Forum Replies Created
Hi Kirsten,
A couple of options to calculate the repayments are:
(1) mortgage calculator – I got mine with the Wrap Pack, but you could probably get one from Dick Smith or Tandy…
(2) Use Excel, open the Loan Amortization spreadsheet template. You can enter all the details in there, and it will do a payment schedule for you.I have got LoanAlert but haven’t tried it out yet.
Good luck!!
Lozza
[biggrin]Hi Kirsten,
A couple of options to calculate the repayments are:
(1) mortgage calculator – I got mine with the Wrap Pack, but you could probably get one from Dick Smith or Tandy…
(2) Use Excel, open the Loan Amortization spreadsheet template. You can enter all the details in there, and it will do a payment schedule for you.I have got LoanAlert but haven’t tried it out yet.
Good luck!!
Lozza
[biggrin]Hi Yack
Only a small group of around 7 people turned up for our lunch at the Southern Cross… but it was still good, because I got to meet some new wrapping people. [specool]
Felicity, of course, is always a wealth of information. I can’t help feeling she got a bit bombarded, but hopefully got something out of it for herself too…(?)
Ah… and JB the Man of Action did fly in briefly too. He is always full of interesting ideas.
Thanks Superdomo for booking somewhere for us. Sorry I didn’t get to meet you on the day. [glum]
Hope to see you all again at the next lunch!
Lozza [biggrin]
No, this is not a wrap!! It’s just a plain ordinary rip-off.
Actually, it sounds similar to what you here about those companies that fly people up to Queensland and put the pressure on them to buy straight away without having looked at any other properties.
You know, just like this lady, you don’t get the opportunity to look in any other estate agents, and they sign you up with their solicitor quick smart!!
Unfortunately, it’s really a case of “let the buyer beware”….. because maybe if she’d had a look at properties on the internet or in a newspaper she’d at least have a rough idea what a house in Warracknabeal was really worth.
Too easy to get ripped off in this world!! [hmm]
Lozza
Hi kp,
The kit explains the concepts and methods of wrapping – eg, how to find the right wrappees, how to advertise, how to buy at a good price, etc. The kit is not just a sample contract.
Also, I think both of the kits have an audio component – in the Wrap Pack it’s 7 or 8 CD’s which you can listen to in the car.
After you have followed everything in your wrap kit, you then get the solicitor to draw up your contract!
Lozza
Hi Grreg, FW & SkippyGirl (my newly acquired wrap friends!) plus everyone else who posted;
Well, I’m gonna have to check my availability on that day, ’cause my hubby is making a movie and I’ve volunteered to do all the catering for the cast & crew. I never get a weekend to myself anymore!
South Melb is not particularly handy for me, but the food sounds good so I shall do my best to be there.
Last time we had 12 people. I did try to count numbers, so that we could make a proper booking… As it turned out, the Old England wasn’t overflowing anyway if I recall.
The sad thing is, my wrap deal fell through and I’m getting rather miserable about it right now. I planned to be able to tell you all how great I was doing, rather than just discussing the same house all over again!!
Oh well – something to aim for I guess!
Cheers all,
Lozza [biggrin]
Hi Delboy,
A sample contract for your state is included with Rick’s Wrap Pack. However, I don’t know if this saved me much when it came to getting the actual contract prepared by a solicitor.
Besides, you do need to make your contract specific for your particular wrappee, anyway. You may want to add or delete certain clauses.
Cheers
Lozza
Hiya Superdomo
In February we had a “Wrap lunch” with about 12 people, which we held at the Old England Hotel in Ivanhoe.
I’m planning on hopefully organising another one fairly soon. It’s not an official “wrap club”, but most of the attendees were very knowledgable about wraps.
I can send you a message when we have the next one..?
Cheers
Lozza
Delboy —
Didn’t know there WAS a $500 Wrap kit!! Who has that?
I have Rick Otton’s Wrap Pack (cost me about $2500). I think it’s worth the investment.
Lozza [biggrin]
It would definitely be wrong to burn the CD’s… I definitely wouldn’t do it, anyway.
Lozza
Me again —
How can you check someone’s past rental history if the estate agent involved is totally rude and unhelpful? They keep referring to the privacy act. I have asked the wrappees to get something from the estate agent, which they haven’t done as yet.
Thanks!
Lozza
Hi Richard,
I think Mel was referring to wrappees defaulting on their loans…(?) [confused2]
Lozza
I would have thought you just base it on the balance owing x new rate x no. of years remaining. Is that not correct?
* Also – quick question — if you have fixed the rate for your wrappees (based on the fixed rate you can currently get, plus say 2%) are you then required to fix your rate too, or can you leave yours variable?
Thanks
Lozza [biggrin]
I got the same postcard in the mail, and was seriously considering going tonight…..
I haven’t read any of his books.. can anyone tell me more about what Robert G.Allen is about?
Thanks!
Lozza
Terry,
True, true. You’re the expert!! (I’m just new to all this, but climbing a steep learning curve!!)
Lozza [biggrin]
Ahem….. OK then!![blush2]
Thanks guys… I just thought for some reason that there was some “issue” about divorcees and loans… maybe that was in the good old days!!
Scott — I wish. But we do have one guy coming out on Sunday morning, he is a self-employed gardener and a divorcee, with a pretty good income and a big deposit. Here’s hoping. But he hasn’t actually seen the house yet. It seems that when people drive past first, they never call back for some reason.
I must admit, I’m getting desperate. I need to set a deadline on this, because the interest is over $1100 a month.
Lozza [smiling] — Still smiling (only just!)
Sorry — one other thought:–
I heard that as many as 50% of L/O’s don’t actually end up in the property being sold… They just change their minds, and move onto somewhere else.
You would then be stuck with an empty house again, which would mean more running around trying to lock-in someone else for a L/O.
Another advantage to an Instalment Contract Wrap I just thought of…. people who are buying from you on a wrap would probably be more inclined to look after the place. Wouldn’t someone on a Lease Option consider themselves to be more “tenants” than buyers?
Sorry.. I’m waffling. [biggrin]
Lozza
Hi Arthur
Here are my thoughts… although I don’t know a great deal about L/O’s…
If everybody is always refinancing you out on an instalment contract wrap, this would give you more cash earlier to buy more properties, therefore increasing your wealth more quickly?
If it’s really a pain for you when they refinance, set up some people to be long term wrappees (i.e. people who can’t refinance with a regular bank – eg on a special pension) and you will have cashflow for the longer term.
Can anyone tell me… is cashflow generally better on a L/O? I thought weekly cashflow on instalment contracts would be better?
Just some thoughts.. correct me if I’m wrong!
Lozza
Rick’s Wrap Pack includes a wrap instalment contract specific for the state you live in. (I don’t know what he gives for people who do Lease Options in S.A.)
Don’t know what Steve’s includes that is specific to your state, but you could check on this website and it may tell you more info.
