Forum Replies Created
Hi CD, thanks for your reply.
I read about bir dogging in 0 to 30. So I guess I’d be kind’a new at it. :p
In the last 20 odd years, my wife and I have gone through the process 3 times for our PPOR but not for an investment and not for a 3rd party. We have from time to time considered what criteria would suit our circumstances for an IP, but haven’t before been committed to the task.
We own our PPOR outright (approx $350k – no mortgage), but have almost no income at the moment while our new business (a gallery – check my WWW) gets up and running. We expect to start taking a wage from it in the next month or three.
You said we’d have to be registered. As what and with who? (Or is it whom? :p )
If we do go ahead with it, it would be in Australia, principally Victoria (if Steve and his mates haven’t dried it up already. hehe). I guess we’d have to start simple first and get more complex as we got more confident.
We have two reasons for considering bird-dogging. The first is to give us some sort of additional revenue to put towards deposits. The second is to give us some experience while we look for our first +CF IP.
In 0 to 130, Steve suggested it was kind of like getting a spotter’s fee. I guess at the heavy end of the stick that description isn’t very accurate. Could you advise what is typically paid at both ends of the scale? Is it based on a percentage? Or is it like $1000 per house?
Thanks again,
AndrewThanks Terry,
I guess it’s how you get your solicitor to word the contract. I suppose I should talk to our solicitors to see if they’re experienced in such contracts.Thanks guys,
Much appreciated.
Terry, email sent.It would be interesting to get a CAV guideline for what they think is acceptable when doing a wrap.
Thanks Robert, I’ll check her out.
Thanks Robert, much appreciated.
So a wrap is like a mortgage but it isn’t? Regardless of how much the wrap customer has paid into the deal, they could potentially (if you were a dodgy wrapper) lose the lot?
Not wanting to be a dodgy wrapper, what are the usual conditions a wrapper might set?
I imagine the answer could be complex, and I’ve been trying to fathom an equitable way of doing this that wouldn’t mean too much initially out of pocket.
The only three ways I can think to give the original wrap customer something back (if they’re owed anything at all) would be to 1. Pay them outright an amount per a specified calculation, but only when the property was rewrapped or sold, 2. Pay them some proportion of the deposit money from the new wrap customer, 3. Pay them a percentage of the new wrap customer’s payments for a given period (complex and inconvenient for all), or a combination of the above.
I guess option 2 would be the best, but if the original wrap customer has been in it for 10 years, the deposit money wouldn’t seem fair compensation.
Am I missing something here? Any other options?
Thanks Robert,
I’ll chew that one over for a while.Hi,
I didn’t get the newsletter. I’ve checked my profiles and it says I’m subscribed to it. Any chance I could get it sent again?
Thanks,
AndrewApologies mate, I was expecting 7 or 8% or some such. Hell, at the figures you quoted they’re not bad! Very encouraging in fact.
Off to bed now…. Many thanks.
Sorry Robert, I meant for low-doc and no-doc loans; what sort of rates would you expect for them.
Thanks again.
What sorts of interest rates could be expected?
And do such loans make wraps difficult?Thanks Robert.
What’s low doc and no doc?
Andrew
