Hi

So, I revist and read (again) most of this thread.

Interesting that I had a call from one of our wrap clients this week. he is “cashing us out” (refinancing) within three weeks.

Those who believe that wrapping is always immoral may be interested to see how this worked for our client…

We bought the house for 73k, and rented it for a year.…[Read more]

Originally posted by PaulDobson:
… I do know that the insurance company, Australian Unity do have a special “building insurance” policy for homes sold using Instalment Sales Contracts. Herein they register the “wrappees” interest in the property (along with the interest of the wrapper’s first mortgagor). …

Hi

We used to use this insurance…[Read more]

It depends on what tool you are using. Steve will tell you to use the right tool for each job.

We just bought a house 2 weeks ago for 110k, with 80% funded by a P&I loan. The other 20% (and the closing costs) is funded by a LOC on our own house, so the purchase is 100% funded by bank money (and the wrappee’s deposit of 3k). Our total payment…[Read more]

My wife Arnie and I own a web developoment and hosting business that’s recently (since reading Robert Kiyosaki) been turned into a national dialup ISP as well. locknet.com.au. We also own a wrapping business fairgohomes.com.au which followed this path: RobertKiyosaki->JohnBurley->Bradley-McKnight->Reno Kings. We are falling behind due to some…[Read more]

We have four houses (JV) wrapped in Ipswich. Good place for it, but as noted above, it’s getting harder to find the bargains.

Lance

.
Fair Go Homes
http://fairgohomes.com.au

Rapt with Wrapping!
(07) 5465 4999
lanceh@fairgohomes.com.au

Hi

The key to buying many investment houses is to have the right structure. I learned this last November at Steve & Dave’s seminar, and we have altered our structure to make this possible. (Thanks, Steve & Dave!)

Using the company strategy, and borrowing as a company guaranteed by a director, we provide the credit, and initially the deposits.…[Read more]

Hi

Another potential wrap client out of our area…

Lance

==================

From: “andrew wayman” <shondrae@bigpond.com>
To: <admin@fairgohomes.com.au>
Subject: Vendor finance
Date sent: Mon, 27 Jan 2003 12:08:12 +1100

Dear Lance,

Could you please forward our details to any of your associates in NSW, particularly on the central…[Read more]

Hi

Good to see you wanting to get into the game.

We are already well down the road with international investors (JV or money partners) as we have a business associate in the USA who wanted to invest with us here. We asked our accountant and solicitor, and this is how we are handling it…

We found it well-nigh impossible to find a US lender…[Read more]

Hi Sjs

The deals are there. Dolf de Roos has a formula where (from memory) you look at 100 houses, put in 20 offers, and get to buy one. The problem is, he says, that although people acknowledge this might be necessary, few actually look at the required number.

Keep looking and I am confident you will find them.

Lance

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Fair Go…[Read more]

Dunno. Musta been sleep-talking, ‘cos I don’t remember it. And sleep-flying…

We often get enquiries from people in other states from our website. As a web developer I have been able to get our site to rank highly… even though at the moment it’s just one page available to the public (lots behind the scenes)!

Cheers

Lance

.
Fair Go…[Read more]

Hi Wes

You can read the relevant Qld legislation here…

http://www.legislation.qld.gov.au/Legislation%20Docs/CurrentF.htm

Scroll down to “First Home Owner Grant Act 2000” and get the three PDF files that cover the whole thing.

Actually it’s not that long a read, and the detail on exactly how it works for Instalment Contracts is there.

Hope…[Read more]

Thanks Dave.

I will seek advice from our solicitor to find if a similar law applies here.

Re the concept of paying off the mortgage quicker… Yes, I have heard you and Steve speak of this. It is a little puzzling to me though, as Steve says he tries to preserve working capital by putting down a minimum deposit when purchasing a property…[Read more]

Hi Brett

Sooshie is quite correct, but this detail may be what you are looking for…

Wrappers should not be selling to people who are WAY outside the banks “square”, but to those who are only slightly outside it. e.g. people who have a good income, but for some reason are not quite acceptable to the bank. Perhaps they damaged their credit by…[Read more]

JP asked: “why did you decide not to wrap this latest purchase? I am assuming you’ve bought in an area that you’re confident will have good future capital growth?”

Short answer: Not just that, but yes.

Long answer: Well, in our area capital growth has been negligible in recent years, but it is just starting up again. This particular house is a…[Read more]

Thanks to those who replied with encouragement. []

Maybe we are a little misrepresented though – we learned about wraps last November at a John Burley seminar, bought the Wrap Library from Steve and Dave, set our team in place after much careful research, and did our first two wraps mid year. One was wildly successful financially (65% C-on-C…[Read more]

I second all of that.

SUCH a great collection of details. So many ways to tighten up and improve a deal that we will make the cost of the trip and seminar back many MANY times over. We had been holding off putting offers on a couple of local properties (the numbers work, but we hadn’t inspected yet) until after the seminar because we knew…[Read more]

Hi

TrackIt

http://www.leiton.com.au/trackit

Not cheap, but does (almost) everything. And anything else you want it to do will be seriously considered and usually quickly implemented by Clinton Swaine, the Aussie programmer and investor in Los Angeles who wrote it.

Hope this helps

Lance

.
Fair Go Homes
http://fairgohomes.com.au

Rapt with…[Read more]

I bought “The Investors Fundamental Property Tool” from the John Burley “Automatic Wealth” seminar. It’s written by Clinton Swaine (Aussie investor living in the USA), who has recently transformed it into “TrackIt”.

I find TrackIt a fantastic tool for the job – purpose built to manage wrap properties, investors, potential purchases, occupiers,…[Read more]

Queensland? Yes of course!

FHOG is paid by the Govt after the person has been in the house a year (and has paid a certain percentage of the initial price – important to note that the “amount paid” calculation includes deposit, principal, and interest. Usually this is reached by somewhere between 10 and 14 months). Here…[Read more]

G’day Steve,

Although I know (believe me, I know!) what a drag it can be to configure a bulletin board, you may eventually want to consider a different system. (and perhaps sooner rather than later, while there are relatively few posts to move)

We have used WWWBoard, UBB, YABB, WREQ, but now we are now using the free Phorum (from phorum.org)…[Read more]