I would like to know what this is, I have seen it mentioned but still not sure what it is. I'm not wanting to open a debate in the pro's and con's as it seems as emotive subject.
Oh by the way I'm new to the site and looking to get into my first IP and basically trying to learn as much as I can in an area (sadly) I have never looked at in more earnest untill last year. No excuses my head in the sand mentality and in some ways it was the way i was brought up pay by cash and have no debt wife was the same.
Been eating at me for many years and it finally belted me between the eyes mid last year when one of my senior bosses came out for a get to meet and motivation talk and things turned to wages and we were told we were on a good wage and if you want to get ahead you can get a 2nd job or your wife could get a job, motivation talk over lol. let say my response hit a raw nerve. Wife says I'm not very suttle an have never been accused of not calling a spade a spade
So out of the shell and time to move forward hopefully with eyes wide open (LOL took bosses advise) I am a qualified carpenter and registered builder so my 2nd job
30 years in the industry so feel I have enough building know how to look at properties for the good and not so good points but I seriously lack colour selection and decorating skills wife agrees I'm best lifting heavy things lol as the good lady put it.Thanks to Richard for your advise.
Anyway enough ramble from me.
Brian
Hi Brian
Good to have you in the forum.
I think the question is what is a Wrap ?
A wrap or a wrap around mortgage involves the investor buying a property and then onselling to someone else who is unable to obtain traditional style finance so pays back the original owner through a series of instalments.
The original owner charges a higher price because he / she may have to wait for upto 25 years for his return and normally a higher interest rate than his Bank are charging. The property Title remains in the name of the original owner until the last instalment is paid and the purchase can protect his interest by registering a caveat on the property.
Of course if i have totally missed the point of your question i apologise.
Sitting here in the sun it might have gone to my head and i may have misread the question.
Thats my excuse anyway and I am sticking to it.
Richard Taylor | Australia's leading private lender
Hi Richard,
Yep thats what I was meaning "Wrap" at least now I know what it is.
Thanks
BrianPleasure Brian
Can be a very effective way of generating positive cash flow income.
Richard Taylor | Australia's leading private lender
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