Terryw

Sorry, I must be partly mistaken on that one.
I had just assumed on the rates & insurance, because it was a Lease, not an instalment contract.

However, I do know of people who don’t charge for repairs & maintenance items.

Lozza

Hi Acey,

Well, I’ve been pretty big on goals lately…. I can especially recommend the Zig Ziglar tape set called “Goals”… it is very entertaining as well as explaining why you must have goals.

Also I bought some Brian Tracy books… I can recommend “Eat that Frog”, which helps you get over procrastination. Currently I am using Brian…[Read more]

Hi Bearhunter,

Maybe this helps…

With a Lease Option, they only have the Option to buy at a later date, but don’t have to purchase if they decide later to rent somewhere else.
Also, the people leasing from you don’t normally pay maintenance & repairs, insurance, rates, etc. These would be your responsibility.

With an Instalment Contract…[Read more]

“Electric”

Yes, to the best of my knowledge.

The good thing about a wrap with instalment contract is that (unlike a normal rental property), you don’t have to pay for repairs and maintenance, rates & insurance. (Generally the wrappee pays for all of those things)

Also your return is higher than rent, because it’s a mortgage payment, generally…[Read more]

G’day Darren,

Check the Trading Post, as lots of wrappers seem to advertise in there… Or look in the local paper for the area/s you’re interested in.

Hopefully you might find something in your price range.

Good luck [exhappy]

Lozza

Hiya Swampy,

It’s always true… they only ever show the bad side of anything on TV…. otherwise it’s not interesting I guess!!

Imagine if there were NO terrorist bombings next week… I’m sure that wouldn’t rate a mention!

Lozza

Oh well, here goes: Might as well put in my 2 cents worth while we’re at it!

Rick’s Wrap Pack also has a guarantee… I think if your first wrap doesn’t make 3 times what you spent on the kit, you get your money back. You would have to check on his website for current info though.

Both Wrap kits offer mentoring… one by phone, one by email.…[Read more]

Adrian,

I think these are the sorts of suggestions I can work on… you seem quite knowledgable for a “newbie”! [wink] There is definitely something going wrong in between us telling them to “drive by” and them ringing us back.

Of course the front lawn is totally dead, what with the Stage 2 water restrictions down here. Maybe I should invest…[Read more]

Just another thought…

A lot of the callers we have had don’t speak very much English. (The area is blue colour, and very multi-cultural too) I normally get my hubby to call back any phone messages that I can’t understand!!

Lozza

Here I go; I’ll try to answer everybody’s comments if I can!!

BTW, thanks everybody for all your input so far. Much appreciated.

INCJohn & Lucifer… I wasn’t aware that Int.Only was illegal.. our loan is Int.Only for 3 or 5 years I think, but I think we can change that at any time.. But isn’t that one way that some people “increase” their…[Read more]

Thanks Scott, yes I will email you as soon as I get a free minute! Thanks very much. I’ll be in touch.

I didn’t see $470 being the biggest issue, because I know several people (inc. first home buyers) who are paying more than that in repayments on a normal home loan! But maybe that’s just my friends…..!

Milkie – another house of same…[Read more]

Thanks Guys for all the quick responses…

I’ll have to check my numbers and get back to you shortly, but I didn’t think I was being overly greedy… let’s see, cost price was $227,000 plus stamp duty nearly $10,000. I was working out their repayments on 8.99% P&I, but ours is on 6.99% interest only. I think the NET cashflow per week was no…[Read more]

Snapdogg (Steve)

Not all wrap contracts go bad! What it boils down to is the quality of the wrappees you put in there, plus the integrity of the wrapper!!

You and your wife would be choosing who goes into the house in the first place. If you select a wrappee who has no trouble making their repayments, and then (for example) they re-finance you…[Read more]

Hi John,

If you’re a newbie, you’d probably appreciate a nice, simple response to your queries!! So here goes:–

There are two solicitors that everyone seems to recommend in Melbourne. They are Lewis O’Brien and Frank Libman, both located in Balwyn. I haven’t used Frank, so can’t tell you how good he is, but Lewis has been excellent so…[Read more]

Joseph,

Are you in the USA? If it’s not over there, then maybe you can order it from this site! It was definitely a good read, and inspired me to go onto greater things.

Otherwise, try some John Burley books too.

Cheers

Lozza[]

Much as I love wraps, I don’t know if Rolf was actually looking for a wrap, or just a regular positive cash-flow rental property??

Rolf – if you do go looking in Tassie, make sure you look into all the costs… I believe they have higher rates or taxes than some of the other states..(?)

Just make sure you account for them in your calcs.

Good…[Read more]

Chan$ and Westan,

I aim to be retired in the next two years!! Include me in!! Maybe I can help out at the kinder then. (Actually, I plan to do something to help animals… I have more of an affiliation with them than I do with toddlers!)

Let’s see… how about semi-retirement, which means you buy the occasional property, raise money for the…[Read more]

Hi Kiwi,

What about getting a 90% mortgage, and then get the 10% deposit from one of those loan places… Not that I’ve ever investigated them, and I know some of them would be very high interest… but there are some in the newspapers that will lend you the money.

You could do a cash advance on a low-interest rate credit card maybe… I got a…[Read more]

Hi BeerBoy,

Yeah, this makes me want to scream!!
I went to my accountant for advice on property investing… he basically said “It sounds a bit risky to me…” and that was the extent of his help!

(Obviously, I’m now changing to an accountant who invests in property!)

I also get frustrated with Paul Clitheroe these days, because when he ever…[Read more]

Hi se7en,

I can understand why you would feel annoyed if you went to visit his “suite” and it didn’t actually exist! That would be a pain in the butt.

I live in Melbourne, but I have mailed stuff to him, and I always thought he had a street address too. It’s just sometimes nice to think you’re dealing with a company which has a shop-front,…[Read more]