Total Members: 159,215

wrappack

  • wrappack replied to the topic any suggestions? in the forum General Property 20 years, 9 months ago

    Can you subdivide the land into more land? Even if you cant split one into two, if the three are together (not mentioned previously, and I assume they are not), you may be able to split three into four or five.

    I would build the biggest house (2 story, so you still get a backyard) on the land, one by one, rent them out, and then see if you can…[Read more]

  • wrappack replied to the topic David Hookes RIP in the forum No Subject 20 years, 9 months ago

    So, pisces, I hear and sympathise with your feelings.

    But I think that there are only two questions that you ever have to answer (even if only to yourself)

    i) Am I prepared to donate my organs?
    ii) If I personally needed an organ in order to live, and one was available, would I want it?

    All organ doners seem to say a big yes to both. Seems…[Read more]

  • wrappack replied to the topic Starting a property syndicate in the forum No Subject 20 years, 9 months ago

    Many thanks for your comments pisces.

    In tweaking the formulae a bit, how does the following action plan sound?

    Tie up all 4 properties (owner has three, and an option on a fourth) with, say a 12 month option. BTW, what is the going rate % wise on an option. ie if the blocks are going for 2 mill cash, how much down and what strike price would be…[Read more]

  • wrappack replied to the topic David Hookes RIP in the forum No Subject 20 years, 9 months ago

    Just a quick note to say that I read in the SMH today that about fifteen thousand people have signed up as organ doners recently[^][:X][^]. Strangely, they attributed this increase as a result of the David Hookes tragedy, and not directly to my personal postings on this site![;)][;)]

  • wrappack replied to the topic Starting a property syndicate in the forum No Subject 20 years, 9 months ago

    Couple of answers- show me the money- unfortunately, the owners want a contract, not an option, or they will let the properties rot till they get their price.

    Pieces (no offence taken)- but I have no experience in developing. However, I have an intellegent brain, a willingness to learn, and an old man who can hopefully steer me away from…[Read more]

  • wrappack replied to the topic GENDER in the forum Forum Frolic 20 years, 9 months ago

    [^]Absolute classics![^]

  • wrappack replied to the topic Rick Otton- We Buy Houses in the forum No Subject 20 years, 9 months ago

    I also thought on a similar level to Kay. On ricks tape set he says that he always tries to get access to the house (under the guise of interior decorating/maintenance etc)prior to settlement, so that buyers are ready to go. He also says that his time limit is a couple of weeks, tops.

    As for manofactions comments regarding advertising locally in…[Read more]

  • wrappack replied to the topic Starting a property syndicate in the forum No Subject 20 years, 9 months ago

    Finally talked to the old fella about it.

    He suggested – form a company, then add some cash to it.

    Forget about a public offer- simply too much time, effort, money, possibly no end result.

    Think about taking an investor or two along at initial stages, their input could fund design and development fees etc.

    Bettter in a way to have a ‘private’…[Read more]

  • wrappack replied to the topic Cricket Riddle in the forum Forum Frolic 20 years, 9 months ago

    Well done dave [^][^][^]. I was hoping it was going to go for much longer!

  • wrappack replied to the topic hans jakobi in the forum Heads Up! 20 years, 9 months ago

    Well, it looks like in mel and jaktar are in the opposing corners of the HK camp.

    Interestingly, his sister (AKA bridgecorp) was basically running HKs system after asic went after HK. What was even more interesting was that it was his sister that voted to liquidate! Imagine what sort of dealings that you would have to be put through in order to…[Read more]

  • wrappack replied to the topic Starting a property syndicate in the forum Finance 20 years, 9 months ago

    Mel, thanks for your input. Re ASIC, they have a ‘minimalist’ approach to small property syndicates. It sounded like what you were saying, just what I was after- till I read the fine print. There is a maximum of 15 investors, and each must have at least 5% of the funds invested. In trying to raise a couple of mill, that makes their investment in…[Read more]

  • wrappack replied to the topic Cricket Riddle in the forum Forum Frolic 20 years, 9 months ago

    “end of one over, start of next, both have hit a 6.”- Come on mel, even my mother could guess that! LOL

    ” Is it the very start of the innings?” Sure is mel, certainly is.

  • wrappack replied to the topic riddle in the forum No Subject 20 years, 9 months ago

    I too have wasted 20 minutes of my formerly pleasurable life reading this inane thread[8][8)][:(][:o)][:I][}:)][:0]. I will soon reveal to to you the answer[^][^][^][^][^][^][^][^][^][^][^][^][^][^]-

    ‘THE MAN OPENS THE DOOR AND REALISES THEN HE IS GOING TO DIE’

    ….
    .

    ….

    ….

    (dont you love these…[Read more]

  • wrappack replied to the topic Congratulations Melbear 1500 post in the forum No Subject 20 years, 9 months ago

    Well done, congrats on all of the hard work (hopefully with some fun and learning), keep up the good work and look forward to conversations.

  • wrappack replied to the topic Starting a property syndicate in the forum No Subject 20 years, 9 months ago

    Thanks for your replies. It does seem as though I may be labouring under a misapprehension!

    The opportunity is presenting itself is as follows. 3000m in a line, opposite a shopping centre, next door to a medical centre, and townhouses and units popping up everywhere around. Asking price 1.3 mill. Couple of crappy houses (minimal rent, eyesore,…[Read more]

  • wrappack replied to the topic Deductibility of interest on interest accrued in the forum No Subject 20 years, 9 months ago

    KateA, if you were intending to set up a split loan and PPOR loan (or already have) and use your theory, I think that you would be on very shaky ground. My vote goes with Mel, if the ATO loses, they will get parliment to bring in a law that says that interest on interest is not deductible. Probably wouldnt be retrospective though.

    In your case,…[Read more]

  • wrappack replied to the topic Discretionay trust in the forum No Subject 20 years, 9 months ago

    Tried to find trust magic on the abovementioned site- could not find it. Any have the exact web address?

  • wrappack replied to the topic Starting a property syndicate in the forum Finance 20 years, 9 months ago

    Many thanks for all of your replies. I sincerely appreciate all of your replies, both + and -ve.

    Michael, I was not discounting your views, but wanted to ask whether your approx fee of 100k would still apply to a relatively small scale venture.

    Obviously, this scale of thing is in a difficult situation. It is too large to do by myself, and is…[Read more]

  • wrappack replied to the topic Advice on Tenders….. in the forum Help Needed! 20 years, 9 months ago

    Im with mel on this one. Make an offer, your price, your terms, your settlement. What does a contract mean? Usually what the REA has talked the vendor into!

    Why not get a contract, contact the owner and use the jenman phrase.-I would like to buy your house, how much would you like? If they crap on about how it is going to tender in 6.12 weeks…[Read more]

  • wrappack replied to the topic Starting a property syndicate in the forum Finance 20 years, 9 months ago

    Michael, I talked last week to an acquantaince of an acquantaince in the finance and RE field. He said that I would be best to start with a company (easy to set up and easy to get extra funds down the track (as opposed to a trust)), and an ASIC approved prospectus. Cost of prospectus 3-5 grand, and about 6+ months, and all up I should get change…[Read more]

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