Is anyone successfully wrapping houses in the
$ 350 K + market ?Am very anxious to know whether I am wasting my time looking at that price range or whether I should go further out and look at $ 175 – $ 200 K range dwellings.
Thanks,
Pisces
Pisces,
Fellow wrap friend of mine in Sydney is doing 700k wraps…. It’s more specialised obviously, but, yes it is possible AND happening…
Cheers
Scott
Pelican Investments
http://www.pelican-invest.comThanks Scott.
Pisces
The typical profile is someone who can afford it, and don’t qualify for a bank loan, and don’t have the deposit or savings history, self-employed, etc. I’d be interested to know the demographics of how many wraps take place a which price, i.e. whether first home buyers, self-employed, salaried, and affordability, etc. I guess this sort of research would help with deciding whether to do it. [cap]
Mmmmm. 700k at say 8.5% pa. Interest would be $59500 per year. Allowing 40% of income going towards house costs, income required to service=$148750. So how many people earn (legally) about 150k?
Pisces,
Getting, also putting a 20% premium on the house (so that makes it not 350k, but 420k), I doubt in a flattening market, you’d find anyone to do it. I really thiunk if they had enough money for a deposit and the premium, they’d probably find other ways to finance than wrapping, no matter how bad their credit record was.
kay henry
I know various people wrapping in Sydney over the $300K mark. The highest I have seen was a $450,000 property and from what I hear, it is still going well.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Guys, I’ve got five or six houses which can be wrapped. I do not own them nor do I control them.
I advertised in a local paper (which covers a big area). I had a grand total of two replies, one from a pensioner whose income is about $ 245 a week whilst the rent to buy payment is about $ 280 per week.
Judging by the questions the second caller I am sure was another wrapper fishing around.
A different local paper also produced two replies (both again not suitable prospects).
It looks like even the ‘unable to get a loan’ people are sitting on the fence. [wink]
Yeh, I know, I also should have put up posters and done a letter drop.
Perhaps I am too impatient (as well as lazy).
Pisces
BTW Mr Moderator, this section (or, perhaps, thread) doesn’t appear to have a facility ‘to subscribe’ to the thread !!??
Pisces
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