Hi Everyone
I have been doing a bit of reading and most articles say that wraps or lease options are not good to do in NZ, and my reaction is WHY. Are New Zealanders any different to us Aussies ?
Don’t they want to own their own homes their own castles and get out of the rent trap just like a lot of people here in OZ?
Sure there are some people who can’t afford to get into a vendor financing deal, but there are some people who can’t afford to pay their rent because of their bad money habits.
I listened to Steve’s NZ tape and even that says there is a stigma towards vendor finance and it is not recommended. The only reason given on the tape was that some people got into a wrap their circumstances changed and they got into trouble and lost the deal.
My reaction to this is ‘HELLO’ just try not paying your mortgage with a bank for a few months and see what happens. You might find that the banks may not be all that sympathetic to your cause and you will find yourself out on the street.
I use to be a summons server once and I can tell you that financial institutions are defiantly not benevolent societies and they will jump all over you if you miss a few payments.
Some people just can not fit the banking square and will never get a home loan so vendor finance is their only chance to buy a home.
Again what is so wrong with offering wraps or lease options in NZ?
If anyone is doing these strategies in NZ I would love to here their views whether it is good or bad.
Kerwyn.Kerwyn,
It always seems to be the case with “different” business models.
If I can draw a couple of parallels:
In the alternative medicine/herbal business, one or two adverse reactions will cause an uproar, yet pharmeceutical drugs cause 10’s of thousands of deaths every year. Cases in point; l-tryptophan, the Pan pharmeceuticals debacle etc.
Multilevel marketing, because of the actions of a few Amway distributors, has a huge cringe factor. It is just another distribution model with some great companies. Yet there are bad traditional businesses everywhere, yet no cringe factor.
There are a number of examples like this.
So it is with wraps. One or two poor examples and the whole industry is tarnished, yet banks have books written about them – “Banks Behaving Badly” – but its ok for banks to be crooked.
Strange! But it’s what we have to live with.
Cheers
Hi Wayne
I tend to agree with you as I have been involved with two of your examples and still with the alternative medicine/herbal business.
It is a case in point at the moment where the large pharmeceutical companies are trying to dump on the alternative medicine industry by releasing a bunch of negitive rubbish to discredit them. While the real facts are that they are starting to lose market share and their profits are falling.
I think I will have ago at trying an L/O with one of my properties in NZ and see what happens.
KerwynI works everywhere …. just a matter of integrity and time to get the reputation going…. exploit your “Happily Wrapped” wrappees as Testimonials and go from there.
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