Forum Replies Created
Tony,
There are 2 wrap strategies….
1. Long term, where you are only aiming for the long term %/$ spread between the 2 loans. seeing out the term for 25-30 years…. or
2. Short term ( 2-3 Years ) This is where the wrapper is used as a stepping stone into a real bank loan…… this is fairly common, Essentially any markup in price you get once the re-financing takes place, and, obviously you have also been receiving the % spread between the loans….
Cheer
Scott
Pelican Investments
http://www.pelican-invest.comAfter looking at all the posts on this topic, it seems that we have the common emotional issue of people’s GREED getting involved…..
Something that comes up in many books. People take advantage of others, greedily wanting to instantly become rich……
I’m not saying homework is always easy to be done, but it CAN be done… Talking to local councils, local RE agents……
The Banks don’t give a rats….. as long as they lock you into another loan they have you by the bollocks….
Scott
Pelican Investments
http://www.pelican-invest.comSteve,
Lucifer has made all the relevant points in his posting.
We have a similar situation with quite a few of our customers. They have purchased a property from us, fully disclosed, with the intention of re-financing within 2-3 years…
In a few cases, they have been in the property 6 months and the house is already valued at more than what they paid for it…
There are two areas which do need addressing with wraps, and, the VFA is actually working on these with the Gov’t as we speak.
1. Title of property – For now, all that can be done is a Caveat, which we recommend our customers do….
2. Protection againts wrap company going bust. – Obviously wrap companies don’t want this to happen. Several people have made good suggestions on this, and, sooner or later there will be a good solution to this…
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comMilkman,
you got it in one…. There are lots of “us” out there doing the right thing, adhering to the consumer credit code, trying to do wraps in a professional and ethical manner.
There are knockers out there, who have no idea about how things are done, suddenly giving their expert opinions on how bad wraps are….
Thanks for the feedback on our site.
We are completely flexible to meet the needs of our customer. Most of our customers see us as a short term stepping stone to get into a normal loan within 2-3 years. We are transparent in our dealings and fully disclose.
Our clients are happy with that, as we do not hide anything at all.
We not only do wraps, we also have +cf properties on the books as well….
VF / Wrapping will be around for a long time to come. It’s in many walks of our daily lives if you look closely.
The important issue is education, and regulation.
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comGreat post.
Another idea I’d thought about as well, is some sort of clearing house. i.e. an independant body that receives payments from the wrappee, and, then, makes payment to the bank for the loan portion, followed by the difference to the wrapper….
It could work, but would need legislation to support it.
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comMilkman,
There are quite a lot of people who are doing fair and ethical wraps. It’s just that many people don’t want to believe it.
Cheers
[cap]
Scott
Pelican Investments
http://www.pelican-invest.comSteve,
If you are as committed to it as you sound, the cost is insignificant…… you will more than make up the cost in your first deal.
Cheers
Yack,
based on Jenman’s 1st person comments on the Victoria meeting, think he better pay his $20 this time… hehehehehe….
Crummydore ( I love FORD!!!! [evil4])
I appreciate your passionate views, but at the end of the day, each of us has a different end goal.
At the end of the day many people dont think 1 or 2 properties is going to get them to where they want to be, which in general is to be financially free…
On an average income, just how many -ve cf houses can you get to before the well runs dry ?
With +CF houses, you can not only have a house, but potentially the extra cashflow is helping you save for the next IP….. kind of like a snowball effect…..
I’m sure you are happy following the path you are on, but many of us are on different pathways… and doing very nicely…..
Cheers
GO MARCUS !!!! YAY !!! [blush2]
Scott
Pelican Investments
http://www.pelican-invest.comModerator,
Now why did you go and ruin a perfectly legitimate posting ?
If a person is going to provide their opinion on wraps in a wrap forum, surely.
1. This is the wrong area for it
2. The person should tell everyone what their experience is, seeing as they are writing as if from a position of knowledge ???And, we still wait for the questions to be answered…. no jibes, just the facts will do nicely thanks…….
ahhh.. yes…. the facts…… still waiting……
<<edited – no taunts or personal jibes>>
Rakky,
no easy way about it… as Dave mentioned, pound the pavement as it were….
Research your area, read the local paper, see local agents, get a feel for pricing in the area…..
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comTycoon,
Unfortunately property prices in Shanghai, have already rocketed ahead…
If you are interested in Shanghai, I’d be VERY careful……There are also restrictions to where Foreigners can buy property.
Shanghai is a great place, with further potential….. but… suggest you REALLY DO A LOT OF HOMEWORK………..
Cheers
Scott
It’s not what it was designed for…..
return on your investment in a wrap deal is higher than usual buy and hold scenario.
Originally posted by Pisces:>>Mr Pelican, would you like me to ask you what experience you have on battlefields?<<
Pelican (or Mr Pelican, as Bec calls you) it looks to me that Bec is asking a very valid question there. [wink]
As an [oneeyed] intellectual she obviously wants to get her facts straight before she comments properly.
Pisces
Pisces.
No problems, as soon as she clarifies her experience in property investing AND wraps in Australia, then I’ll be happy to share my experience !!
Scott
Pelican Investments
http://www.pelican-invest.comLeigh,
Oh please….. [cap]
I’m the balance to Bec’s stupid posts…. trying to keep things even….
I find it hilarious that we have a forum member who comes to this site for no real reason other than to cause trouble, pour scorn, and make idiotic personal jibes…..
Bec talks about her Wit….. more like SH..
<<edited – no personal slanging matches please!>>
Bec,
No… I’m out buying bottled milk…..
Got to keep a good supply in stock for babies like you…..
[strum]
Scott
Pelican Investments
http://www.pelican-invest.comPisces,
yes, look we agree on those….. I was just talking about 1 area in particular……
Scott
Pelican Investments
http://www.pelican-invest.comBec,
suggest you read properly what people post before mouthing off….
as far as seminars go – DO YOUR HOMEWORK…
As far as improving your life – TAKE Action….
Um, why should we trust you ?? You’re Jenman’s twin sister…. bending the truth to fit your theories all the time…….
