I am new to the property game and to this site, i wish to replace my existing income with income from wraping, but am a bit nervous about getting into it. the questions i have are… how do you find the people to sell onto in time before you have to complete on your purchase?, ie if you see a house you want to buy and wrap you have to make an offer on it, then find someone to sell it onto before completion else you have to have the deposit. how do you do that?
i live in sydney and would like to buy property in NSW first, can anyone suggest any ares to start looking. i would appreciate any advice from people who have done this before.
Cheers
JeremyHi Jeremy
Have done over 200 wraps in Qld but none in NSW.There is not much difference other than Qld is a bit cheaper. Feel free to get in touch if you need any assistance.
Richard Taylor
Residential & Commercial Finance Broker
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Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Jeremy
There are two very good educational resources that I’d recommend if you wish to start a real estate vendor finance business (wrapping business). They are Steve’s Wrap Kit (I’m not sure if it’s in print right now) and Rick Otton’s Wrap Pack. We did our first wrap by simply following the instructions in one of these Pack’s (we now have both).
One way to overcome the challenge of finding potential wrapees is to advertise for them first. They then go and find a property (within your guidelines). You then buy this property and wrap it to them.
Others buy the property first and then find the wrapees. We tend to do a bit of both.
I’d suggest you research various locations in NSW and pick one that suits the price range you feel comfortable with. We pretty well stick with properties in major regional areas with a good population base.
Good luck with getting your new business going.
Cheers, Paul
Paul & Karen Dobson
negative2positive
Turn your negatively geared property into positive cashflow.
Phone: (02) 4984 9540Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
thanks for the guidelines, have already placed an order for the wrap pack. will let you know how i go.
thanks again.
jeremy
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