[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

August 19, 2003 - 7:08 pm

Just to get you off the paradigm, our (Steve and I) portfolio consists of wraps and buy and holds.

It can be done!!

Dave

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

July 14, 2003 - 2:24 am

Thanks for your wishes.

I thought life was good before but with each child it just gets better.

Absolutely priceless watching my 2 girls give him kisses.

Dave

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

June 20, 2003 - 7:29 am

Hey Slacker

Hope your holiday is going great.

Safe trip back!

Dave

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

May 19, 2003 - 2:45 pm

Hi Sara

I also enjoyed the chat.

I will be testing you today on where you are at.

My mind was also racing as I drove back home about my business and making sure I was also onthe right track.

See you in a few hours.

Night

Dave

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

February 28, 2003 - 3:48 am

I think you will find that most city valuers subcontract it out to the local valuer.

So you are just as well to contact them direct.

CJA Lee & Associates in Traralgon

Dave

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

December 20, 2002 - 6:11 am

Hi Lance

How are you going?

The reason for paying money off your underlying mortgage is mainly due to the Sale of Land Act (In Victoria). I would imagine other states would have something similar.

Basically, the clauses in question were brought in to ensure that if a property is sold under terms when they make their last payment to you you have paid off your mortgage and can give them title.

In practice I would do the following. Assume I owe the bank $60,000 and I am owed $80,000. I receive a lump sum payment of $20,000. How much should I pay off my mortgage?

$15,000 calculated as $20,000 X 60/80.

Although, Steve and I would probably pay it all of our debt as we have spoken about before.

Wes, in Qld the $7,000 grant is not paid until the person has been in the house for 1 year if they buy under a wrap.

Hope this helps []

Dave

[]

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

November 6, 2002 - 11:28 am

Steve,

I’m typing this at the Hong Kong airport.

You have been busy this last week!!

See you in the morning

Dave

PS I’m looking forward to catching up with the rest of you on the weekend

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

October 1, 2002 - 11:34 pm

Hi Aaron

Is driving for a deal a hassle or a godsend?

When I first started, 1-2 hours in the car was not a problem.

I listened to educational tapes, made phone calls, thought about my long term strategy and even role-played interviews with prospective purchasers and real esate agents.

After a while and I had listened to all my tapes 3 or 4 times I started taking friends on the road with me to keep me company.

They would ask me what I was doing and by telling them I was also positively reinforcing myself as to what I was doing.

Now when I have to go on the road (not that often for existing deals) I look to it as a way of getting a couple of hours to myself. No kids screaming, no telephone calls if I don’t want and I get to have a nice leisurely drive to gather my thoughts.

I know people who think it must be a hassle but I remind myself that driving 2 hours is a small price to pay for financial freedom.

Hope this helps

Dave

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

August 27, 2002 - 8:32 am

Hi Wei & Craig

I remember seeing a story on a current affais show about them.

From what I remember, the reason people were peeved with them was that
(1) they didn’t allow the person to see the house before purchasing it (sign the contract to buy and then I’ll tell you were it is) and (2) the guy was making a profit.

Now I’m a pretty simple guy but I have not heard of a person who buys their home without looking at it first or at least talking to someone else before jumping in. So, if a person buys a house under these circumstances, who is the fool? I think they both are.

The fact he makes a profit is in my opinion just an excuse or justification for the first reason.

So what did I take out of the story?

1. Never be afraid to make a profit and never be ashamed of it. If a person can buy a house for $9k and sell for $35k good on them.

Remember, when you are selling a house under a wrap you are solving a problem for them. That is what you are getting paid for. You determine how much that solution is worth.

2. That our system for doing wraps creates win-win outcomes and that by telling people what we do gives us better credability in the purchasers eyes. They get to choose their own house and they ALWAYS know what we paid for it.

3. That wraps are a more and more common way of purchasing real estate.

Hope this helps

Dave

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

August 18, 2002 - 6:14 am

Hi Carolynne

We invest 100% of the payments to us off our loan. On my calculations, ALL our loans will be repaid within 5-6 years due to the power of compound interest as Tim correctly points out.

We could take our cash flow today and use it for other investments, but we are happy to pay down our debt whilst we don’t need the cashflow.

It’s horse for courses though.

Dave

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

August 18, 2002 - 6:10 am

Hi Gary

On first instance you go an extra 1.5% just because it is a wrap.

However, if they give you confirmation they accept the concept then you are ahead of what a lot of people get to. Lots of banks / brokers are not even able to find someone who can do wrap finance.

With regards to the extra rate, is the cost of finance the issue or the availability of finance. Would you rather borrow $100k at 5% or $1 million at 7%.

If you can borrow for a wrap and make money, what do you care what the rate is? Especially, if your purchasers rate is linked to yours.

Overall, I tend to try and look at things as half full not half empty so maybe I am being too optimistic.

Dave

[GrizzlyBearMember@grizzlybearJoin Date: 2001Post Count: 32]

August 16, 2002 - 6:03 am

Scott

The issue you bring up is not only an issue for wraps, it is with every business and every individual whether they have investments or not.

When someone dies, their affairs need to be “cleaned up”.

Personally, I keep my wife (and other close people) in the picture so she knows enough to be able to keep things moving after I’m gone. I also have a large life insurance payout to pay off debts on properties and be able to employ someone if necessary.

It is imperative that you spend time updating your records.

I know of one person who actually keeps a “death folder” which has details on bank accounts, life insurance policies, super funds etc.

Finally, this highlights to me the need to have a team as opposed to going it alone.

Dave