Forum Replies Created
If sighting the S32 is important to make the contract binding, it must be an awfully important document. Do you guys always get it checked by the solicitor, or do you check it yourself? If latter, what do you look for in it to ensure the deal is not problematic?
ThanksMatt
If a wrapper is paying LMI to the bank because s/he is borrowing 90%, would it make sense to charge the wrap buyer similar fees if they are borrowing 95% from the wrapper. Do you guys waive this fee as if it’s part of the 10-20% mark up on the price already?
Try For Sale By Owner website
http://www.fsbo.com.auI use the one sold for $69.95 from http://www.creativerealestate.com.au which I find really easy to use. Even better, if you have a PDA to load up a spreadsheet, you can use the PMT function which is very powerful for calculating anything you need on the road.
MattHey Wei,
Although I will see you tomorrow afternoon, I thought I’ll still try to answer your question with my theoretical answer. To me, the amount of deposit shouldn’t be too little. The chances are, if they can’t save at least $5000 they might have trouble makeing the payments down the track. It’s not how much money they have that’s important, it’s how much commitment they put into owning their own house by showing how much they’ve saved.
There is also the FHOG you should be able to get from them, at the end of the day you shouldn’t have to fork out too much of your own cash for each deal.
I am also in a reading and searching mode, please correct me if any of my assumptions are not quite up to the reality.It’s free to request your personal credit check if you don’t mind waiting for 10 days, or you can pay $19.95 to get a express check. My understanding is that you can get your client to pay 19.95 to request a copy and have Baycorp fax it to you.
Not that I’ve done it, only read about the theory, would be interested to know if this is the right (legal) way to do it.
On the baycorp website, it mentioned about $30000 penalty on offense of obtaining someone else’s credit file though. Just be careful it’s done the right way.If the spread is 2% the wrap buyer will have to fork out additional $20000 each year (or $384 a week) on repayment based on the sell price of 1 mil. Your friend would need to consider if this is the price someone will want to pay to own the property rather than to just rent another place like that for $500 less a week. (Yeah I know for someone who can afford to buy or rent such a place money is the last thing they care about.)
I once read somewhere that if you have a property worth 100K, 9 out of 10 people can afford to buy. If the property is 1 mil, only 1 out of 10 people can afford and the market is smaller. If you put wrap into the equation there may only be 1 out of 100 people who would be interested in a 1 mil wrap deal, and only 1 out of 500 might actually do the deal at the end.
I am sure any deal is doable, just how much time and effort it will take to pull it off. If your friend doesn’t have a mortgage pressure under this property and if he can afford spend many months trying to find the right buyer, it may be something fairly profitable.
Just my 2 cents.Can someone please tell me where I can find out more about this wonderful prodcut Wrap Secrest Revealed? Thanks in advance.
HI:STEVE
I would like to take this time to thank you for your wonderful product Wrap Secrets Revealed.Just last night at my Rein(real estate investment network)meeting,I was telling Don Campbell about the forums,of course Don being Don he already new about it,always one step ahead.Thanks for the great idea, you can be sure I will try to apply it in the near future and add my feed back to the forums.Canadian Dave
P.S Don was telling me what a wonderful time he had in Australia,we had a good laugh over the veggie-mite story. My joint venture partners wife is Australian so I’ve had the pleasure of trying the product first hand.
Edited by – [email protected] on 13/06/2002 10:38:27 AM
