All Topics / Creative Investing / WRAPS deal. Is this fair?

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of T-manT-man
    Member
    @t-man
    Join Date: 2006
    Post Count: 6
    May 7, 2006 - 11:07 am

    Hello all,

    I am currently in a rental property with the owner/landlord being my mother.
    I want to buy this property but will not be able to get the finance to buy it outright….
    Currently the house is worth approximately $185000 and she owes about $90000.
    I wish to buy it from her at the $185000 paying 1% interest more than she does now.
    After speaking breifly with her i know she is wanting to invest more into property, so i would assume this would be a win/win for both of us, being i get a house (well in theory) and she will be getting a positive cash flow for another property.

    Is this a fair deal?

    One other thing is it just a matter of contatcing a Solicitor to arange a installment contract?

    I appreciate any help that can be offered.

    Thanks..Adam

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 7, 2006 - 11:10 am

    Which State are you in Adam?

    Richard Taylor
    Residential & Commercial Finance Broker
    **NODOC loans from 6.89%**
    Licensed Financial Planner
    http://www.yourstatefinance.com
    [email protected]
    Ph: 07-3720 1888

    Richard Taylor | Australia's leading private lender

    Profile photo of T-manT-man
    Member
    @t-man
    Join Date: 2006
    Post Count: 6
    May 7, 2006 - 12:31 pm

    I am located in Victoria.

    Adam

    Profile photo of Kiwi-FullaKiwi-Fulla
    Member
    @kiwi-fulla
    Join Date: 2002
    Post Count: 371
    May 7, 2006 - 3:27 pm

    Would be more of a win/win if you did a lease option. This way she still gets to claim all landlord costs and you get to build a deposit via rent crediting a portion of your rent.
    Just a thought!

    Profile photo of T-manT-man
    Member
    @t-man
    Join Date: 2006
    Post Count: 6
    May 7, 2006 - 11:19 pm

    Thanks for the post Kiwi-Fulla, i hadnt really looked into Lease options but was thinking more along the line of claiming the FHOG and using that as part of a deposit, with the vendor finance.

    Adam

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 8, 2006 - 12:57 am

    Adam

    Do you now for sure you are uanble to obtain traditional style finance?

    Richard Taylor
    Residential & Commercial Finance Broker
    **NODOC loans from 6.89%**
    Licensed Financial Planner
    http://www.yourstatefinance.com
    [email protected]
    Ph: 07-3720 1888

    Richard Taylor | Australia's leading private lender

    Profile photo of T-manT-man
    Member
    @t-man
    Join Date: 2006
    Post Count: 6
    May 8, 2006 - 1:04 am

    Richard,

    Yes, i posted in another section, but in short just prior to xmas i purchased a block of land in NSW for my farther-in-law, so obtaining any finace at he moment is out of the question. I also have a car loan hanging over my head.

    I appreciate the reply.

    Adam

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