PropertyInvesting.com - Hotch Potch

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SteveMcKnight — Wed, 07 Jan 2004 22:43:55 +1100

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Do people pay that much?

Fast Lane — Thu, 29 Apr 2004 00:45:19 +1000

I've seen ads for wraps that require the person being wrapped to, to pay as much as $700 per week.
I've also seen a lot around the $400 mark per week. Can you successfully wrap at these rates, I was of the mindset of wrapping houses valued upto $120k max.
Also can you wrap units or even apartments? Or is it just stand alone houses, any experiences would be appreciated, broaden my mind. Thanks

Using wrap concept - is this workable/viable

woodywhanau — Wed, 28 Apr 2004 21:52:22 +1000

I have been reading with some interest the wrap concept. My question is this (may be a little long winded so bear with me)

Hubby and I are wanting to get into the property market - we too have had a bad time over past few years - (sickness/deaths). We have finally started to get life back in control and have been saving madly. Have approx $8,500 at mo'. Trouble is not enough to get into market. Where we rent at the moment is being sold so we have come up with the following concept but don't really understand how to work it. My mum has agreed to buy a property using equity from her own property. We then rent the house from her and pay all costs associated (mortgage,rates,insurance) which is going towards deposit? We would then buy the property in 2 years time. Is this the same as the wrap concept or are we totally off base? I'm just not sure where to go to get the info I really need in order to see if this works not only for us but for mum as well. All info would be most welcome.. Looking forward to learning more about this..

Deposit for a Wrap

waz11 — Wed, 28 Apr 2004 20:01:23 +1000

Is there are standard deposit that one would obtain from the person you are buying the property for when doing a Wrap? Is it a percentage of the property value etc?

Waz11

Where to go from here.

waz11 — Wed, 28 Apr 2004 13:02:34 +1000

Hi guys,

I have a Wrappee, and I have the ability to do a Wrap with this person. I would love to be able to go ahead with it but I do not really want to purchase a 2 - 3k Wrap pack. What I want to know is are there people out there that will fully understand the legal implications and be able to assist myself with my first Wrap, at a fee of course.

Could any property focused lawyer assist with this? Would I need to speak to a specific company that mainly deals with this type of thing?

Or otherwise, is it something that after doing a bit more reading I would be able to do without the assistance of anyone else?

Any replies would be appreciated.

Waz11

Trusting the Wrap

Fish — Mon, 26 Apr 2004 17:54:11 +1000

Hello all,

I'm hoping that I might receive some feedback from those having conducted vendor finance transactions -

Should I perform VF transactions through a trust? If so, a HDT or Unit Trust?

If a trust is used, does the trust afford the client any particular protection wrt his property, other than lessening the chance of creditors gaining access to my assets - and the client's future home? Ie. does the use of a trust for a wrap transaction provide you with any additional selling points which might help secure the client?

Are there particular benefit in running vendor finance transactions as a business, using a separate business trust, rather than operating as an individual, using the individual's usual investment trust?

Thanks to all.
Regards

Fish

Wrapping - who chooses the property?

Jett29 — Mon, 26 Apr 2004 14:02:26 +1000

Hi all,

I have recently started researching Vendor Finance. One question I have is who chooses the property?

Is it a matter of finding a good deal on a proerty then finding a wrapee, or the other way around - does the wrapee find the property they want and you obtain the finance?

Any advice would be greatly appreciated.

Wrapping in W A

getahead — Mon, 26 Apr 2004 12:25:47 +1000

I am considering to do a wrap in WA. Does anyone know of a wrap savvy solicitor in that state?
Regards getahead

Advice needed, doing a move from WA to Melbourne

camel_81 — Mon, 26 Apr 2004 12:13:35 +1000

Hi Guys,

This question is just purely expressions of intrest.
Im about to do a move to Melbourne to further study at Monash(gippsland), whereas my brother would be in Monash(clayton).

Currently we have both been looking at apartments, but I personally dont see the point of renting without any use.

We can accomodate $700-$800/week, and by July I would have a deposit of $20,000...hopefully if I dont go impulsive spending.
Apart from that Im currently working in WA, but would have to find a new job while being in Melbourne.

Even if I dont find work in Melbourne, the $700-$800/week would be paid by family.

Now I would also assume you would be thinking, that if im working/and have deposit, why not just goto a bank, well the answer is quite simple, due to religous reasons I cant anything to do with intrest rates.

So my current idea on wraps is that, I pick a house, someone vendor finances, and I end up paying roughly the same as renting, but working towards my own house.

If I didnt mention, Im elgible for first owners home grant.

Would appreciate if you can help me, or criticise but as long as its useful.

Regards

Camel_81

First time lease option

cheryl — Fri, 23 Apr 2004 10:33:01 +1000

Hi all,

I have a property in a regional town that is currently rented out. The tenant is moving on in June and I am considering doing a LO.

I purchased the house for $87,000 in February and am wondering where to start with doing a LO.

What is a fair asking price for the house, what rent do I charge, what is the first step?

Thanks in anticipation.