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I’m probably wrong but here goes, you would still own the property you want to wrap until the wrapee has made their final repayment, say in 25yrs time. Therefore when contracts are exchanged officially, then you are liable for CGT?
I’m not sure but then again I could be right?[confused2]
Hope this helps, G7Yes, this condition is known as ‘information constipation'[dunny] or ‘analysis paralysis'[wacko]. Everyone suffers from it in varying degrees at one time or another. Dont worry too much, it happens to everyone and sooner or later you’ll emerge from the fog with the path and direction that is best for you. Hope this helps…G7
Yes the person you wrap to can certainly get the first home owners grant.
Try for other wrappers in the getting creative bit, there are stacks who have done wraps. Good luck!I’m pretty sure I dont have cookies, but who knows, but when I do click to log out in the top right hand corner my computer does absolutely nothing…
Just clicked then and nothing happened.I chose 2 that I liked but the other one was taken…
Rockhampton looks good to me, and south east qld has higher growth rates than anywhere in Aust, population, economy etc. Take your pick, Qld’s the way to go I reckon. This is obviously just an opinion, so good luck anyway! G7
Good figures Alf, there is no right or wrong answer for this one regarding holding, I think it depends on your investing goals and desired outcome. If you have other properties that are similar and you’re in a position to hold this property, why the hell not? Good Luck G7[biggrin]
I think for long term in either area, you might be better off waiting 12 months for the prices to ease even more. Especially in Vic. Wait until apartment gamblers are being squeezed even more then snap up those bargains… That’s my opinion anyway, good luck G7
The right investment structure (trust, company), I believe, is as important as the right property. I disagree with your accountant. If he has made good money on property, go with him, if not get another accountant! Hope this helps- G7
A lot of people who earn a lot less than you have made a fortune through property, so I wouldn’t worry too much. Keep reading the forum and you’ll get an answer to any question you may have… That’s my experience anyway[biggrin] Welcome aboard- G7
Good luck with your wrap lifeX.
Yes my friend wrapped houses without his lenders knowledge, but being a bank for profit, decided that there was no hiccup with the repayments and let it be. You know- If it aint broke, dont fix it mentality.
However, if this was to occur again with another bank that didn’t appreciate his disclosure, there could be many problems. The bank could revoke the loan etc. I dont think there is anyway a wrapper can refinance his loan on a property if he has onsold it to another in a wrap transaction.
With the amount of finance out there today, I think it would be unwise not to disclose your intentions, somehow things come back and bite.
By the way good on you for wrapping; it saves you buying tin sheds in the desert and renting them to nomads just to achieve +cf through a buy & hold strategy in todays climate.
Firstly use sandpaper to get the top layer of grout off, then use either a grout whitening texta or grout cleaner which are both available from any hardware store or simply regrout. Hope this helps… G7
I heard 30% of apprentices dont even finish their first year because they simply cant afford to do an apprenticeship. If you paid them more than $200 a week maybe more young people would be interested in doing one. The cost of living is through the roof and $200 per week for a whole year is absolutely shit. Especially with all the other alternatives nowadays.
Since Cairns was on Hot Property a few days ago still as a booming suburb, it is now overpriced and owned by interstate lemmings with more money than sense.
I would say that the purchaser might have seen your friend coming, and put these clauses in for that exact purpose, for a quick profit 6 months down the track.
I guess this sort of things happens a lot with purchasers who are a bit more savvy than the vendors.Dave, I would definately look into that, you might be on a winner.
I work for the company who distributed it in Australia, and they dont know if it’s a lie either. Anyway it’s been withdrawn, and they’re hoping that it goes back into circulation so they can rack up the profits. Bad or good publicity, who cares, it all helps the sales and the bottom line!
The method you’re after is called wrapping. You onsell the property to another and collect their mortgage repayments.
eg you buy for 100k at 7% interest and then onsell at 120k at 10% interest. The purchaser has their mortgage with you, not the bank. This scenario would probably give you about $400 per month cashflow.
This is only a quick description, but try in the getting creative part of the forum or drop a line to Qlds007. Hope this helps. G7Have a chat with some of the many brokers on this forum, they would definately be able to help, especially with the LVR. Try in the finance bit.
Hold on let me check, yep still male…
