Harryson
This may well vary from state to state, but in Victoria you must settle the property before you can wrap it.
That means you can always settle a property in the morning and have your wrap buyer settle in the afternoon, but you still need the money available to settle in the first place. In flips you usually pass the deal on before…[Read more]

Ummm do you mean A Current Affair? They had something on Monday night…

Keep smiling
Felicity

Hi P&E
One thing you may need to watch (this may only be the case in Victoria) is that once you have a mortgage on a wrap property, you cannot alter it – ie no refinancing etc. I’m not sure how this would work if you had a LOC against a wrap property, but you’d need to be very careful.
The LOC is usually separate to your wrap loans, for example a…[Read more]

Well, I’ve seen the opposite side of landlords insurance – despite having good managers and good quality tenants, I’ve had 3 claims all due to unforseen circumstances. These include someone losing a job, a couple splitting up, someone needing to move back to the country for an ill parent.
I don’t think any property manager could have prevented…[Read more]

Hi Dave
Welcome! I’m surprised you couldn’t find any comparisons on this forum, it has come up a number of times.
Anyway, either product is worth the money! Rick’s is probably a bit more hands on, step by step guide, Steve’s goes a lot more into the details of legals and finance etc, so they actually tie in well together.
Their strategies have…[Read more]

Hi P&E
Different investors set their deals up in different ways. Some arrange for their investors to actually take out the mortgage etc in their names, to help avoid serviceability problems with the bank. This probably wouldn’t help you, as you’re still OS.
In my situation, my plan is for the investor to provide either 10% or 20% deposit in…[Read more]

Hi Elta
There are various options out there.
1) Bank account – well, don’t waste your time with an ordinary bank account. If you’re going to go down this path, at least find out about some of the online accounts such as ING Savings Maximiser, which are paying in the realms of 4.75%.
2) Term deposits – depending on the amount you have available,…[Read more]

Hi The Bruce
Thanks for the info, I’ve never thought about it quite like this before.
One question – would this concept still hold when using lodoc finance through a non conforming lender? Usually for these you only need to sign a stat dec saying you can afford the repayments.

Keep smiling
Felicity

Hi Steve
Rereading my post, I realise it could be taken two ways. So I’ll clarify it!
I wasn’t looking for investors on this forum at all. I was trying to find out from people on this forum who have used investors, how they went about finding them and good/bad experiences or suggestions they could make.
Sorry everyone, the perils of using this…[Read more]

Having taken a good look at both methods, I’ll give it a whirl! I also think that there’s lots of opportunity for crossovers between them.
Steve aims to wrap a property at a price that’s the same as or lower than rents in the area. This means he needs to buy houses in cheaper areas, basically where the 11 second solution works – hence regional…[Read more]

Law is such an inexact science!
My solicitor says GST isn’t payable!!
My contracts do have a clause stating that if at any time in the future it is shown that GST should be payable, it will become payable by the purchaser. I explain to all my purchasers (as instructed by my solicitor) that they can either leave that clause in there, or they can…[Read more]

I’m sure one of the accountants (or ex accountants!) on here will be able to give you a much better answer than me, but as I’ve just set up all this trust stuff, I can give you two reasons why I’ve done it:
1. ASSET PROTECTION!! Now if someone sues me, we don’t lose the lot, only anything held in our personal names. Or, alternatively, if…[Read more]

Sorry, Steve, perhaps recommend was too strong a word to use. I should have said that you have mentioned many times that you used the product for quite a long time, and certainly other people have also told me the same thing. Perhaps that’s not specifically a recommendation, but it certainly gives the impression that the product is worth…[Read more]

Hi Darren
Thanks for your feedback, I actually have Rick’s spreadsheet too, but I was wanting something that would only print out the transactions made on the loan, rather than having a line for every single day, which is a bit cumbersome.
I know that Steve and others recommend HLA Deluxe, that’s why I bought it. I’ll be really ticked off if it’s…[Read more]

Hi Jake
If you do some searching through older posts, you’ll find this topic has come up before.
Basically, though, the foreclosure market in Australia is very different to the US. Part of this is due to the fact that it’s so much smaller, there’s nowhere near the volume of foreclosures that there are in America.
Also, however, these sales are…[Read more]

Hi insider
You’re right, assumable mortgages are an American strategy, not applicable in Australia.
If you look back through older posts you’ll find this subject has been discussed a number of times.

Keep smiling
Felicity

For pest inspections – my buyer organised a company to do a termite spray, which I am paying for. I’m still waiting for the bill though!
They were based in Skye I believe, and I’m pretty sure their name started with A.
Hope that’s useful!!
If the bill turns up in the meantime I’ll post the proper details.

Keep smiling
Felicity

Hi Rachel
Personally, I have a lawyer I use to draw up my contracts each time, and I charge his fee on to my buyer as an application fee (as Rick Otton’s system recommends).
I find this works perfectly, it means I get the right contract every time, never have to worry about whether or not a law may have changed since I purchased a pro forma…[Read more]

Hi Rachel
This is a list of Qld solicitors from the Vendor Finance (Wraps) Assn website. I don’t have any personal experience with them for wraps, although I have used Aylward Game for a normal transaction and they were fine.

Mark Game
Aylward Game Solicitors
Level 9, 193 North Quay
BRISBANE QLD 4000
Ph: (07) 3236 0001
Fax: (07) 3236 0005
Email:…[Read more]

Well, I’ve just finished wrapping some properties, have refinanced to get more money to spend (hopefully will hear YES on the refinance today!) and it’s time to buy some more.
Oh, and somewhere along the time I’ll spend some festive time with my family!

Keep smiling
Felicity