Forum Replies Created
Some very interesting discussion here….
1) If you are highly leveraged, YES, definitely nowadays you should try to minimise your exposure if possible…
2) Oil Prices….. – How much has the relative cost changed I wonder…. I mean, the US$ price has gone UP, BUT, the US Currency has devalued substantially against many currencies…. so. really…. just how much has oil really increased…. This always seems to be forgotten…..
There’s also a point in there about doing repairs the right way, without being a cheapo…..
who knows what may happen because someone does a fix the cheap & nasty way……
sad really…..
You may know the cost of everything…. but what about the value ????
Hi Greg,
Nose is perfectly fine [biggrin]
Just wanted Kijana to get some “normal” comments and it seemed that there weren’t many, as, he had ask for mentors…….
Feel free to email me…. We have been helping / “mentoring” a few people…..
Our interest is to see that people who do wrap, do it the “right way” with ethics….
Rick is still wrapping, but Steve here has stopped for certain reasons…..[blank]
There is still demand for it, but the way in which most need to operate has evolved….
Cheers
Scott
You may know the cost of everything…. but what about the value ????
Jo,
Sorry love but I think you need to get out more………
Sounds like you’re addicted to this place……
Sorry folks, but didn’t the OP ask for mentoring ???
Not a sales pitch !!!!Josh, If you’d like to email me, I’m happy to help out….. currently doing deal #37…….
You may know the cost of everything…. but what about the value ????
Tony,
Thanks for that…. most informative…..
We’re looking to start on projects early next year…..
Cheers
Scott
You may know the cost of everything…. but what about the value ????
Kay,
if u dun 1 2 listen to udder opinyun about udder wayz of da speekin de langwich…. den maybe u dun travel much b4 ???
KNN CB meet you at pasar for a kopi-o and we talk about it over a prata……
In Asia, English, not being the first language is modified to local tastes…. BUT we keep a sense of humour about it…..
You may know the cost of everything…. but what about the value ????
Kay,
glad to see, as usual, you have left your sense of humour at the door….
Singaporeans know they speak like that, and, have a laugh at themselves about it…. it has NOTHING to do with race….
Are you referring to the CHinese Singaporeans who talk like that ?? Or the Malay Singaporeans ?? or the Indian Singaporeans ?? Or the Ang Moh Singaporeans ???
If you lived here, you’d see that Singaporeans have a good sense of humour, and are able to have a laugh at themselves…..
Take a chill pill girl……
Geo,
If you only knew how ACCURATE that is !!!
KP,
Thanks…. my only reason for posting here is to clarify the misinformation that appears about wraps from time to time….
I and my partner are too busy wrapping, and, doing other property investments……
You may know the cost of everything…. but what about the value ????
ANZ & CBA will do wrap loans, but they don’t encourage it, or make it easy to get a loan….
alwayscurious – suggest if the broker can’t help you… find another broker, or, talk to the banks directly……
we have had nothing but trouble with the brokers we dealt with, and, ended up talking directly to several banks, who, all, lend $$$ to us, fully dislosed as a wrap loan….. AND ARE HAPPY with it….
The difference ??? we provide them with a LOT of information about us, and what we do..
it’s also about how you approach a bank…. something which some brokers obviously don’t know how to do……
For the record, I have never dealt with any of the brokers who post here, and, am sure would be more than able to help you out, and, they understand the concepts…..
Cheers
You may know the cost of everything…. but what about the value ????
Somersoft is ok, but is has some pretty overzealous moderators…. to the point of not allowing free speech….
Smacks of arrogance to me, in some instances……
You may know the cost of everything…. but what about the value ????
Originally posted by kay henry:The question of the author has been answered here- wrappees have no protection- caveat (warning) or not, because the wrapper is the first mortgage holder. A wrapper is a landlord, yes, but wrappers say that they are providing wrappees with their own home- which is a misnomer, because wrappees are tenants until the last payment is made.
Wait a second there Kay….
Caveats – Do protect a person’s interests… You ever tried to buy a property that had a caveat against it…. CANT HAPPEN…..
Wrappees – DO see a statement, showing their outstanding loan amount….. It’s also a UCCC requirement that the underlying loan, is not higher than a wrappee’s loan, so, they are NOT Tenants….
And what ABOUT title ?? do you think it will mean ANYTHING to a bank, if you stop paying your loan for a few months ?? A Bank is less tolerant of defaulters than in most cases, a wrapper would be…….
The issue is about (deja vu here ? [blink]) DOING YOUR HOMEWORK on your provider, just as you would with a bank……
You may know the cost of everything…. but what about the value ????
