Forum Replies Created
My first reaction to this, was, “what’s the point”
sounds like a very complex way of doing something that could be more simple…. it’s still wrapping in a way….
My one concern about this would be the ATO’s view on this…. I’d want to see how this is taxed…… and if there is any advantage or disadvantage to this idea…..
Final word on this : DO YOUR HOMEWORK…..
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comMA – No debate underway, so why in the world are you getting so judgemental about it ? I’m merely stating a fact that all industries have issues…. simple as that…. no argument, no taking it personal…. just A FACT….
KAY – You know, you sound so decided about this whole issue…. maybe / hopefully I’m wrong….
ok, now I take a deep breath….. We have done a lot of deals…. AND… get this, once a person is in the house, we do not think of it, as our house anymore……
Don’t get caught up in the fact that some people are doing this as a business….. and they do it properly….
As discussed MANY times on this board… it is the people who are doing it part time, or for the wrong reasons, or who have not done their study, who are screwing things up, and, sadly the wrappee suffers…..
MA,
Yes, but you need to make comparisons with other industries and wraps, and, both have the same ethical numbers…. right ???
Scott
Pelican Investments
http://www.pelican-invest.comMA,
Agreed !!!…..
But isn’t that the same in every industry ???
Originally posted by The Mortgage Adviser:Originally posted by Pelicaninvestments:Sorry, but I just have to add my two cents here…..
If someone says that they believe wrapping to be unethical, then that is their right to have that view, although I would say the comment is unbalanced and maybe that is because of the slant thanks to a one sided media… I’ll leave this one alone…. I think this kind of comment is used here too much to incite arguements which end up degenerating into a locked or deleted thread…..
Saying mine, and others, comment that the MAJORITY of wraps is unethical is an “unbalanced” comment and implying that we are not intelligent enough to determine what is true or untrue in the medie will always end up in arguments. Just read back a bit and notice the word MAJORITY!!!
Of all the wrappers I and my partner have met, I have yet to see one acting or conducting their business unethically…..
And you have met the majority??? Is this how you come to the conclusion that your comments are less “unbalanced” than those who oppose you? I don’t think all those wrappers you have met would show you the details of their personal contracts so I think you are assuming a lot.
My words above are comments in general. There is no attack on anyone here…. everyone is entitled to their own opinion….. but, when that opinion is written down in this forum, i’m also entitled to question it….
Questioning wraps is ecatly what some of us are doing. You are no different questioning us who question wraps.
I’d like to see healthy discussion here…..
Don’t imply those who oppose you are unbalanced or lack the intelligence to see through the medie and you might get some healthy discussion.
Wrapping DOES need regulation… the consumers DO need some protection…….. BUT it is also the consumer who should also do their homework / due diligence on a house purchase, the seller, and, the financier….
If you believe this, you CLEARLY agree that there are problems out there with wrappers!!! I can’t see any further need to discuss this. Some wrappers are unethical, some are ethical. It is the amount of each in dispute.
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comEccentric… Departing from a recognized, conventional, or established norm or pattern. Deviating from a circular form or path.
hmmmmm….. Sad again to think that I’m aiming any of my comments at you… If you can’t engage in balanced conversation here, then, there is no point in anyone posting……
You take a posting that was discussing things in a balanced way, and, make it look like it was an attack on you…
When I mentioned unbalanced, you straight away assumed I was saying you or others were unbalanced…. you dont seem to understand…. I’m talking about comments that take into consideration several angles…..
Why are you so defensive ?? I’m certainly not… all I want is for this to be discussed FAIRLY… instead of it being a witch hunt….
But I want to ask you this….. you seem to be singling out wraps as the only industry that has unethical and ethical people….. ???? Can I assume that this is not the case ???
Sorry, but I just have to add my two cents here…..
ETHICS – is not about technique, it’s about a philosophy of how you conduct yourself, and, your business, be it wrapping, or any other business for that matter…..
If someone says that they believe wrapping to be unethical, then that is their right to have that view, although I would say the comment is unbalanced and maybe that is because of the slant thanks to a one sided media… I’ll leave this one alone…. I think this kind of comment is used here too much to incite arguements which end up degenerating into a locked or deleted thread…..
Of all the wrappers I and my partner have met, I have yet to see one acting or conducting their business unethically….. Of all the newbies I come across in email approaches from here, I also advise about wrapping ethically, becoming involved with the VFA, and, above all, doing the right thing…..
My words above are comments in general. There is no attack on anyone here…. everyone is entitled to their own opinion….. but, when that opinion is written down in this forum, i’m also entitled to question it….
I’d like to see healthy discussion here…..
Wrapping DOES need regulation… the consumers DO need some protection…….. BUT it is also the consumer who should also do their homework / due diligence on a house purchase, the seller, and, the financier….
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comJo,
I’d say B, as it has the potential to :
1. Be fixed up and sold on if you chose after some value add fix ups….
2. Keep as a UNI residence, with multiple streams of income…. i.e. you rent out by the room……
House A, seems to have no room for extra value add….
though I could be wrong….. but to me B sounds like there is more potential…
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comFrankly speaking, I no longer bother trusting most things I read in the paper nowadays…..
I have had first hand experience several years ago of fabricated stories……
How can a guy who sits in an office all day, probably surfing the net, truely comment and/or predict what is happening to the real estate market…… They never seem to get it right… and…
It’s US, the investors, who, in conjunction with on the ground info, and, local economic factors that can advise what is happening in the markets…..
Price drops in inner cities…. cmon.. no surprises there folks… we all saw that one coming….. it
It’s the greedy that have been caught off guard…..
As mentioned in other threads, the amatuers are now being shaken from the tree… the more committed, are assessing risk, have exit plans already…. and are seeing lots of buying opportunities…..
