Hi there, myself and a few friends want to get together and WRAP. We have four questions: 1) How do banks view wrapping? 2) Is there a standard contract for wrapping? 3)If you wrap a house who has ownership of the property for purposes of building depreciation during the mortgage? and 4) Is there someone who is expert at wrapping in Sydney that we can contact? Any help on this would be greatly appreciated.
Thanx ChrisHello Chris,
Thanks for your post and welcome to the PropertyInvesting.com forum.
To answer your questions:
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1) How do banks view wrapping?My experience is that if you walk in off the street then banks are not fond of wraps. If you have a contact though who is keen to write business and is further up the internal tree, then the outcome is much more favourable.
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2) Is there a standard contract for wrapping?No. There is no standard contract as such since the details on every property differ in price and as such terms. However there is standard (or at least similar) wording that is used for wraps. This is the detail that I include in the special conditions of my wrap contracts.
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3)If you wrap a house who has ownership of the property for purposes of building depreciation during the mortgage?This is an interesting question and not one I have thought about before… my first thought is your wrap client as you essentially transfer risks and benefits of ownership to them. But if the deal fell over, then working through this issue could be complicated. Let me think about it some more and I’ll get back to you.
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4) Is there someone who is expert at wrapping in Sydney that we can contact?Yes. Rick Otton is a considered a wrap expert based out of New South Wales. For more info, visit his website .
Bye,
Steve McKnight
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Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
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