Two BR unit in QLD. Owe 200k worth 270k, (roughly) rented at 260p/w. The lease is due to expire (rent to increase to $270/280) and I am looking at selling as a WRAP/Lease option. Where do I start. I would purchase a WRAP kit off this site but they're sold out. I would appreciate any assistance in the matter.
Kind regards,
Gav H.
Hi Gav,
Looks like it could be a great deal!
I've sent you a PM with some info..Cheers,
BrettWhat is it you want to know.
I do own one or two so maybe able to help.
Richard Taylor | Australia's leading private lender
Hi Gav
Karen and I do a lot of vendor finance joint ventures but the first question we always ask is why? The property you mention looks to have $70k of equity in it and I'm sure it would help all the experienced Vendor Financiers here, to know what your motivation is for selling the property, with or without vendor finance, i.e. with a wrap or a L/O.
Once we have an idea of your motivation, I'm sure other options will be put forward and you can look at what suits, e.g. you may take some equity of of this property and buy another property, especially for wrapping, L/O purposes. This way you retain the on going capital gain in your existing property.
Good luck.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Motivation for selling….
Cah flow issues. That's it, if we can fix up our shortfall some how, I'd rather hold the property as it in a great location. Specifically, Southport, QLD. next to no vacancy rate, other expenses are relitively low, it's just a cashflow issue.
Thanks for the assistance.
Gav H
Hi Gav
I am not being funny but the number seem to indicate the cash flow issue is relatively minor.
Your rent will shortly be $270 / week or$1170 / month.
Assume agents fees of 7.5% gives you a net rental income of around $250 / week.You have $200,000 owing on the property at say a rate of 8.35% interest only means $321 / week.
Shortfall prior to Rates, Body corp, insurance etc of $81 / week.
I am not sure how old the property is but there must be some Depreciation or BWO you can claim.
If all else fails feel free to shoot me an email and I can give you some wrapping information.
Richard Taylor | Australia's leading private lender
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