I saw the TT piece, congrats to all MAPPERS who have persevered and are building the skills to acquire RE and grow their income until they eventually will be financially free.

I was surprised, though at the snapshot/grab regarding wraps. It created a perception in my mind that Steve thought they were unwise, and he wouldn’t ever do them/doesn’t do them, as well as the explicit opinion he expressed that he believes they should be regulated more.
Unfortunately wraps have become a generic title for everything, and I don’t regard my lease-options as wraps. Maybe it was a TT editing stunt, and maybe Steve had elaborated and clarified but it didn’t make it to air, for it would be rather incongruous to dis “wraps” when one has written a book about them, marketing a wrap pack and has made significant income from them.

Comments and thoughts? Did I perceive this incorrectly?
skippygirl
[]

Hello Simon and Pisces,

Can I jump on the first post here and ask you, I have bought my first IP which settles on 1 March. I have a LOC on the PPOR with which I can entirely pay for hte new house. I am going to lease option it.
Can you tell me pls if I go get a mortgage for it after settlment ie 80% and pay back the LOC, if it’s within 6 mths the bank simply uses the contract price? My friend is a valuer and she said they would just use the contract price if < 6 mths.

Also, do I need to “disclose” if it’s a lease option I’m planning to do or have done? Is it just a “normal” loan?

Thanks!!!
skippygirl[]

OK me too. Could I have a copy of the email – thanks for taking the view of “abundance” and good karma to you.[]

skippygirl40 at yahoo.co.uk

Hi all,

I’m an older newbie and some might say not even a newbie. I have recently returned to vendor finance after getting 2 babies off to school and reading John Burley’s material. I started my career off at 18 and ended up doing 100’s of vendor finance sales for the state government, who had decided they didn’t want to own railway homes anymore and sold them on terms to the railway emplyees who rented them. Funny how life goes full cricle sometimes as all that conveyancing, title searching, surveying, valuation and selling to tenants experience is now useful again.

I’ve always remembered how we would go to a country town to knock on tenants’ doors to explain how they could buy the homes they rented, (which they could never have done any other way.)

Then a few months later we would be back in those towns and the homes we had sold on VF would be painted, have flowers growing in the garden and have new picket fences and pretty curtains up. I learnt about pride of ownership and how important the family home is to people.

Now, it’s lease options for me. See you at the top – as Earl Nightingale says “the air is cleaner, the view is better and it’s less crowded”.[]

SK

Michael,

Great post – thank you for the terrific rundown on the development process. Just today I was trying to find out all of that info because I was evaluating a 1000 sqm block with an old 50’s house on one end, corner block running nicely east-west on it’s longest side. I rang a local surveyor who was terribly kind and helpful and gave me the abridged vesion of the process you have outlined.

Can I pose a question? I could get 3 x 300 sqm lots from this block (and all the time and cost of the development process say 2 years) but would I make more profit (and sooner) from simply splitting it in 2 x 500 sqm lots via a straight subdivision (12 mths) and letting the buyer design and choose their own house design, and at a reasonable block size?

It’s just a bog standard Melbourne suburb on the fringe. All 70’s bdr brown brick veneers.

Thanks
skippygirl []