KP – Nice one [biggrin]
This post I’m sure was started with the best of intentions, but fails to consider many many things…..
OK, if we are going to talk about a wrapper defaulting…… what about the wrappee defaulting ??? If it was just a bank loan, how soon would they be kicked out ??? hmmmmm ???
The wrapper takes a LARGER risk on a wrappee, as, the banks, in general would not touch them……
In Most cases ( I’m generalising here….. ) The wrappee’s payments are easily covering the underlying loan…. so, even IF the wrapper “lost his job” the payments on the house are still secure, that is, unless the wrappee decided to stop making payments……
There are millions of WHAT IFs out there to do with wraps, flips, renos, and, all sorts of properties….. there is ALWAYS going to be some sort of TRUST involved, and, there will always be RISK….
As a wrapper, my risk is higher, because I’m dealing with people the banks won’t touch…….
Protection for the wrappee – well, as I said, right now, the only available option is a Caveat…. which can protect anyone’s interests….
It also depends on your wrap strategy…. we currently have our 2nd re-finance happening right now…. and the wrappee has been with us for only 12 months…… He’s happy, and, so are we…. we are a wrappee’s stepping stone into a normal mortgage….. not their life line for the next 30 years……
All I can do, as a wrapper, right now, is to run our business ethically, fully disclosing EVERYTHING to the wrappee, and, advise them to seek independant legal advice…..
Honesty is the best way to operate… it works well for us….. and quite a few others….
Vendor Financing & wraps, will be here for a LONG LONG TIME….. especially with house afforability becoming an issue….
YES – I do hope there is some formal government regulation…..
WHY is it that wraps get a hard time ??
1) there are some greedy B@stards out there….who stuff it up for the rest of us who are doing it properly….
2) the banks are nervous, because independants are beating them at their own game……
3) Fear of something reasonably new to many people….
A bank makes EVEN MORE profit on a loan than a wrapper does….. and, kicks people out of their homes when they dont pay……
Some people have moral issues with wrapping…. fine…. but, you better get used to it staying here….
I look forward to regulation coming in…. no matter what comes in, we will most likely exceed the requirements, and, if not, be more than happy to meet them….. Either way, we will continue to do business, with clients who are happy we help them into a normal loan…..
OK, ranting mode OFF….[blush2]
Sweet, short & simple answer – Operate with Ethics…. do the right thing by your customers…. [cap]
You may know the cost of everything…. but what about the value ????
what about FIGJAM ???? hehehehehehe…….
You may know the cost of everything…. but what about the value ????
Yes Please !!!
You may know the cost of everything…. but what about the value ????
Terry,
Yes, but how is the bank going to sell the property when there is a caveat lodged at the land registry ??? they would not be able to transfer name on title…..
A situation like the scenario mentioned above is the reason why, if you decide to buy a wrap property, you do your homework on the wrapper you deal with, and, how they operate…..
– Are they licenced ?
– Do they follow a standard of ethics ?
– Are they open & disclosing their operations ??HOMEWORK – is the key…..
You may know the cost of everything…. but what about the value ????
And that is why, as, an ethical wrapper, you would encourage your wrappee to place a caveat against the property….. to protect their interests…….
You may know the cost of everything…. but what about the value ????
Originally posted by gmh454:Whenever I want an unbiased objective opinion on the property market I always ask a real estate agent. Sorry forgot to mention honest.
ABC news 30/09 1.05pm “lending for August for property x%, the lowest since January 2003.”
Wonder what your real estate agents know that the reserve bank does not.
Ah yes, but does that reflect the market in August ? or purchases made asy, 60 days prior ???
You may know the cost of everything…. but what about the value ????
Kristine
I’d say the biggest seeds/tools are :
1. Knowledgde & ACTING upon that knowledgde…
Yr education is vital to make the move forward….
Recommended Reading :
– The Richest Man in Babylon
– Think and grow rich
– Steve’s book 0-130
– Peter Spann’s Books
– Real Estate Riches – Dolf De RoosI’m not saying that ANY of these are HOW TO books, they are about mindest, and, offer quite a few pointers on direction you may want to take..
2. MINDSET – you have to motivate yourself, and, be confident.. Fear and greed need to be kept in check….. you also must look at how you will operate, ethically….
Don’t let family & friends that you have now, stop you….. These are the people who usually bring us down from our goals……
In the last 18 months my partner and I have built up 3.5 mil in assets…. and steadily rising….
The BIGGEST TOOL IS YOU ! It’s how you use it, that makes the difference !!! [biggrin]
You may know the cost of everything…. but what about the value ????
