Forum Replies Created
I agree with Felicity.
Our application form is quiet thorough. We insist on a credit check but that is not to say that we won’t lend to someone who has had a past problem.
When you look at as many wrap deals as i do you need to have as much information to hand up front to make a judgement call on the deal. Lets face its my own money that is at risk.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Misty
Which State?
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Mark
I am with Scott. We receive over a dozen applications a week from potential wrappees and have limited the number of introducers we take business from.
Whilst in an ideal world we would lend to all of them ourselves we have strict credit policy and maybe do a deal a week oursleves and another 3/4 on behalf of our investor clients.
Each day i would receive emails from potential investors wanting to get on board and be referred our wrap deals. We just can’t keep up with the numbers and have closed books on that front too.
As Scott mentioned in every industry there will be a few operators that give the industry a bad name. Focus on ethics and keeping your wrappees happy and content. Don’t be greedy and you will build a successful business. We didnt get to 148 properties over night.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Pramen
Have a look at our web site might give you some ideas.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Pramen
Have a look at our web site might give you some ideas.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Lozza
I guess it all depends on how much you wish to get involved in your wraps.
Personally with 148 wraps to date we employ 2 full time staff to monitor the repayments on a daily basis. All of our wrappees receive a repayment book at settlement together with details of our account and the installment contract clearly sets out the penalties for default interest.
If a payment is missed we telephone the client to enquire if they have a problem in making it and diarise the contents of the conversation.
I could never be confident in using a PM as it looses control and i have too much to loose. As i said i guess it is an individual choice.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Karinya
I run a Company in Brissie called First Home Owners Group Pty Ltd.
We specialise in Vendor Finance and have been involved in this form of funding since 1996. To date we have acquired over 146 properties in Qld which we have subsequently wrapped.
What price are you looking at?
Feel free to email me and we maybe happy to assist.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
I left the UK in 1992 having come from the South East of England where I stil own over 20 properties.
In the early 1990’s you could purchase a property in Manchester for 18000 pounds and from the 1st post it appears prices have not moved at all.If you want cheap then try parts of Rochedale or Doncaster. Even Hartlepool and the like will give you good +CF but CG i am not sure.
In the SE of England you are still achieving steady 10-15% PA.
Whatever anyone tells you purchasing in the UK is not that hard. You have an exchange of contracts period and a settlement period similar to certain States in OZ.
Financing deals is certainly a lot easier with many lenders offering 100% loans for both purchase and investment and inetrest rates are a lot lower than ours with a massive choice of lenders.
My advise to anyone seeking the UK as an option would be to look at the SE of England where you are certainly paying a higher price (the average house i own in Bournemouth around 90 miles SE of London is valued at around 260,000 Pounds) but wil get good rental return and CG. Avoid Leasehold with high managment charges. There are still many properties with only the balance of a a 99 year lease to go (maybe 70 years left) which makes onsale down the track harder.
Anyway happy investing and watch that exchange rate.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Mel
We always use a put & call option but can’t say Qld Vendors totally understand it.
They seem to have more confort in a conditional Contract with all the out’s under the sun.
Don’t ask me why.Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Neither
Just buy north of the NSW border in the sunny sunshine state and avoid it.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
If you want 6pence worth from North of the NSW Border I can recommend Terry.
Having read most of his 1000+ posts he certainly knows his onions.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Cashpoor
The answer is simple. Use a Put and Call Option and merely exercise the Option.
if you use 15 separate Option Contracts then you can nominate separate purchasers for each of the indidual blocks. (I assume that they individual title now)
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Wrappack
I think you have missed Steve’s comment with regards to the Tax treatment of a flip.
“If you flip regularly” then it is considered a business and the profit is treated as income.
Also with regards to the capital gains exemption bear in mind that for CGT purposes the effective date is the date of the Contract and not the settlement date.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Misty
The guidance of the Town Plan. I beleive you are Brisbane and a copy of the plan is avaliable for viewing at any BCC office.
Take with you the zoning of the property and the address and let one of the Council officer advise you. Costs are split into Council costs and contributions (and can be provided at the time of your enquiry) and non Council costs such as surveying and title costs.
Make independant enquiries through a few surveyors for a quote.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Don
I think the exercise is fraut with danger.
Firstly what happens when the lender notices that your Form 1 Transfer Document and the Contract have 2 different purchase prices.
Secondly you would be committing an act of fraud against the lender and the mortgage insurer and the penalties if caught would be high.
I assure you your concept is not new and has been around for years but don’t get off on the wrong footing with a lender. Any broker that offers you this as a suggestion is aiding and abetting a fraudelent act and in my opinion should be steered well clear of.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Picja is correct in Qld double stamp duty would certainly be payable.
A Call Option is certainly one way of avoiding the double duty (at least until the Option is exercised) however not always popular with Vendors.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Paul
We have several clients who have approached some of those Solicitors listed and when they have been given a quote for preparing a wrap contract have fallen off their chair in laughter.
Thankfully they have returned and purchased our wrap CD for $495 and used the sample contract and documentation we provide.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Steve
You are right the ATO have several rulings over such action.
The subdivision or Strata titling of a property does not triger GCT where the asset is still held by the original owner.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
G7
What is it you are after. A draft contract??
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Phil
We have just completed our 146th wrap deal in our Company name and almost the same again on behalf of our existing investors.
If you would care to email i would be happy to assist you.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
