Hi Brizza

Their are a number of wrap diy kits available in the marketplace.  Rick Otton's Wrap Pack is still available, Steve McKnight's Wrap Kit is no longer being sold and I think Paul Zelitis (not sure if that's the correct spelling) also has one out.  I don't know the name of Paul's but I do have both the others.

One point to remember about all these Kits/Packs is that any legal paperwork that's included is only an example and should not be used in a real transaction.

We get charged $980 to get our Instalment Contracts drawn up.  Who pays that $980?  The new buyers.  We tried doing it ourselves but it takes way to long and why would we bother, when the new buyers pay and we have confidence that our solicitor will get it right.

Also, we insist that every one of our new buyers gets independent legal advice.  Even with the old Uniform Consumer Credit Code, we thought that was a must but with the new national consumer credit legislation coming into place soon, we believe we'd be crazy not to.

Sure an Instalment Contract does give your new buyers access to the FHOG but it also means the government regard you as a credit provider.  We haven't found that to be a problem because we're very conscious of the demands of the UCCC and use lawyers to make sure we abide by it.

Cheers,  Paul

Hi Jo

I don't know of any "beginners seminars" so I'll recommend a few books.  Even these books are written by people that would like your business but they also contain a lot of good basic information about property investing.  The books are:
Wealth for Life by Tony Melvin
How to Grow a Multi-Million Dollar Property Portfolio – In Your Spare Time by Michael Yardney
From 0 to 130 Properties in 3.5 Years – Revised Edition by Steve McKnight
The Property Puzzle by Stuart Wemyss

A great resource for find these types of books is,  http://www.businessmall.com.au/  Good luck.

Cheers,  Paul

Hi

I believe in always making sure that the company/trust structure that's holding the assets, eg. IP's, should do nothing but sit there holding those assests.

To have the trustee company also conducting the business of a trading trust, to me, leaves it too open to attack.  Cpmpany structures are cheap.

I have one acquantance that insists that we should have a company/trust structure for each property.  She hasn't talked me around; yet.

Cheers,  Paul

Hi Ko

Have you thought of selling the property with vendor financing? It may be possible to structure the sale so that the property has neutral cash flow and you sell for a profit, or at break even at worst.

If you PM me a few “numbers” concerning the property, I’ll have a look at what may be possible.

Cheers, Paul

Hi Ryan

Congratulations on your purchase.  In the current market just watch out for the lender requesting you to substantiate your deposit has come from real savings.

Also, don't be afraid to go in a little harder.  I recently got a property in Newcastle for $320,000.  Paid $256,000 at settlement and the vendor accepted a $64,000 carry back, interest free, over 5 years.  I pay them $420 per month and will make a balloon payment of $38,800 after five years.  Helps to keep my monthly payments down

Cheers,  Paul

Hi Olli

Sorry I can't help you with the necessary accountants details but I've got to say that I'd never consider not using a solicitor to assist with a property purchase.

I'm a keen"bush lawyer" but the things the lawyers have picked up in the past that I've completely missed, have saved me lots more than their fees.

Cheers,  Paul

I agree with Terry.  I always say, it's the equity you own in property that makes you rich.  We use positive cash flowing vendor finance properties to support our negatively geared IP's.

Cheers,  Paul

Hi Pickle

I believe a change of agent combined with a week's free rent will do the trick but, just incase it doesn't, you might consider on selling the property with Vendor Finance.

With this type of sale, you can lock in a fixed level of capital gain and get the property to generate positive cash flow until the buyer refinances into a traditional home loan.  You could then use the positive cash flow from this property to support a negatively geared property in another location.

As I said before, I'm confident you'll get it rented with a new agent and the odd incentive but it'sa good concept to have in your toolbox as a fallback position.

Cheers,  Paul

Hi WGordon

Sorry I can't help you with the Wrap Kit but, as Steve says, you might get lucky on eBay.

We use Loan Alert to track all our Vendor Finance transactions.  It works for us and Michael & Yuch, the developers, provide excellent back up.  Try;  http://www.loanalert.com.au

Tony Cordato is a very experienced Vendor Finance solicitor, if not the most experienced in the country.  Needless to say, we utilise Tony's services.  He can be found at 02 8297 5600 or http://www.vendorfinancelawyer.com.au

The Vendor Finance Association's site can be found at;  http://www.vendorfinance.asn.au/  Can't resist a plug, i.e. the next Newcastle meeting of the VFA is 25 February   Good luck.

Cheers,  Paul