Hi Mc

We run our vendor finance business under a trust/corporate trustee structure. If we were starting out now we’d be off to speak with Ed Chan about his Property Trust structure. We saw him speak on this structure at the end of last month and were impressed by what we heard. I have nothing to do with Ed’s business other than to suggest you…[Read more]

Hi Mc

a)
Purchase House – $200K
$20,000 deposit (90%loan)
Purchase Costs (5%) – $10,000
Profit, say, $35,000

Sell, on wrap, for $245,000
Insist you get a minimum $10,000 deposit from your wrapees. You or your investors are left with $20,000 in the transaction.

b)
Ask your friendly local broker to give you a checklist of the supporting…[Read more]

Hi Mc

We are still wrapping and finding plenty of people out there who are wanting to buy their home via an instalment contract (wrap). We definitely don’t think the boat has sailed.

Terry’s explanation in his post covers the movivations of most wrappees.

Cheers, Paul

Hi Mc

We use Loan Alert, mainly for its complaince with the requirements of the UCCC.

Have a look at http://www.loanalert.com.au/

Cheers, Paul

Hi Pyramid

We use Tony Cordato. Have a look at his website at:
http://www.businesslawyer.com.au

As you are new to wraps I’d also suggest you join the Vendor Finance (Wraps) Association of Australia. It’s website is at: http://www.financewraps.asn.au

Good luck with your wrapping.

Cheers, Paul

Hi Pyrimid

In NSW the FHOG is payable after exchange of contracts. Hence your wrapees simply get their solicitor to apply for the grant.

NSW law requires stamp duty on the transfer of land to be paid within 30 days of exchange of contracts. If your wrapees qualify for the FHOG then they may not have to pay.

An Instalment Sales Contract is not…[Read more]

Hi Kagen

Probably yes The following is from the NSW OSR website at:
http://www.osr.nsw.gov.au/portal/page?_pageid=33,63440&_dad=portal&_schema=OSRPTLT

“A person is not eligible if they or their spouse (including de facto spouse) has had a relevant interest in any residential property in Australia prior to 1 July 2000, whether they live in it…[Read more]

Hi Nathan

Terry is right concerning the VFA and it’s volunteer office holders. Drop them an email. They will get back to you eventually.

In the meantime, we use Tony Cordato in Sydney. His contact details can be found at:
http://www.businesslawyer.com.au

However, if you’re not operating in NSW, let the forum know and I’m sure somebody will…[Read more]

Hi Robo

I agree wholeheartedly with Dr. X.

It might also be an interesting question to ask your accountant where he would have you invest this super. And if and when he mentions specific super funds, ask him what up front and on going trailing commissions he will receive from these funds if he manages to “sell” them to you.

Good luck.

Cheers, Paul

Hi Nathan

Using a free copy of an Instalment Sales Contract tends to make me think that you be contemplating sitting down at the kitchen table with your wrapees where you will get them to sign all the contracts and bingo it’s all done. This is the shortest route to ending up on Today Tonight as one of the “monster wrappers” out there!!

The…[Read more]

Hi parkdog

There is a monster post on this subject at:
http://www.somersoft.com/forums/showthread.php?t=18101

Good luck.

Cheers, Paul

Hi Shelley

Ahhhh, the advantage of a good property manager. It’s so much easier to say no via your PM and your tenant probably won’t have your phone number.

This person has been quite demanding and recently downright unreliable. My opinion. I would give this tenant notice to vacate.

Cheers, Paul

Hi Jude

Have a look at
https://www.propertyinvesting.com/article04_07.html

Cheers, Paul

Hi Robo

Have a look at the exclusive agency agreement that is just about to run out to check, but usually once an exclusive agency has time expired that’s the end of it.

You can then sign up as many agents as you like with non exclusive agencies and you’ll only pay commission to any of those agents if they “physically” introduce the buyer to the…[Read more]

Hi Robo

Congratulations on accepting the offer. As you say, let’s hope it goes to exchange and settlement.

For future reference, in NSW, you could have overcome your PM’s reluctance to go through your REA buy signing a “non exclusive” agency agreement with your REA after their “exclusive” agency ran out. For an agent with a “non exclusive”…[Read more]

Try http://www.ato.gov.au/

Cheers, Paul

Hi Misty

While you’re waiting for October or November, this might be a good read:
http://www.realestatedevelopmentcoach.com/index.html

Cheers, Paul

Hi Paula

Have a look at:
https://www.propertyinvesting.com/strategies
Then clik on the Wraps and Lease Options links

It’s great initial information on both strategies and should give you a good grounding on how each strategy works.

Cheers, Paul

Hi ddb

I’d suggest you use the time while everything is being finalised by the Family Court to educate yourself on the various +ve cashflow strategies available to you. A few educational resources I’d recommend are:
1. https://www.propertyinvesting.com/strategies
2. Steve’s Master Class – https://www.propertyinvesting.com/resources
3. Steve’s…[Read more]

Hi Bear

If you are interested in doing wraps as a business I’d suggest you educate yourself as step one. My suggestions would be either Steve’s Wrap Kit or Rick’s Wrap Pack. Both are great educational resources. In fact we commenced our vendor finance business on the strength of one of these products.

Regarding your equity question, I’d…[Read more]