Hi Steven

Thanks for your help. Unfortunately for us, Richard doesn’t have any suplus demand (clients) so we’re still looking for our BirdDog with a difference

Cheers, Paul

Hi Jen

Pretty much whichever way you look at it, these clients are unlikely to get anything other than vendor finance in the forseeable future.

On that basis, you’ve got to decide whether a Long Term positive cashflow wrap suits your business plan.

If it does, great, you’ll probably have these people on your books for the next 25 years (baring…[Read more]

Hi Brooke

Karen and I have sold 3 distant wrap properties using what Rick Ottan calls “the Silent Salesman” and our potential clients showed themselves through our houses without us ever having to go there.

The “silent Salesman” is really just a big padlock which you attached to something relatively impoveable on the house. It has combination…[Read more]

Hi Maxolau

Lucifer_au is absolutley correct, if you are planning to use an Installemnt Contract as the vehicle for your wrap. If however you plan to use a Lease/Option as your wrap “vehicle”, the FHOG is not available until the clients actually exercise the option, i.e. purchase the property from you.

Good luck with the tenants.

Cheers, Paul

Hi Rich

I got the following post from the forum on the Vendor Finance (Wraps) Association’s website at
http://www.financewraps.asn.au

“Hello All

Just informing the associatation that our company now has developed and fully tested some loan products uniquely designed for Vendor Financier requiring mortgage finance, with full disclosure to the…[Read more]

Hi Jeff

If you purchase the property via an installment contract you can’t on sell the property via an Installment contract because you don’t own the property, i.e. your name is not on the title.

With the co-operation of your vendor, you may get him/her to agree for you to lease the property. You could then possibly use a lease option but,…[Read more]

Hi Marissa

There are plenty of successful wrappers operating in WA. If you are looking to contract them, I’d suggest you join the Vendor Finance (Wraps) Association of Australia. Their web site is at:
http://www.financewraps.asn.au

I hope this helps.

Cheers, Paul

Hi Mad

I noticed you mentioned, “we considered “wrapping” techniques but didn’t have the time outside of work to pursue these things.”

We too, like all of us, were busy at work but we decided to research wrapping. This research led us to think that wrapping might require less time than rental properties.

After having completed 4 wraps we have…[Read more]

Hi Risky

All our wrappees pay an extra $30 per week and aren’t bothered by bills, i.e. we pay the council rates, water rates and building insurance. They love it. At the end of the years we do a “wash up”. If they owe us money we collect it and if we owe them money we can send them a cheque or take it off their loan balance.

We sell the…[Read more]

Hi KP

My comment. I’m definitely glad that we bought one of the Kits before we started wrapping. We would have been lost otherwise. I completely agree with Lozza.

Cheers, Paul

Hi KP

Just before we instruct our solicitor to draw up the Instalment Contract we use, we get our wrappees to pay us a $650 “non refundable document preparation fee”. We explain to our wrappees that this is what it costs us to get the contracts drawn up and reiterate that it is “non refundable”.

I hope this helps.

Cheers, Paul

Here is a previous excellent post from Julia on the subject.

Cheers, Paul

“If the Vendor Finance arrangement has the following features the income stream received, once the wrap arrangement has begun, is considered to be principle and interest by the ATO. The income stream received before the wrap arrangement is entered into is considered rent.…[Read more]

Hi Weave

Just interested. Are you just looking to contract out this function or are you looking for for an individual/company to do this for you becasue you’ve had a few “challenges” getting people interested so far?

Cheers, Paul

Hi Traezi

Vendor finance may be one option for you but even that is problematical.

Vendor finance can be broken roughly into 2 techniques; instalment sales contracts and lease options. The lease option would probably be best for you as you would most likely lose your rental assistance with an instalment sales contract.

However, to be realistic,…[Read more]

Hi G7

There are 15, Brisbane based, wrap specialist lawyers listed on the Vendor Finance (Wraps) Association’s website. It can be found at:
http://www.financewraps.asn.au

You do have to be a member to access this information but if you are interested in wraps/flips in OZ, this is the association to join (and you can join online).

I hope this…[Read more]

Hi Waz

I know you say you don’t want to spend the money on a wrap pack but I’d suggest you have a re-think about short changing your education on this business.

We use Tony Cordato as the lawyer for our business but ultimately we would have had to spend a lot more than 2k to 3k to get the same amount of information from Tony as we got from the…[Read more]

Hi Fish

Sorry to hear that it’s no longer available. I found it to be an invaluable resource.

You you are going to talk about a “trust structure” with your accountant, make sure he/she explains to you the benefits of using a registered company as the trustee of the trust.

Cheers, Paul

Hi Fish

I’d suggest you sit down and discuss these very important questions with a “switched on” accountant.

In the meantime, if you’d like to educate yourself on these subjects, I’d recommend Steve’s “Wealth Guardian” kit which is available on this site. It’s an easy read and is a fantastic educational resource.

I hope this helps.

Cheers, Paul

Hi getahead

There are 3 specialist WA wrap lawyers listed on the “Specialists” page of the Vendor Finance (Wraps) Association’s website. Plus some other great resources for Wrappers. It can be found at
http://www.financewraps.asn.au
and you can join the association online.

I hope this helps.

Cheers, Paul

Hi Redwing

Have a look at:
https://www.propertyinvesting.com/strategies/lease-options.html

Cheers, Paul