Steve,
On your website where you give your description of “Wrap Secrets Revealed”, in Phase 4 of the text it says “…the deal ends when you’re cashed out or the last payment is received “.
What exactly do you mean by “cashed out” ?
Thanks MikeHi Mike,
The term cashed out refers to the point in time when the wrappee is either able to refinance with a normal lender or pays the final payment in 25 years…
Ususally a wrappee would cash out after maybe 1 – 2 years of regular payments as they then have a credit histroy which they can show to lenders….
Hope that answers your question…
Cheers
watto
Melb FreestylerActually that clarifies a few things.
I was feeling a bit anxious about having to hold a wrap loan for 25 years, because I will be ancient by then and probably wouldn’t want to bother with that sort of thing anymore.
ReginaHi,
Of the 40 or so wraps that we did 3 three years ago, 50% have now terminated as either moving out (and we have resold, re-wraped) or they have cashed us out.
This large atrition rate is primarily due to our poor classification and qualifying techniques over potential clients – something that took time to fix but which is working better today!
Funnily enough, the remaining 50% seems to have been our best clients.
Investing is a learning process… and there is no doubt that I’m still learnig today. I don’t pretent to know everything and I’ve now doubts that in ten years from now I’ll look back and shake my head and the mistakes I’ve / I’ll make.
Oh well, sometimes the best lessons have to be experienced first hand.
Cheers,
Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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