Sounds very similar to some of the ideas Robert Kiyosaki brought up in his book, I think it was called “Prophecy”.

Keep smiling
Felicity

You could try http://www.avibe.com.au
They do disclosed wrap finance.

Keep smiling
Felicity

I tried to buy a house through a Jenman agent, it was impossible.
No listings to look at, a salesperson who averaged 2-3 days to return my calls… maybe that’s okay for your average home buyer, but as an investor it just wasted too much of my time.

Keep smiling
Felicity

My first words of advice are usually to say – work out what your goals are, then determine what you can do with the money to get there.
It seems you already know what you want, ie your investments to fund your lifestyle.
So if it was me, I’d use the money to invest in positive cashflow properties to increase my non job income. I’ve personally…[Read more]

Do a joint venture with someone who can set up cashflow positive deals (ie wraps) but has run out of borrowing capacity themselves.

Keep smiling
Felicity

Hope everything works out okay for you.

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Felicity

I think you can do a lot of your research initially without necessarily viewing a property, but I’d certainly hesitate to actually buy without going there. Mainly because you can’t get a feel for the area without being there. Are there big power lines right behind the back fence? Bikies next door? etc etc These are things that can affect your…[Read more]

I use QuickBooks for managing my businesses, and I think it’s brilliant. I very rarely use journal entries unless I’ve paid cash for something.
However it took a while to get to that point. It’s a question of breaking down extensively into categories (or accounts as they’re called) – my chart or list of accounts is very long! But once they’re…[Read more]

JPG
From a numbers perspective, no, there’s no reason why you can’t wrap units.
I think it does come back more to looking at your target market. Mostly people who want to buy my houses want just that, a house! I had one house on a subdivided block, and the number of people who lost interest once they found out it was subdivided was a very high…[Read more]

Thanks Rob, I always like to know what’s out there!

Keep smiling
Felicity

Rob
What LVR?
Is mortgage insurance payable?
Is it a full financial or low doc?
Do they lend to company/trust structures?

Keep smiling
Felicity

Grrr my ISP had a glitch and lost the really long answer I’d typed to this!
[angry2]
anyway, when I started out it’s fair to say hubby wasn’t keen. He was working ridiculous hours, and didn’t want to know. Initially I started doing some small share trades, and talking to him occasionally about it, but property was just too big a thing for him to…[Read more]

I’m in Victoria, Ella, so can’t help you with NSW.

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Felicity

I guess the person who wrote the article has no idea what they’re talking about. Lease options are not illegal in SA. Perhaps the author should have worked out that wraps and lease options are two entirely different types of contract.

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Felicity

Junkers
It depends on the loan you’re applying for, whether or not you get asked about the deposit.
My experience with lo doc loans is that financial institutions are a little bit keener to see evidence of the 20% coming out of the buyer’s pocket. This is probably because they’re handing over their 80% with very little concrete evidence of the…[Read more]

Depending where you’re located, there may be an established group in your area already, that you could link into. A number of groups that started either at the Somersoft forum or NineMSN forum meet monthly in several capital cities.

Keep smiling
Felicity

Just shows how important it is to comply with the UCCC.
I certainly have both myself and my husband registered as credit providers, and whenever I buy wrap properties in a structure I register the structure too. I’d rather go over the top that get in trouble!
It also shows the importance of using a knowledgeable lawyer when drawing up your…[Read more]

I think it all comes back to equity. If they have no equity (ie only been in a short time) then I say, shame it didn’t work out, and they can walk away. I take the property back, rewrap it and move on.
If there’s equity invovled, in my contracts they have a right to that. In that case I have a couple of options – once we’ve agreed on a value…[Read more]

Some very positive ideas on this thread. I think Steve’s point about the cost involved in setting up something like the VFA is very valid. Certainly it mostly started because Rick devoted an enormous amount of his time, money and office resources to the project. Without him it never would have begun. So thanks Rick!
Regarding Victoria, Lewis…[Read more]

Hi Rob
I was talking about vendor finance in relation to the VENDOR who is selling the house to ME leaving 20% in the deal so that I don’t have to find it out of my own pocket. The idea is that I borrow 80% from a lending institution and the vendor’s 20% is a loan with a 2nd mortgage. I am still buying the house at market value, there is no…[Read more]