A couple of options to calculate the repayments are:
(1) mortgage calculator – I got mine with the Wrap Pack, but you could probably get one from Dick Smith or Tandy…
(2) Use Excel, open the Loan Amortization spreadsheet template. You can enter all the details in there, and it will do a payment schedule for you.

I have got…[Read more]

A couple of options to calculate the repayments are:
(1) mortgage calculator – I got mine with the Wrap Pack, but you could probably get one from Dick Smith or Tandy…
(2) Use Excel, open the Loan Amortization spreadsheet template. You can enter all the details in there, and it will do a payment schedule for you.

I have got…[Read more]

Only a small group of around 7 people turned up for our lunch at the Southern Cross… but it was still good, because I got to meet some new wrapping people. [specool]

Felicity, of course, is always a wealth of information. I can’t help feeling she got a bit bombarded, but hopefully got something out of it for herself too…(?)

Ah……[Read more]

Actually, it sounds similar to what you here about those companies that fly people up to Queensland and put the pressure on them to buy straight away without having looked at any other properties.

You know, just like this lady, you don’t get the opportunity to look in any other estate…[Read more]

The kit explains the concepts and methods of wrapping – eg, how to find the right wrappees, how to advertise, how to buy at a good price, etc. The kit is not just a sample contract.

Also, I think both of the kits have an audio component – in the Wrap Pack it’s 7 or 8 CD’s which you can listen to in the car.

After you have followed…[Read more]

Well, I’m gonna have to check my availability on that day, ’cause my hubby is making a movie and I’ve volunteered to do all the catering for the cast & crew. I never get a weekend to myself anymore!

South Melb is not particularly handy for me, but the…[Read more]

A sample contract for your state is included with Rick’s Wrap Pack. However, I don’t know if this saved me much when it came to getting the actual contract prepared by a solicitor.

Besides, you do need to make your contract specific for your particular wrappee, anyway. You may want to add or delete certain clauses.

Cheers

Lozza

In February we had a “Wrap lunch” with about 12 people, which we held at the Old England Hotel in Ivanhoe.

I’m planning on hopefully organising another one fairly soon. It’s not an official “wrap club”, but most of the attendees were very knowledgable about wraps.

I can send you a message when we have the next one..?

Cheers

Lozza

Didn’t know there WAS a $500 Wrap kit!! Who has that?

I have Rick Otton’s Wrap Pack (cost me about $2500). I think it’s worth the investment.

Lozza [biggrin]

Lozza

How can you check someone’s past rental history if the estate agent involved is totally rude and unhelpful? They keep referring to the privacy act. I have asked the wrappees to get something from the estate agent, which they haven’t done as yet.

Thanks!

Lozza

I think Mel was referring to wrappees defaulting on their loans…(?) [confused2]

Lozza

* Also – quick question — if you have fixed the rate for your wrappees (based on the fixed rate you can currently get, plus say 2%) are you then required to fix your rate too, or can you leave yours variable?

Thanks

Lozza [biggrin]

I haven’t read any of his books.. can anyone tell me more about what Robert G.Allen is about?

Thanks!

Lozza

True, true. You’re the expert!! (I’m just new to all this, but climbing a steep learning curve!!)

Lozza [biggrin]

Scott — I wish. But we do have one guy coming out on Sunday morning, he is a self-employed gardener and a divorcee, with a pretty good income and a big deposit. Here’s hoping. But he hasn’t actually…[Read more]

I heard that as many as 50% of L/O’s don’t actually end up in the property being sold… They just change their minds, and move onto somewhere else.

You would then be stuck with an empty house again, which would mean more running around trying to lock-in someone else for a L/O.

Another advantage to an Instalment…[Read more]

Here are my thoughts… although I don’t know a great deal about L/O’s…

If everybody is always refinancing you out on an instalment contract wrap, this would give you more cash earlier to buy more properties, therefore increasing your wealth more quickly?

If it’s really a pain for you when they refinance, set up some people to be…[Read more]

Don’t know what Steve’s includes that is specific to your state, but you could check on this website and it may tell you more info.

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

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]

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]

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]

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

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

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]

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]

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

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]

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]

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]

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]

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]

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[]

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]

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]

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]

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]

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]

So it is feasible then? I was looking at a property that doesn’t have a carport, and wondering if you can say in the contract “Subject to being allowed to build a carport…”

I asked one R/E agent and he said you can’t get access to a property before settlement.. (Don’t worry — I didn’t really believe it!!)

Ta

Lozza

I guess it depends on your plans for the future, really…

If you were looking for income to take the place of your salary (so you can quit!!) then you don’t want properties that REQUIRE you to have a job. If you decided to leave your job, then they wouldn’t be positive cash-flow anymore, would they?

I don’t think depreciation is the…[Read more]

Don’t worry.. we all started off as Newbies!! (In fact, I’m really only new to the forum myself..)

My advice to you is to learn as much as you can – cheaply if you can! Look on the forums; there are lots of posts about books to read. Check out the investment section in the library or bookshop.

Also try going to some of…[Read more]

Lozza

Couldn’t think of its silly name!!
Thanks for the review.

It’s a real pain trying to find some of these good books in Australia… I often end up ordering them from Amazon. It’s not cheap once you convert to Aussie dollars, but it’s reasonably fast at least.

Lozza

While I can’t comment on the $3000 seminars (because I haven’t been to one), I can say that some of the cheaper ones are good.

I have seen Robert Kiyosaki, Dolf De Roos (twice) and also went to John Burley’s introductory seminar. They all cost only about $60.00 each, and you get at least a couple of hours of info.

For newbies, I…[Read more]

In regard to property books, has anyone read a book called “No Money Down”? And was it any good?

Lozza

I have been to two of Dolf’s evening seminars, both in Melbourne. (I took my hubby along the second time, which was last year)

I would have to say he is very good, but the second seminar was pretty much a re-hash of the first time I saw him. He certainly has a lot of experience all over the world!

The book “Real…[Read more]

“He who doesn’t risk, never gets to drink champagne.”

Lozza

I’ll be there with bells on!! (Well, perhaps no bells, but it is close to Christmas after all!!)

[][]
Lozza