Forum Replies Created
Hi jnisted,
Been in same position so know how you feel. Just check with the bank whether they will release the deeds if you still have money owing as we got into the position where a contract was signed however the bank would not release the deeds as the purchase price did not cover the outstanding loan. We couldn’t make up the difference and had to pull out of the deal. Speak to a finanacial planner to see which is the best option.
[biggrin]I would also like to buy a second hand one (if allowed) like David? or if anybody knows where I can get more information regarding WRAPS. I have searched google and Rick Ottoman site but not much in the way of detailed information.
[biggrin]Also thank you Paul I contacted Tony and he was very helpful and has sent me his instruction sheet. Thanks for your help again!!
Hi Simon,
As a newbbie to this forum I am amazed at how helpful everybody is! I like most people have bad debt which is taking a toll on my good debt. Unfortunately I bought properties just before prices starting heading down and this has had a huge impact on my LVR. Would love to get some personal advice from some mortgage brokers about increasing LVR for a short period?
“If you can dream it, you can do it!”[biggrin]
Thank you, will contact Tony this week. Still wondering what the average time is for people who have/are involved with WRAPS? Is there a clause in the contract for the purchaser to sell after a specified time? I have heard of some people who complete WRAPS only to gain back the property due to defaults, I am wanting to include a clause that allows the purchaser to sell the property if they come into financial difficulties. Do you know if this is possible?
Thanks Paul for your very informative response. I am in the very early stages of completely a WRAP deal and wanted to understand all avenues before venturing forward. Always best to check with people who have been there and done it before trying something new. Will let you know how it goes.
Thanks so much! Ellis1
[biggrin]Hi Richard,
I read in Steve’s first book the loan must be P&I, is there anyway around this?
Do I still have to pay land tax on the property until the property is transferred to the buyer?
How long are most contracts for? In my circumstances the tenant would like a 25yr loan.
What happens in regards to council rates, water, maintenane etc I understand the tenant/buyer pays for these, how do you transfer these into their name before the property is owned by them?
Am currently looking for a good solicitor to assist in the drawing up of the contracts, if you or anybody else has a contact please let me know.
Thanks so much for your assistance .
[biggrin]
