Forum Replies Created
Hey Jason,
I’ll be there and it will be very exciting. Love to catch up.
Talk soon,
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithNo worries Johnbgoh,
Touch base with me prior if you wish. I am at [email protected]
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHey Andreas,
How goes the deals. Saw your name and thought I’d say gooday.
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithThe upside of a lease option is that they give you the ability to keep title in your name in a vendor finance arrangement (qld). The client leases the premises with an option to purchase the property at a set price. Sometimes the lease agreements concict of rent and capital sometimes they are just rent.
Instalment contracts are as they sound. Contracts between two parties that consist of a payment per period which is an instalment toward the purchase of a house….eg. hous costs $73K, deposit of $2K, interest of 9.07% ………weekly payments of $138.29 over 25 years.For info sake it might be worth going to the November weekend that Steve is organisising as many different property ideas are discussed….(two of which are these). I know I am going to be there.
Hope this helped.
Enjoy
AD
P.s. I have only ever done Instalment contractsA great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithI suppose the answer for me is …the more the better…seriously though each property has it’s own merits so where one might deliver lower cashflow but was bought at great discount another might have been retail cost but great cashflow. As a personal benchamrk I just want the property to pay itself off over about 15 years. I must admit that I believe I will have all my properties paid off within 8 years but I like to stretch myself.
I guess you have to find what you feel is sufficient to keep you happy. Another angle to consider is that a property doesn’t have to be rented only ….any wrap property is cashflow positive from day one.
Two examples…..
1. bought for $64500 rents for $150/week. Great house to rent and has actually grown in value to boot.
2. bought for $85000 rents for $160/week (will be $170 on renewal). This one I paid more for because it was discounted heavily. Other similar houses are selling for $110-120K in the same area.For me I can where the nuetrality of the deal for the capital gain.
Hope this helped and just remember to keep on enjoying yourself Tara and don’t get to worried.Enjoy
ADA great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithTara,
What are the associated costs of owning the Duplex ?
Rates, Insurance, Mgt Fees, etc.
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithGood point Jason,
I can see where the turnover would be much easier using the LOC. Hadn’t thought of that angle.
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithAs long as it works Rie that is what matters. I still believe though that a creative mortgage broker should be able to set up the same styructure cheaper. I currently use an LOC and se the advantages there though…as I said it is a trade off.As long as you are comfortable and can manage the process go for it..
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithSoosh,
Enjoy you perspective keep onm writing.
Mike,
Good to have someone of your experience on the site. I must meet you at a vendor finance meeting…the next one.
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithWow Soosh, your husband has such power…..maybe I need to talk to him….[
]Regina I am also amazed at the hype. I do believe though that a lot of people have bought property at very inflated prices and may struggle for the rental market to catch up in a few years. On the flip side I have rented every property I have had for tenant within 4-5 days (maximum). I guess the clue is and always will be to buy good properties in high demand areas. Part of my due diligence is to see how the rental market is travelling. The upside (from an opportunistic perspective) is if they talk up the bubble enough property may drop down…..yahoo more to buy at better prices.
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHey there Rie,
First let me say I am no finance guru…..The difference I see between LOC and P&I (redraw) is really the %interest and the flexibility. Thre is no question that a LOC is much more flexible and less hassle to use than any other product but usually there is a higher interest charge for this, eg. My house is LOC and I pay 6.56 whereas I have P&I on IP’s (Investment Properties) and I pay 6.05 %(Roughly). I think you have to go with what you feel comfortable with and what you can use and need. I guess with an IP you won’t really draw back so do you need a LOC ?? Also will the flexibility be worth the disparity in interest costs ??
Just some thoughts, I hope they helped.
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHey all,
I have attended two Brisbane meetings now and enjoyed both immensely. I can encourage all you Adeladians to get a long as you will enjoy the event.
Enjoy
ADA great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithDave,
I can see your point ….to a degree. I also see that 2-3 hours driving as time spent away from the things and people that I love. If I can wrap a property down the road and make the same sort of returns and then be able to spend more time with my lovely wife and two beautiful daughters, I will choose down the road every time. I have talked about this with Jason before and having both done this we now see the sense in close to home transactions. While Jason is a way ahead of me I can only agree with the sentiment of minimal travel for more quality time…..
ADA great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithAaron,
Having just done a regional Wrap (3+ hours form home)I will be doing homes closer next time. While the numbers work well I prefer proximity so am willing to buy dearer houses. Just my thoughts.
Enjoy
ADA great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHey ACM,
After much discussion with a few differenet Solicitors I have just done my first wrap using David Barlow of Bennet& Philp solicitors. His number is 3229 0494.
Tell him you got his number from me and hopefully he will take care of you.
Enjoy
AD
Andrew DeeringA great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHey VHD….
They all say they lend on Value but it just happens that a valuer always sees contract price as the value….Strange the way it always works that way.
Enjoy
ADA great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithThink about it this way John. Those negative geared properties you have are there any you would like to realise the gains on in a controlled manner and increase them from a loss situation to a positive situation. Wrap is the key. I think you will find this concept more enjoyable as time passes by.
Enjoy
ADA great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHey guys,
Suggestion ..
You should get in contact with http://www.financewraps.asn.au and find out when the next meeting is. A room full of wrappers makes for interesting discussion. Worth joining the association to for the links and contacts (only my opinion).
Enjoy
ADA great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithSorry,
Forgot Email address. For those wondering why I didn’t just write the lenders name it is because I want to ask them if they don’t mind first and they have all gone home as I write.
Thanks
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHey all,
Long time no see. I have been talking this week with a mortgage originator who is happy to do fully disclosed wraps….you know the worst part they want to charge me only 6.09%….yes that is not a typo. This is full disclosure and I was very impressed as they really do understand how it works. There are application fees but they will be passed onto the client ($600). Any one want any info drop me a line and I will point you the direction I went.
Hope this helps.
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney Smith
]
