I would not do it. They may think this is an easy way to pay off the personal loan and then skip town. Put them on a lease option and they can go into a wrap when they have repaid the debt or tell them to come back when it is repaid and you can sell them another house then. Dont be someones free meal ticket.

Dave

Type a letter from the client to the agent authorising you acess to thier rental history. Get the client to sign it and give it to the agent. If they will not sign it then they must have something to hide or do not really want a home. If they whine some more then ask them if you can borrow $200K with no supporting data and on trust alone. Bet they…[Read more]

I do the calculation on the original loan amount not the amount owing also. Thats how the bank does mine to them so thats how I do it for my wrap clients.

Dave

Yes you can. All you do is get a valuation done when you move in. The capital growth while renrted is taxable. Caital growth in an owner occupied property is not. The tax is only paid when you sell. Hope this makes sense.

Dave

I connect nothing. When you go to purchase the property you can check these things.

Integrity works both ways. If you are not comfortabe with them as tennants then be less comfortable with them as purchasers under a terms contract. You seem to have a problem with wraps, if that i s the case stick within what you are comfortable with. Cash is cash and it ONLY cash, nothing else.
I would you choose, good tenants with great history…[Read more]

Went to 3 auctions on the weekend and we were the only ones there. The auctioneers at 2 put in vendor bids above what we would pay anyway. The 3rd was a joke. There was one guy put in a bid 5k over the vendors bid and they then went around trying to con people into paying more. Not vey ethical in my book. A bid is a bid, either they should pass in…[Read more]

If a wrapper alowed his loan to be more than the purchasers loan then the wrapper is acting illegally. The courts would slaughter the wrapper on the spot.

Dave

I have used Norman Gledhill. He is in the Franskston area but travels around a fair bit. I have preferred ex builders as the hands on experience from them is based on experience.

Gledhill N H Quantity Surveyor & Building Consultant
2 Jamboree Ave Frankston VIC 3199
ph: (03) 9781 1253 Quantity Surveyors

Dave

You pound the pavement. Get to know lots of RE Agents in your target area, look at lots and lots and lots of properties. You will find that you are then able to recognize a bargain when you see it. ( the cheapest is not always the bargain)And you will be amazed at how many good buys are actually out there. Buy it, then wrap it.

Dave

You can approach the vendor with no problems legal or ethical. People feel the way to sell a house is to get an agent and he will do the work. People find it too hard to sell themselves as they are emotionally attached to the product. The golden rule in going directly to the vendor is to not cut the agent out of his commission. Win -Win for all…[Read more]

There is the easy way and the not so ewasy way.

Easy way is to pay a professionalto come in and do it for you.

Or go to your local hire place. Hire a large floor belt sander and an orbital floor sander. With the belt sander always run with the grain of the timber and keep the machince moving at an even pace as you move it along. The orbital will…[Read more]

My 2 cents worth.
We are moving into a very exiting phase of the property maket for property investors. How many homes have you looked through recently that were let and how many owner occupied? We have lloked trough about 40 properties and drove by double that in the last month in Soth East Melbourne and only a small hand full were owner…[Read more]

The problem associated with not raising the rent in line with the market is that when you actually get so far behind the market.All of a sudden need the raise rental amount but you cannot. If you were charging $150 (as your guilt kept you in check) and the interest rates went up 1-1.5% you would want to raise the rent a bit to cover the loss in…[Read more]

You could sell it on a wrap or a lease option wich will give you very good dcashflow.240k@8.5% $1845 month and a deposit of about 20k per month. Good start to go to a lender and say you have guarentee income followed by equity on settlement. Use the 20 k to buy your next and so on…

Dave

At least you are looking and not just whining Waulok.Kepp at at it and you will find real kick ass deals. On the suface these look good, but look deeper and they may be great………….or not. Keep it up.

DAVE

A recommendation from an organisation or person is not a ban.

You need to tell your lender what you are doing as required. That said there is always a lender out there. They borrow thier funds and resell it on the market at a 3-7% mark up. They are not going to say no to wrappers for long

The price charged is in direct proportion to the seriousness the attendee’s approach the use of the information provided.

Dave

Used this guy once in SE Melbourne. Found him genuine and the depreciation schedule was much better than I anticipated on a 25yr old home.

Gledhill N H Quantity Surveyor & Building Consultant
2 Jamboree Ave Frankston VIC 3199
ph: (03) 9781 1253 Quantity Surveyors

Loved all of Roberts books. Start at Rich Dad Poor Dad though as this underpins his entire way of thinking. I love reading.

Sorry cant comment on the trust things, haven’t got them.

Dave