eg, how to find the right wrappees, how to advertise, how to buy at a good price, etc. The kit is not just a sample contract.
Also, I think both of the kits have an audio component – in the Wrap Pack it’s 7 or 8 CD’s which you can listen to in the car.
After you have followed everything in your wrap kit, you then get the solicitor to draw up your contract!
Lozza
Hi KP
My comment. I’m definitely glad that we bought one of the Kits before we started wrapping. We would have been lost otherwise. I completely agree with Lozza.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
There is a lot more to wraps than just finding some family for your house and getting your solicitor to prepare the paperwork.
There are reporting requirements that you have a responsibility for, you have to manage the wrap it’s not a set and forgot strategy, so a wrap kit or course will give the guidance to be an ethical, correct and upfront wrapper.
I saw the contents of Steve’s wrap pack before it went to print and I thought to myself, as the owner of a wrap, that I thought I had learnt all that I needed to do wraps but the wrap kit is very detailed.
It’s a small investment for a serious investor.
Cheers
Leigh K[biggrin]
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