Forum Replies Created
How do you find the Program by John Fitzgerald.
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AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.I’ve only done one Wrap to date Harry but I am planning another 6-8 this year. I feel that I have a reasonable understanding so fire away the questions. Don’t forget we have a few people here on site who have done well over 20 wraps.
Always open to chat about them.
Enjoy
[email protected]Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Mate sounds like you need to buy a wrap kit…
Worth investing in one. But to answer your questions (even though the wife will kill me as it is late). You really need a solicitor to do the paper work. There is a list on the Vendor Finance assoc site (www.financewraps.asn.au) which provides solicitors, etc. Alternatively post which state you are in and you will get fedback from peopl ehere as to who they use.
As to the payments. You are responsible to pay your bank loan off and you are responsible to make sure the wrappee pays there loan off. You can get a RE property manager to handle the money at a nominal charge which does make life easier for you when you have a few on the go…….(another few and I will go there).As to organising the client and all that is where your sales skills come in. You sell your property to prospective owners. It isn’t that hard as people want to own their own home.
Hope this answers some of your questions.
EnjoyEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Unless you can substitute another property into that loan then there is no longer any underlying concern hinging the equity so my untrained opinion would be you are correct Roofarmer. Hey you L/O people out there…..is Roofarmer right ??
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ADEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Edited by – [email protected] on 05/02/2003 11:30:14 PM
Hey Go girl,
I have a wrap that is about 3 hours from me and it works like a dream. Found the right people and the money works well. I am looking at some rentals there next week and that will involve using a good rental agent that I will source while I am there. My other properties are about 1 hour from home and I am lucky as I have a good agent watching/managing them for me. It makes it easier for me to find real estate problems to solve rather than tenant problems. Real estae problems make me a whole lot more money when I know I have a good agent helping me with my concerns.
EnjoyEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Hey Sushi ,
Well done for asking the question…..your journey has just begun.
As Harryson says you must get a plan. There is a lot of info here and I would suggest sitting down one night ( or a few) and reading back as far as you can on the forum. That will give you a lot of info and a lot more questions which you can then ask here again. There are also a lot of good books to read depending where you are on the journey. Books by such Authors as Robert allen, Napoleon hill, John Burley also check out Steve’s post athttps://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=316
Gotta sit down soon and write out all the books I have read lately some good ones too.
Hope this helps and don;t stop learning.
Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.As far as giving credibility to the money paid through out the transaction you have two options.
Use a very good trsacking tool like the WAMM (www.darlop.com) and/or run everything through a real estate agent much like rent but without the inspections. Obviously you would push for a cheaper rate without any real work involved for the managing agent. Provides an independent record of payments made to show the bank that is not from your company.
Hope this helpsEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Hey all,
From my simplistic understanding of this stuff, the reason you wouldn’t make it a beneficiary is because you do not want the compnay to hold anything of value. If you distribute funds into the Company then it has something worth being sued for. If you have a $1 or $2 company it is only worth……you got it $1 or $2. It is just another level of insulatin yourself and allowing the sharks to get none of what you worked for.On another note check out discretionary trusts as well as family trusts as they operate virtually identically but have a few quirks.
I will posts that separately.
Enjoy
Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.I’ve just been switching mine to MGA on the advice of my agent. They feel that the policy has greater coverage. And no they don’t even get a commission from MGA.
EnjoyEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Hey David…..What do you feel comfortable with ??
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ADEnjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Drop me a line Learner.
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AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Even with good equity it will be a bit ore of a challenge to get finance…..note that I said a challenge not impossible. Talk to a good Mortgage broker and see what they can do. Which part of the world are you in maybe people could suggest somebody they have used with satisfaction.
It would be good to use your equity as a deposit that will stretch your money as far as possible.If thr numbers work on the properties then you really want to have volume to make it effective.
If you use another lender and drawdown on current loans then you can go and get fresh purchases using deposits from the original loans.
Hope this helps
Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.Hey Sooshie,
You must love wrestling with crocodiles. Well done and I thought his answers were very……amusing. It’s good for us to know that there are still many people falling for Negative gearing from marketers (the very worst kind of Negative gearing). It’s a shame that there will be others unlike yourself who are not so savvy and will make a very bad mistake.Enjoy the book wrestled from the jaws of the Croc.
Crikey that was a good story.
Enjoy
AD [:0)]“Don’t dwell on reality; it will only keep you from greatness.”
-Rev. Randall R. McBride, Jr.I would like to but then I am feeding you rather than letting you guys hunt. To give you that info will domesticate and limit your opportunities rather than leave you wild with unlimited potential.
Good hunting……
Enjoy
AD [:0)]Success is not the result of sponataneous combustion. You must set yourself on fire.
Reggie LeachHey Elvis….
Other thoughts….
*Infrastructure
*Public Transport
*Shops
*Types of roads (lit or not)
*School
*Police
*Amenities both in the property and nearby the property (Parks, etc……Town gas, etc.)Here are a few more to think about
Enjoy
AD [:0)]Success is not the result of sponataneous combustion. You must set yourself on fire.
Reggie LeachHey there,
Forunately we are not like the USA and the way they have extreme opportunities for investors in the forclosure world. Most backs here have to send their property back through agents for tender and or auction so they can clearly show the individual forclosed on that they obtained the top price….What the market will pay is the best price. I guess it saves their bacon on litigation potential.Hope it helps,
Enjoy
AD [:0)]Success is not the result of sponataneous combustion. You must set yourself on fire.
Reggie LeachHey Dragon,
Just to give you an up to the minute example of buys out there…..
Here are two I bought last month
2 bedroom $54000.
3 bedroom $83000.Here are two I am looking at presently,
Duplex listed for $80,000 (both)
Two houses listd for $90,000 (both).There are opportunities out there right now.
Keep searching. I spent months doing research before finding the markets I deal in….Worth the wait though.Enjoy
AD [:0)]Success is not the result of sponataneous combustion. You must set yourself on fire.
Reggie LeachHey Go Girl,
The address is
[email protected]Enjoy
AD [:0)]Success is not the result of sponataneous combustion. You must set yourself on fire.
Reggie LeachI’d love to go Steve…..if only I could afford the time.
Enjoy yourself.Enjoy
AD [:0)]Success is not the result of sponataneous combustion. You must set yourself on fire.
Reggie LeachHey Cots,
I actually use an Accountant in Melbourne nad live in Brisbane. He is very knowledgable when it comes to property and is a nice guy. He writes in the API Magazine…Q&A section.
If you want to know more drop me a line.Enjoy
AD [:0)]Success is not the result of sponataneous combustion. You must set yourself on fire.
Reggie LeachEdited by – [email protected] on 28/01/2003 10:28:31 PM
