Stamp duty is payable in WA when you have an option to buy on a property, but its only applied to the up-front option fee not the whole price of the house…

Haven’t found ANY in perth that match your criteria, had to go interstate which works fine as well.

Vexil,
What you want to use is called a “Bare Trust”. With a Bare Trust a Beneficiary actually has control over the Trustee. So how people use this is they get a friend to sign the sales contract for a property as the Trustee. You as beneficiary then not only control the whole thing but benefit from the asset as well. The trustee has no claim to…[Read more]

Hi Misty1,

My accountant who is experienced with wraps in WA states that a wrappee CAN rent out the property, but most contracts will not allow it without written permission of the wrapper (owner).

Wraps can definitely be done in WA. You do need to be a licenced credit provider however. You can contact the Department of Employment and Consumer Protection for more info. They have successfully prosecuted people for not holding a licence.
Jason.

Hi Sean,

I’m actively selling using lease options in those areas if you want to get in contact.
Jason
email

Why don’t you all ask questions here, then you can save money and not buy the different packs… The Australian Lease Options handbook is a good all-round intro to lease options.

Private lenders funds can usually be secured by way of an unregistered 2nd mortgage with registered caveat or a seperate loan agreement with a registered caveat.
It depends on how much money your putting in. If you were to cover the entire cost of a property for example then you would get the first mortgage.

Another way of doing it, which is…[Read more]

I haven’t received any replies either…

Anyone that has seen both Rick Ottons and Steve’s wrap packs like to put up a comparison???

Jason.

There seems to be no problems ‘morally’ with buying properties sight-unseen so what is different with the John Burley approach?
I understand that making hundreds of offers just based on lists in the paper or internet sites to try and snare 1 or 2 desperate sellers is not a good idea, but can’t see any issues with checking out a property via photos…[Read more]

It doesn’t seem to be clear how option 1) above will work. You say buy at 80% of value and you have an instant equity of 20% – but I thought the banks will only lend on the lower of the contract price or the valuation?

Maybe the way its done is to get a long settlement then the banks will look at the valuation price instead???

Please send e a copy at jrscott(at)westnet.com.au

You always have the building inspection clause to cover you as well…

Mortgage Hunter – what is a “pro pack” that can take 0.5% off you rate?

Regarding the multiple offers… I think the best thing to do is just have a sunset clause of only a few days away. That way you can hurry up and place other offers if nothing comes of it.

jason.

I would liek a copy of your spreadsheet and would be happy to forward it on as well.

[email protected]

Thanks,
Jason

Hi Comsol,

Did the REIWA report contain data for any of the WA regional centers?

Thx.