Forum Replies Created
Hi Jonny
You mention that wraps are illegal in SA. Wraps are generally divided into 2 types. Those using an “Instalment Sales Contract” and those using a “Lease Option”. Unfortunately the governemnt of South Australia will not allow the use of “Instalment Sales Contacts”, so if you wish to wrap in SA you’ll have to use the Lease Option method.
There is a wealth of knowledge about wrapping in OZ on the Vendor Finance (Wraps) Association’s website at: http://www.financewraps.asn.au
However if you are simply looking to invest your $380,000 for a return of approx $57,000 per year (15%), I would consider becoming a Joint Venture Partner with one or a number of existing wrappers. Via this avenue the wrapper will usually get the loan on the property to be wrapped by using your money as the 20% deposit. Your investment is secured by the property and these wrappers will usually offer you 15% or, if you want a bit more risk, 50 – 50 on the profits over the life of the wrap.
Good luck.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Nats
When you refinance, your home will be revalued. As long as you aren’t borrowing more than 80% of the “new value” of your home, you normally won’t have to pay Lenders Mortgage Insurance (LMI).
Hope this helps.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Andrew
Try http://www.residex.com.au/index.php?content=positive&PHPSESSID=c920c157f9f9ecce9467debba28bcfc2
Not cheap but it is specific to finding cash flow + properties.
Regards, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
I believe that under the Consumer Credit Code it is illegal to provide credit to an undischarged brankrupt.
It may just be possible that your prospective buyer is still an undischarged bankrupt. If he/she is still undischarged you could still proceed with a lease/option or maybe even the new Licence to Occupy/option. Of course, only after you have done the due diligence suggested by the previous poster, concerning the circumstances of the bankruptcy.
All the best, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Gus
I’d recommend, if you haven’t already, doing some research on selling the property via a “wrap” or a “lease/option”. Using either of these two options should get you into a positive cashflow situation now.
All the best, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi
Unless you have written in the “option” that the purchaser of the option is responsible for this type of cost, then you will be responsible for this bill.
All the best, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
