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  • Profile photo of orien100orien100
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    August 29, 2007 - 11:44 pm

    Thank you Hutch and Raddles for your recommendations – your time and assistance is greatly appreciated

    Profile photo of orien100orien100
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    August 29, 2007 - 11:43 pm

    Thank you all for your recommendations – your time and assistance is greatly appreciated

    Profile photo of orien100orien100
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    August 28, 2007 - 11:36 am

    Hi POS

    I'm not a finance person, but I can tell you that I've found Mike Umana at Lonsdale Finance to be very helpful. (knowledgeable, reliable, quick to act in pulling together finance options and happy to go the extra mile to help out).  I'm sure if you contacted him he would be able to give you a hand.

    [email protected] or 0427 532 288

    Best of Luck

    Profile photo of orien100orien100
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    August 28, 2007 - 10:28 am

    Hey Malleeboy
    I should preface by saying that I am not an expert on LMI, but my understanding is that the LMI calculation is based on whichever property you are borrowing above the 80% (or 85%) mark.  You can find LMI calculators via google to help quantify your numbers.
    As to your original question, I think LMI is well worth it.  As you identified it frees up alot of extra money in the short term, which if invested well will provide you with a return well in excess of the initial outlay.  In additional the LMI is often built into the life of the loan which means that the initial outlay is not money you have to put up up-front.
    One other thought… (you did say 'any thoughts'…) have you considered using your new purchase as an investment property and renting a home to live in?  Then the LMI would be tax deductible and your affordability from a lenders perspective will increase.
    Or taking it even further, if you were wanting to capitalise on the current upturn of the market, perhaps you could use the money you free up to buy two investment properties (perhaps even paying LMI on those to make the numbers work).
    Best of luck!  Let us know which way you go.

    Profile photo of orien100orien100
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    August 28, 2007 - 9:49 am

    Hi Panda

    I would support Hutch's recommendation.  This forum directed me to Mark at MJ Unwin a little while back, and I have found him to be excellent!!  Knows his stuff and has great customer service too

    Profile photo of orien100orien100
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    August 14, 2007 - 11:03 pm

    Hi Reeco

    Sorry not a Gen Y… but close…. (well OK close-ish)…

    What I can tell you is that Steve's MasterClass Pack has helped me go from the basic 1 PPOR + 2 IP's in my name to having a coy/trust structure and adding an extra two projects (one buy, reno & sell – and one redeveopment project) in the last two months.

    I'm now looking forward to Steve's two day seminar, and like you am considering the RESULTS program.

    At the moment I am looking HARD at our initial purchases, and contemplating big steps like stepping out of our PPOR which is draining our cashflow, renting and either selling, or sub-dividing and selling our PPOR.

    I think Steve's post makes a good point, you shouldn't do what you can't afford, but on the other hand – nothing risked, nothing gained.  Why not give it a shot?  All you can lose is a couple of grand – on the other hand you could gain the knowledge, tools, skills and motivation to change your future from financially average to financially free.  I know that's my plan.

    Hope that helps a little – Good Luck!

    Profile photo of orien100orien100
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    August 13, 2007 - 5:13 am

    Hi Hallg

    Thanks for that!!  Appreciate the referral, I will give them a buzz.

    Profile photo of orien100orien100
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    June 6, 2007 - 1:26 pm

    Thanks for the recommendation Paul

    May I ask you a couple of questions? 
     – How long have you been working with Dale? 
     – Is he familiar with Steve's concepts?
     – Do you know if he has set up any trusts/companies?

    Thanks again Paul.

    Profile photo of orien100orien100
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    July 20, 2006 - 4:07 am

    Hi Terry

    Thanks for the response!!

    My understanding is that Steve’s latest kit had Appendix C: Standard Wrap Contract which contains:

    Pre-Contractual Statement
    Contract of Sale of Real Estate
    General Conditions
    Law Institute of Victoria Property Law Dispute Resolution Committee Guidelines
    Particulars of Sale
    Special Conditions
    Vendor’s Statement to the Purchaser of Real Estate Pursuant to Section 32 of the Sale of Land Act 1962
    Additional Vendor’s Statement to the Purchaser of Real Estate Pursuant to Section 32 of the Sale of Land Act 1962

    All of which I would be keen to secure.

    So is there anybody out there….. just knock if you can here me….. Seriously though, Steve doesn’t sell them anymore and the only other one on the market is very expensive.

    There must be somebody out there with their Wrap Kit collecting dust that might want to sell…. or even lend for a small fee [happy3], if so I would love to hear from you!!! Please!

    Profile photo of orien100orien100
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    July 20, 2006 - 4:01 am

    Thanks Terry! Appreciate the response [biggrin]

    Profile photo of orien100orien100
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    July 19, 2006 - 2:27 am

    Thanks Hutch, appreciate the tip!

    Anyone else out there that can vouch for their Accountant? Or a Lawyer? Or Financial Advisor?

    Profile photo of orien100orien100
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    July 19, 2006 - 2:26 am

    Hi Paul

    I’m in Victoria – Northern suburbs of Melbourne to be more precise.

    Cheers, Orien

    Profile photo of orien100orien100
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    July 18, 2006 - 5:50 am

    Always happy to hear about possibilities. Currently have PPOR and 3IP’s. Looking for next deal …

    Profile photo of orien100orien100
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    July 18, 2006 - 5:44 am

    responded before reading all pages…. opps, still getting the hang of this forum thing. So this is my version of deleting my original message :-)

    Profile photo of orien100orien100
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    July 18, 2006 - 5:41 am

    Fantastic! Thank you [biggrin]

    Profile photo of orien100orien100
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    July 18, 2006 - 5:36 am

    I’ve heard that Grant Green at Kudos Investment really knows his stuff. 07 3229 7011. Would be interested to know how you go.

    Profile photo of orien100orien100
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    July 17, 2006 - 11:12 pm

    TerryW – thank you for your response!
    We are in Melbourne, but the property is in the ACT. We’ve pretty much got the figures sorted out, now just in need of the contracts. Do you know of a solicitor experienced in Wraps located in Melbourne (or perhaps ACT that we could work with over the phone)?
    Alternatively, do you know if there are any pre-existing Wrap contracts and if so, where I could find one?

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