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Viewing 20 posts - 861 through 880 (of 1,166 total)
  • Profile photo of Paul DobsonPaul Dobson
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    @pauldobson
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    Post Count: 1,196

    Hi Dane

    In my opinion, the best solicitor for your NSw wrap business is Tony Cordato.  His web site is at

    http://www.businesslawyer.com.au/news.php

    I hope that helps.

    Cheers,  Paul 

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
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    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Dane

    Karen (my wife) and I started wrapping in 2004.  It's been a fantastic experience.  We now utilise all the "standard" vendor finance techniques (wraps, lease/options, second mortgage carry backs) and a few extra "more creative" strategies as well.

    We've found that the cashflow generated by our vendor finance business has helped support what we regard as our real wealth creation plan, i.e. good capital growth buy and hold property.

    We started with Rick Otton's Wrap Pack and along the way also got Steve's Wrap Kit.  I'm not sure if Steve's Kit is still vailable but I can assure you they're both great resources that will help you to get going.  Good luck.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
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    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Kevin

    Try:  http://www.tica.com.au

    It's very popular with property managers but I haven't used it as we too aren't interested in managing our own properties.  Good luck.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Vanessa

    Overton Insurance Brokers have a special Building Insurance Policy they have put together for all Vendor Finance transactions, eg, wraps and lease/options.  The policy is underwritten by Australian Unity and we have bee using it for a few years now.

    I'd suggest you have a chat with Stella Tolios at Overton, on 03 9803 9222.  Good luck.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Brett

    In Qld, when purchasing a property with an Instalment Sales Contract, the FHOG is payable when the:

    • contract has been operating for one year
    • purchaser has paid at least an amount equal to the grant or 10 per cent of the purchase price, whichever is greater
    • purchaser is not in default of the contract, and
    • purchaser has occupied the home as their principal place of residence

    Cheers,  Paul 

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Bec

    We use Tony Cordato for our real estate property purchasers, using call options.  We don't specifically use call options for real estate developments purposes but I'm sure Tony will be able to help.  You can contact him at:

    Cordato Partners
    Business,Property & Tourism Lawyers

    Level 5, 49 York Street Sydney NSW 2000
    Ph: (02) 8297 5600
    fax: (02) 9290 2784
    Email: [email protected]
    Website: http://www.businesslawyer.com.au

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Linda

    Before I get into answering your question, may I ask if the people who are helping you sell with vendor finance are in some form of "profit share" with you?  I ask this because, if they are, I would have thought they would be fielding all questions from prospective buyers.  At a mimimum I would have expected them to brief you on how to handle enquires.

    May I also make a suggestion that you don't use "generic" vendor finance documentation (contract) for your first vendor finance transaction.  For your first transaction I'd strongly suggest that you use a vendor finance savvy solicitor to ensure that all your paperwork is correct for your State and complies with the UCCC, if you use an Instalment Sales Contract.

    Also, the questions you would ask prospective purchasers vary quite a bit between a Rent To Own sale and an Instalment Sales Contract (Wrap) sale.  Have you decided which technique you'd prefer to use?

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Mark

    You could try:
    1. Heritage Park Property Management – Attn. Chad
    Phone / Fax 0263 443 650
    Mobile 0411 890 268
    [email protected]

    2. Joseph Scarcella
    0408 423 885
    http://www.primerealestateagents.com.au

    Good luck

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Sarah

    There may be an alternative that will allow you to get positive cash flow from the property over the next two to three years, followed by a lump sum of captial gain.

    This involes selling the property with an Instalment Sales Contract, i.e. selling the property utilising vendor finance.

    It does mean that ultimately you will have disposed of the property but the positive cash flow and capital gain would remove your negative gearing situation.  Good luck.

    Cheers,  Paul 

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
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    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Jase and Flic

    It depends how the Option To Purchase agreement was written.  Some Options are written with an Assigment clause in them.  This allows the original purchaser of the Option to Assign the Option to another party. 

    If the Assignment clause (or sometimes a Nomination clause) is there, you could Assign the Option for a price.  How you structure the price you sell the Option for, is your business and usually doesn't require the approval of the initial grantor of the Option.  Once again, you'd have to read the wording of the Option closely.

    I hope this helps.

