Forum Replies Created
I have attended a few seminars and found you learn heaps from being ther. BUT unless your going to put the information to work you are wasting your money. I went Ricks boot camp last year after completing 5 wraps in the 10 months prior. I did 7 more in the follwing 6 months due the information I learned at the wrap camp. I did it better and more efficiently than I could have using books or other material. Also would have saved myself $40k by structuring the deal better.Seminars also put you into contact with people who do what you want to do and friends with a like mind can help you tremendously. Just my two bob.
Dave Siacci
I believe Robert Allen has been investing in real estate in America for well over 20 years. He has also been doing seminars in America for a lot of years. If he wants to sell his information then the market will quickly decide if he is worth it or not. I go to seminars regularlly, some good, some shockers. They all cost money but without attending such seminars and using other peoples ideas I would still be looking at working in a crappy job for the next 30 years as a slave to the minless system. Thanks to the seminar circut I am hoping to retire from my crappy job in December 2006. Neil Jenman has not contributed one constructive idea to help the motivated person free them selves. I believe people like Robert Allen, Robert Kyosaki, Dolf DeRoos, Rick Otton, Steve McKnight, John Burley etc etc are life savers to the motivated. Jenman is just a person who critsises others. Negetivity is not helpful to the creative mind.
Dave Siacci
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 wouldn’t give you $20 on that premis.
Dave
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 OVER potential risky tenants in desperate circumstances?Dave
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 or sell. Anyway clearnce rate was poor eh!
Dave
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 SurveyorsDave
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 is a good thing.
Dave
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 do the bits close to walls and the like. Once youu have the floor sanded vacum it. Then get a good quality floor polyurethane and harned additive. Applicators are lanbs wool, just dip it in and spread evenll in line with the grain. Wait for it to dry ( at least 24 hrs) and hit it again with the poly urethane. Last one I did was 4 coats and I sanded by hand with smooth paper between coats. I used Cabots “wall, floor and parktry” with additive hardner. !4sq house costed about $600 to do. Lokked Mickey Duck.
Dave
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 occupied. The flock of uneducated investors are leaving the market and this is making buying a bargain much easier.Dave
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 income. If the market had got to $190 by this time you would not be able to raise the rent by $40 in one hit as the tribunal would consider this much in one rise is an unacceptable percentage. Had this happen to me once. (As the system in VIC goes anyway.)
I charged my clients a standard rent for the first 12 months and didn’t put it up. At the end of the next 12 months I put the rent up to the last years amount. This meant they were always getting a discount. I did this with good tennants only!! Bad tennants got a hefty rise at the end of 12 months to help them to decide to move on to a cheaper home. If they are good, be good to them and maintain the house but the rent is your due. NEVER FEEL GUILTY ABOUT YOUR DUE!!
You could sell it on a wrap or a lease option wich will give you very good [email protected]% $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