Thanks for a most informative post….
Our Friend is very happy with the deal he got….
In future, when we start to look for finance in Australia again, I’ll keep you in mind….
Covered Call options are a lot of fun… Was doing that for about 18 months….
Isn’t it interesting that Steve has yet to comment here…. Would be nice for some clarification…. I mean, if you open the gates, then, why not open it for all….. ???
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comwe’ve bought about 20 properties…. averaging at least 2 a month at the moment……
Scott
Pelican Investments
http://www.pelican-invest.comOriginally posted by The Mortgage Adviser:Quote:Originally posted by Pelicaninvestments:OK, here’s one for the brokers…. can you come up with a deal for someone like me, who can refer borrowers to you ?? would you share your commission ???
Happens every day. Most of us have standard referrer agreements and tell clients so they know who gets what. The deal is pretty standard but I will not disclose it here.
OK, so have you offerred this to Steve & Co. Obviously I’m assuming that is the difference between just being a broker on this site, and actually being “promoted” by Steve… ?
Well, I have just referred a friend directly to a bank manager we deal with…. He is re-financing 15 loans…. We did not get a commission for this, but we did in turn get a 60% cut in bank fees, and, a lower rate on our following loan……
If you went to a broker, you would have got a huge commission, more choice of product, more likely a cheaper rate for your friend, no bank fees and a lower rate on all the loans.
Try me out… tell us what the manager has offered you, which bank and I bet I can beat it!!! At worst, I can match it. So can all the other decent brokers out there. [biggrin][biggrin][biggrin]
Well, put it this way, because of that one referral, I got a cut in bank fee of $1000 ( it was a commercial loan ). On top of this I got a better interest rate, increasing my proft by an additional $3000 per year…..
So… $ 4000…. pretty good deal if you ask me….
Having said that, sure, I’ll give brokers a try…. as long as they are ok finding me better deals, and, seeing as they can also help me, to refer people to me for potential wraps….
My main point here is to have brokers who think outside the usual… Some of the brokers here do, some don’t….. you obviously do, as you have mentioned you are interested in wraps… maybe you could PM me, and advise what you can do for a wrapper/developer/landlord ????
Scott
Pelican Investments
http://www.pelican-invest.comAt the end of the day, if I want to get a loan from a broker ( whoever the broker is…. ) I wouldn’t really care if the broker gets paid the commission, and then shares it with whoever they want…..
The issue here is that Steve has created an extra stream of income…..
The brokers here, if they have NOT approached Steve about a similar arrangement are then whinging….. I’m not in ANY WAY having a go at the brokers… but it is about state of mind…..
Think outside the box/square…..
Steve – How many of the current brokers on this site, have attempted to join forces in the same or similar way ???
We need facts here folks….
At the end of the day, it IS Steve & Dave’s site, and they can do as they wish, and, obviously risk losing some members because of their decisions…..
But at the end of the day, this site is a BUSINESS…. and needs to make $$$ for it’s owner…..
OK, here’s one for the brokers…. can you come up with a deal for someone like me, who can refer borrowers to you ?? would you share your commission ???
Well, I have just referred a friend directly to a bank manager we deal with…. He is re-financing 15 loans…. We did not get a commission for this, but we did in turn get a 60% cut in bank fees, and, a lower rate on our following loan……
OK – So I get to the point
Look at how something can be done differently ( in this case loans )……. what can you do, to make yourself different from all the rest ????Scott
Pelican Investments
http://www.pelican-invest.comOriginally posted by The Mortgage Adviser.:Once all lenders agree to wrapping, I am more than happy to jump in head first and sell these products… if done properly!!!
Quite a few of the bigger lenders are providing fully disclosed wrap finance…
We deal with two of the biggies and they are fully aware of what we do…. we also deal with a community bank, and, they also are aware….
As far as protection goes, it is up to you as mentioned here, to draft up a legal contract which you are comfortable with, and, more importantly, I’d suggest, also complies with the UCCC.
The rest, as some say, is about how you manage your client, how you assess your risk, and, how open you deal with the people…..
If you are interested in wrapping, I would suggest you visit the Vendor Finance Association (wraps) website at http://financewraps.asn.au and obtain more information.
Good luck in your research…
Scott
Pelican Investments
http://www.pelican-invest.comScary stuff….. now I KNOW I’m in trouble !!!!
Maybe Steve could offer some pearls of wisdom here ???
Would agree with other posts here… having a job would no doubt help your case……
Scott
Pelican Investments
http://www.pelican-invest.comPity that we have such lousy choices…..
Is it going to be another term of the Devil you know, versus the devil we dont ???
Funny how banks will always be made out to be the bad guys…..
Is it just me or is there too many people out there nowadays unwilling to accept responsibilty for their own actions ???
Originally posted by Melodie:Well.. now I dont quite know what to do.. I have been made an offer by an investment company who want to pay me a bit over half now and the balance in 2-3 years.. I guess I would technically be wrapping this property but the difference in their offer to what Ive seen as the normal model is that they will cover the rates and the maintenance on the property..
Now to me this is like a win situation..I get some cash now that I badly need and have a bit more sitting waiting for me in the next couple of years. Im not sure whether I can still use the property as leverage for further investment and will look into that but Im just a bit hesitant..
Something about if it sounds too good to be true it just might be?
Any feedback/opinions would be appreciated
MelodieMelodie,
I guess the question is, is this right for your circumstances ?? If by doing this deal will you be unable to do anything else for the next 2-3 years ?? if that what you want if that is the case ???
Would suggest that if you DID go ahead with this deal, you probably would not be able to further leverage the property for other deals….
Hope this helps…
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comGood night adviser,
been a pleasure debating with you !!!
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comBenson,
Good night… get a good sleep….
