Im thinking about entering into a wrap deal.Im new in the property market and keen to get started, the only problemis I have little fianances and the best way possible I can see to get started is through a wrap. Do you think it would be better to save a deposit for a house doing it the long way or take up an offer of a wrap? Any comments would be much appreciated
Hey there,
do you have the Wrap Kit. If you seriosuly want to get into Wraps, I would suggest first investing into the Wrap Kit – that will help you in regards to how to tackle it.
Kind Regards,
George.“If You never never ask, you’ll never never know”
geo, I think the author (with one c and two l’s) :o) wants to be on the other side of a wrap. successful, if you have a job, you should have no problem getting a traditional loan. Sell your car- if you have one- for a deposit, and ask a mortgage broker on here to discuss your financial situation with you. If you buy into a wrap, you’ll be paying 20% premium (probably) on the sale price of the place, and higher than usual interest rates. If you can get traditional finance, why not give it a shot?
kay henry
thanks for the clarification Kay…goes to show that I must think first, re-read then think again then act…
“If You never never ask, you’ll never never know”
Hi Kay , your probably right about the 20% premium but I hope not ,I tend to think that wrap deals are only succesful if the wrapper buys the deal at 15-20% under market value (in this market its not that hard ). So the wrappee will or should be buying at market value. Well i hope that is the stradigie for most wrappers as this results in a win win for both parties.The wrapper is still getting his 15-20 % inflated price as well as 2% inflated interest rate.Another option successful is to lease option the deal if possible which will give you time to save as well as part rent coming off the principle and hopefully establish some capital gain before the option expires.
Regards Risky
If you want the rainbow youve got to put up with the rain!
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