    Cheers,  Paul   

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
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    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Nicky

    I'd highly recommend Dale Gatherun-Goss.  He can be contacted at  [email protected] or phone (03) 9723 7699.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Steve

    It looks good.  But of course we miss your smiling face ;-)

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
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    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Helen

    If your mum-in-law doesn't need all the money now, why not put the following to her.  You will pay the $300,000 asking price but you can't pay it all right now.  Following is how you would structure the offer.

    You will pay her 80% now, i.e. $240,000 and then pay off the rest over 5 years.  You achieve this as follows:

    1.  Get an 80% LVR loc doc loan for $240,000 for say 7.5% over 30 years.  This will cost you approximately $387 per week.

    2.  You get a solicitor to write up an unregistered second mortgage (secured by caveat) for $60,000 between you both, were you pay her $113 per week for 5 years.  Then, at the end of five years you pay her the remainder of what's owing, i.e. $30,620.

    This presupposes your property has increased in value sufficiently over five years to enable you to refinance and draw down the $30,620 you need to pay her out.  Probably not a bad bet.

    This gives your mum-in-law the selling price she wants and limits you weekly repayments to $500 per week.  Good luck.

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
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    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Joe

    Just as an aside, all our Instalment Sales Contracts don't allow our Wrapees to rent the property.  The clause goes something like "the purchaser must remain in possession of the property".

    One of our reason for not allowing our wrapees to rent the proerty isthat we feel there is too much "distance" between us and the people living in the property.

    At this point, if I was you, I'd back right away from this "who pays what" situation.  In your Instalement Sales Contract I'd imagine it says that your wrapees are responsible for the water rates.  I would simply let the wrapees know that this has nothing to do with me and that they need to sort out a resolution to this challenge, i.e. from my point of view, it's not my problem.  Good luck.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi

    I'd suggest you read all three of Steve's books with a commitment not to do anything until you've read all three.  Then make a plan and from there on I'm sure you do well.  In fact, you already have already done well, i.e. your first investment property (IP) is fully paid for, so you'll do even better ;-)

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Thanks Richard.

    Hi Emil

    Karen and I may be able to look at doing a JV with you.  I suggest you ask Richard what you can borrow and then send me an email or PM. Good luck.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Arthur

    Richard is absolutely correct.  The nice thing about an "emerging profits" CGT ruling is it spreads your CGT burden nicely throughout the period of the Instalment Contract (wrap), leaving the major part of your CGT commitment to be paid when you get the majority of your profit, i.e. when you're re-financed out of the transaction.  Good luck.

    Cheers,  Paul 

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi Arthur

    i) Tony Cordato – Cordato Partners, York St, Sydney

    ii) We always keep the Rates and Insurance in our name and have the bills sent to us.  We don't want people chasing us for bills that haven't been paid by our wrapees.  Of course, the wrapees pay these bills.

    iii) We usually use, "no more than 35% of a client's gross uncommitted income". 

    iv) All the Instalment Sales Contracts I've ever seen have been written to ensure that your wrapees have to pay your early repayment penalties.

    v) Stamp Duty.  In NSW the wrapees have to pay stamp duty on the purchase within 90 days of exchange of contracts.  If not paid within that time frame, they are charged penalty interest.  CGT – is only payable on "settlement/completion" of the Instalment Sales Contract, i.e. when your wrapees finally complete the sale by refinancing you out or possibly selling the property.

    vi) Most mortgage documents say things like, you have to tell the bank if you plan to sell the property or if you plan to rent the property.  Most people don't.  However, you could always refinance the property into one of the "fully disclosed products" on the market, prior to wrapping the property.

    Possibly a less stressful way to do your first vendor finance transaction (wrap) is to ask an experienced Vendor Financier for some help.  There are a lot of Vendor Financiers in your area that would be happy to walk you through the whole process, training you as you go, for a percentage of the profits.

    Good luck.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi wriggles

    At a minium I would keep both properties.  If it were me, I'd be refinancing Frankston South property and buying another IP. Good luck.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of Paul DobsonPaul Dobson
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    Hi lobo

    Would you mind letting us know why you're planning to sell?

    With regard to private sales and the possibility of people not talking to you because it is a private sale; we put the signs up, in Sydney, at 1pm on a Tuesday and had the proerty sold at 9am on Saturday!!

    If you do decide to sell, don't be scared of the private sale process.  There are plenty of web site to help you through it.  We found it to be a very easy process.

    Good luck.

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

Viewing 20 posts - 861 through 880 (of 1,166 total)