Delboy
I said you could borrow against another property to supply deposit funds, not as security for the wrap loan.
Dave has explained it better.

Keep smiling
Felicity

Hi Delboy
You can borrow against another property to supply funds for a deposit, but you cannot cross-collateralise a wrap property with any others. You also can’t refinance the property once it has been wrapped. This includes bringing in an investor for a 2nd mortgage – once it’s wrapped in Victoria, nothing can change basically.
This also…[Read more]

Hi Terry
I’d recommend you spend some time in the Getting Creative forum. You’ll probably get a better response if you post this message there too.

Keep smiling
Felicity

Going 80/20 doesn’t always avoid LMI. Quite a lot of banks will still have the loan mortgage insured, even though they don’t charge the premium on to you. So be very careful of that.

Keep smiling
Felicity

They’re my initials Salubrious

Keep smiling
Felicity

Hi Slum Lord
It varies I believe, I dont always get there myself! Usually around 20, has ballooned to as high as 50 for speakers.

Keep smiling
Felicity

Salubrious
Kay’s articles only referred to Qld, I guess that means they could still be operating elsewhere in Australia.

Keep smiling
Felicity

I was about to email admin and ask if I could advertise this, but I guess I don’t need to now!
I certainly plan to be there.
This sort of information is crucial – and I agree that Lewis is one of the best there is on this subject.

Keep smiling
Felicity

I’m sure the fact that most of his targest are his competitors makes it a little easier too.

Keep smiling
Felicity

Good luck!

Keep smiling
Felicity

Sorry skippygirl, that’s what happens when I scan a thread fast because I have to get my son to school…

Keep smiling
Felicity

Perhaps the lady could sell the house to you with vendor finance. Essentially she would allow you to pay it off over a period of time (say 20 years) with no interest on the payments. This means that your payments to her are capital repayments on the sale of an asset, and not income (like rent).

Keep smiling
Felicity

I also found Peter Spann’s intro night invaluable. It was there that I first started to get an understanding of share options. I went on to learn heaps more about it, and made reasonable money from options for a while. I’m a bit busy with properties right now, but I still use some of his other information when I’m looking at shares for my…[Read more]

Gatsby
I suggest you link into the ninemsn/Somersoft meetings, they’re held once a month and involve a reasonable group of property investors doing all sorts of interesting things.
I don’t have the date of the next one, but I will post it in here when I have the information.

Keep smiling
Felicity

http://www.gatherumgoss.com

Keep smiling
Felicity

sedraash
My feeling is that you should always educate yourself about the property market first, then once you know what direction you want to take, learn everything you can from an expert in that niche.
I started in wraps with Rick’s Wrap Pack, did 4 wraps, then went to a Wrap Camp. I look at where I am now, and know there’s no way I’d be…[Read more]

I had an interesting experience with the FHOG.
I had two contracts that went through within a week of each other, and after the 1st May. One got $12k, the next one (which settled later!) got $7k.
I have no idea why!!!
Needless to say, I’ve recommended the second owner ask some pertinent questions.

Keep smiling
Felicity

Hi Misty
That answer will vary by state. In some states if the value of the property increases, then the wrapper can borrow against it.
In Victoria, however, once you have wrapped a property you cannot increase the underlying loan or refinance the property.
In all circumstances, I would definitely NOT recommend borrowing more than the wrappee’s…[Read more]

Supa Freak
It all comes down to whether or not you’re willing to put another $6000 of your money into the deal. Personally, I wouldn’t do it, but only because I wouldn’t want to tie up $6000.

Keep smiling
Felicity

Marisa
It could also be that many, many experienced wrappers no longer post here after a number of periods where they were consistently flamed and derided.
Although the antagonists have gone, so have the wrappers…

Keep smiling
Felicity