Some sound advice there. Just one more quick one. Assuming we do buy it and put down the 30% needed. Can this 30% then be used to secure a deposit on another place or will they not lend like that on commercial?

Cheers

Delboy

With comments like that I would suggest YOU take up another hobby such as answering peoples queries with a bit more tact. We are asking for advice not what hobby to take up. And you are a moderator? Maybe you just got of bed on the wrong side this morning, or maybe not????????

Everyone has got to start somewhere and we are starting to look…[Read more]

Thank you for that article. Very informative. We do have the equity for the deposit on a small place we are looking at but would obviously prefer to borrow as much as we could. Is there any way around the 70% lending that you know of?

Delboy

Thanks for your reply. Is that all a builder makes, 10%.

I thought it was much higher than that , I was thinking 20 – 30%.

Thanks

Delboy

I am on the Sunny Coast and was recently looking for a group but found out that there is a group in Brisbane that meet, I think the last Tuesday of each month. They are called BIG-Brisbane Investment Group. I haven’t been along to any meetings yet but do plan on getting down there this month. Check out there website and let me know if…[Read more]

Thanks for that, I didn’t know they existed, I will certainly get in touch with them. What about you guys? Will I see you there?

Delboy

It does not have to include combining finances.Believe me I won’t be combining finances with anyone unless I am comfortable with the deal and the person.So if you are just interested in meeting up to talk through some projects and basically get advice from others and keep momentum going, then reply…[Read more]

Sounds good to me. I would be nice to have someone with your experience in the group.

Any other takers?

Delboy[cap]

Thanks for all your replys. Shame some people try and drag these forums down.

Well obviously some of you have alot of experience in developments. It’s quite interesting to see the different views you share on the matter. I.e. don’t do developments in QLD. Do developments in QLD. Growth/no growth, etc.

Since I started this post I have…[Read more]

Delboy

I am looking at a couple of properties that can be subdivided. You can never guarantee that the land will sell. But you can find out what the estimated selling price would be from the agent. Also what the demand for land is like in the area. The best way to do this is to ask other agents what land has sold recently in the area and for what…[Read more]

Thank you for the info. More then I can say for some people.

Richard, are you grumpy today

Delboy

Moving to QLD in Jan/Feb as has always been the plan and looking for a solicitor up there.

Any you can recommend?

Delboy

Felicity, you say I can borrow against another property as security to supply funds.

David, you say I have to actually redraw those funds and inturn increase my original mortgage.

??????????????

Delboy[cap]

You can’t cross securitise?

Assume you mean you can’t use equity in another property to finance a wrap property.

I never heard this before.

Anyone? What is the case here?

Delboy[cap]

How do you get past that point other then getting your wrapees to buy you out?

Any hints.

I think this is the point people are trying to make between wraps and l/os, is that correct?

Delboy[cap]

Cheers for that, it makes sense now.

Delboy[cap]

You say you can access increased equity.

I thought it was ilegal to do so, well on wraps it is but on l/o you say it isn’t.

I presume this means from once you don’t refinance above the agreed purchase price, is that right?

Delboy

[cap]

I have been looking at starting out in wraps but the feedback I am getting from some people is that lease options are the way forward.

You two have done a few lease options, would you mind giving us an example of some of the figures you have used on a recent l/o to show us what you think would be a fair deal.

Cheers

Delboy

[cap]

Is that 3 months from exchange of title contracts when the wrapee refinances or sells?

Or is it 3 months from the beginning of the wrap?

Delboy

I thought one of the ideas behind the wrap kit was that you did not have to fork out for a solicitor to draw up a contract for you as they were supplied in the wrap kit for you.

Is this the case?

Delboy[cap]

Just make sure you get the address right for the wrap kit that is in the mail.

lol

Delboy[cap]

Who does he think he is. He gets on his high horse to put down others for doing wraps, running any sort of property investing course etc, saying they are just making money for themselves.

What does he do, he charges real estate offices thousands of dollars a year to use his “system”.

His system is promote Jenman, promote only…[Read more]

Yea there is one, I got the link off one of the posts on this site. http://www.fhog.com .

They have been doing wraps a while now, but apparently it only applies to QLD.

I didn’t know that wrap kits were state specific.

What about the one that you got, you say its worth the money, would you say you have made you money back on it?

How are you…[Read more]

I personally think now is a Great time to wrap.

Just think, prices dropping, vendors finding it hard to sell, you can negotiate a better selling price, then pass this onto your wrapee, which creates a win win for me and the wrapee.

Don’t think the market is going to keep on dropping. As you said, it is cycle, and thats…[Read more]

So your thoughts or anyone who has thoughts on this.

Is it better to source the loan myself from the banks or use a broker?

What do all you wrapers do?

Delboy[cap]

But if I tell them they wont lend to me.

So if I go through a broker, can the broker push it through?

If not, how do I go about getting finance?

Any thoughts

Delboy[cap]

Thanks for your replys.

That post by Julia is very informative.

Steve, the next investment is the Wrap Kit, talked to Brent already.

Delboy[cap]

Thanks

Delboy[cap]

Just want to say thanks for your comments.

I guess what I take from that is their are better profits to be made from cheaper houses, where the repayments will be a little closer to the actual rent.

Thanks Again

Delboy[cap]

Sorry, what am I thinking, too many figures going through my brain.

Of course it doesn’t matter how I work out the wrapees payments so long as it covers my costs and puts money in my pocket.

So their payments would be about $340/week.

Giving me a weekly csh+ of about $60.

Still, your thoughts, do you guys get people willing to pay…[Read more]

At the moment I would like to do something closer to home. Comfort zone for the first couple of dozen.

Delboy

Firstly, I would be using equity in another property for deposit, so I would be lending the whole amount.

Working out the figures that you guys are talking about, it looks something like this:

Add $20,000 to cost of $172,000 = $192,000

Up rate by 2.5% to 9.06% for wrapee

Wrapees weekly payment would be $404/week.

Is that not too much…[Read more]

Just want to say a big thank you. Some great advice and ideas. This is why I love this site. Hope I can be of help to you all some day. When I get a few properties under my belt that is. Cheers

Delboy

I checked out those websites and they were a great help.

I think I am now ready to find an accountant and lawyer to set things up.

Cheers[cap]

Aaahhh (sigh of relief)

Thanks for your reply. That makes a bit more sense. So the only reason for the company as trustee is as a protection buffer.

The plan is to purchase 130 in 3 1/2 years. I heard someone else has done it before, ha ha.

Thanks again, much appreciated

Derek

They do choose the job and buyers and sellers do decide to be really difficult to deal with, at no fault of the agent.

[8D]

As for agents having it too good, think again. If you really think that agents make loads of money and do no work, I dare you to spend a…[Read more]

Date and sign it.

On the other hand, many agents will ask for a checque and signed contract with the offer. Either way is pretty standard.

When you have submitted your offer the agent…[Read more]

Cheers[]