I had an interesting experience on the weekend.
A vendor (who hasn’t put his property on the market yet) approached me to buy his property.
He suggested a price of $160k. Now, I have to say upfront that I don’t want this property, because I have concerns about its future. It’s too rundown to renovate, you can’t subdivide it, most of the property…[Read more]

The idea of a cashbond is to take equity from your properties and turn it into cashflow, when you’ve reached the point where you’re asset rich but can’t borrow any more because of serviceability issues.

Keep smiling
Felicity

Kay
The reason I refer to the number of houses I “have” – I actually say the number of houses I’ve “wrapped” usually! – is purely as a reference point for others. One thing I’ve discovered with wraps is that it’s a journey, and you encounter different challenges at different stages of the journey. So it’s helpful to know that someone has a…[Read more]

superdomo
The reason some wrap experience was required, was so that everyone who attended would be able to share experiences and learn from each other.
I know I’ve been to meetings before where as a more experienced wrapper I spent the whole time answering questions from newbies (no offence intended!) and basically came away not learning anything…[Read more]

The short answer – no, not really. Vendor finance is still very much in its infancy here in Australia.
If you want to buy with vendor finance / lease option, you can go to http://www.financewraps.asn.au and you can leave your details there, asking potential vendors to contact you. Make sure you mention what area you’re interested in – I know I always…[Read more]

I don’t think there are figures like these available.
Having said that, I have yet to hear a single bad media story on someone doing wraps in Melbourne, for example. And yet even to my limited knowledge there are at least 10 people who have done 10+ wraps in Melbourne & Geelong. There are quite possibly a lot more!
So I consider it likely that…[Read more]

Originally posted by The Mortgage Adviser:
If your tax returns do not reflect your cash flow, it means your expenses are high. Being able to pay off loans means your cashflow reduces and your expenses increases further (unless positively geared). The ATO is asking the question “how can you repay these loans when you don’t make any…[Read more]

I think the mistake most people make with seminars is they go before they really know if it’s the right seminar for them.
I spent a lot of time trawling around free/$50 introductory nights, and got heaps of brilliant ideas. I also read lots of books and started a forum on the web, and learned heaps there too.
Some of my favourite “gurus” have…[Read more]

Unfortunately, Wesley, I agree with you that there are some less than squeaky clean operators out there. However I also believe that most wrappers do operate in an ethical way, but because they do so, nobody ever hears about them!!!

Keep smiling
Felicity

I am not new to property investing and have a good understanding of Wraps, but would like to ask a few questions to investors who are currently using this technique. Please note I am not criticising the technique but am hoping someone can clarify a few points…
Is it ethical? I have heard Wrappers say they are doing a deal to help a ‘battling…[Read more]

Very wise words Steve – we all need to spend time being thankful for the good things that have happened in our lives, and remember how far we’ve come.
I’ve lost count of how many times I was told I couldn’t buy any more houses because of finance, that started when I think we had 2. Now I’m well into double digits and still going.
I’ve always…[Read more]

I think the hardest time for a wrapper is somewhere from around 3 houses to around 10 or more.
I’ve experienced something very similar to what Richard is describing – I was dealing with a major bank around #5 (retail banking), but they refused to do any more. And yet at #12 the same bank (its business banking section) was keen to meet with me and…[Read more]

Geez, we must be an unruly lot, there seem to be lots of new moderators recently!
Hooray for MM!

Keep smiling
Felicity

Curses, I was too slow, I should have suggested a nice restaurant in the Dandenongs! You guys are determined to make me drive miles and miles.
At this stage I think I can make it.
Also, I know last time it was a criteria of attendance that you were at least in the process of doing your first wrap – is that still going to be the case? If it is…[Read more]

Oh, Derek, how can you possibly think I’d be in the too hard basket? [blush2]
After my last post I was contacted by email and told that my application wasn’t received, probably due to the computer issues. So I need to apply again. [wacko]

Keep smiling
Felicity

Not central because then it’s a pain to park anywhere…

Keep smiling
Felicity

Well, I put a request through the “Need Finance” link a week ago, and so much for the 48 hour response promised – I haven’t heard a thing.
Not a good start.

Keep smiling
Felicity

Rob
Well, personally I would like to see it made an industry standard in some way!
Certainly contracts drawn up by my lawyer in Melbourne (he looks after lots of Vic wrappers) always contain this type of default contingency (unless I suppose I specifically requested it was removed). However I know he believes that a default clause is essential,…[Read more]

Originally posted by The Mortgage Adviser.:

Can one of the wrap advocates plese tell me what is to stop the vendor giving nothing back to the buyer who just lost everything?

Hi Rob
I can only speak on my own behalf, as I can’t vouch for what other people do.
But in my contracts (drawn up by a legal expert) there are very specific steps that…[Read more]

Hooray for Derek!

Keep smiling
Felicity