I would be wary paying off some of the capital on the basis you can redraw the funds at a later date.

You certainly might be able to do so but would the interest then be non tax deductible!!!

Mel is right an offset account gives you the best of both worlds.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a…[Read more]

I never show properties.

We let our wrappees find the home they want to live in and approach with most of the hard work done.

Why settle and risk trying to find a buyer?

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Mel

Many thanks for the “wrap”.

By the way $50 is in the mail.

Steve on a serious note PM me and let me now what you need.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Misty

Which State?

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Mark

I am with Scott. We receive over a dozen applications a week from potential wrappees and have limited the number of introducers we take business from.

Whilst in an ideal world we would lend to all of them ourselves we have strict credit policy and maybe do a deal a week oursleves and another 3/4 on behalf of our investor clients.

Each day…[Read more]

Pramen

Have a look at our web site might give you some ideas.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Pramen

Have a look at our web site might give you some ideas.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Lozza

I guess it all depends on how much you wish to get involved in your wraps.

Personally with 148 wraps to date we employ 2 full time staff to monitor the repayments on a daily basis. All of our wrappees receive a repayment book at settlement together with details of our account and the installment contract clearly sets out the penalties for…[Read more]

Karinya

I run a Company in Brissie called First Home Owners Group Pty Ltd.

We specialise in Vendor Finance and have been involved in this form of funding since 1996. To date we have acquired over 146 properties in Qld which we have subsequently wrapped.

What price are you looking at?

Feel free to email me and we maybe happy to…[Read more]

I left the UK in 1992 having come from the South East of England where I stil own over 20 properties.

In the early 1990’s you could purchase a property in Manchester for 18000 pounds and from the 1st post it appears prices have not moved at all.If you want cheap then try parts of Rochedale or Doncaster. Even Hartlepool and the like will give you…[Read more]

Mel

We always use a put & call option but can’t say Qld Vendors totally understand it.

They seem to have more confort in a conditional Contract with all the out’s under the sun.
Don’t ask me why.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Neither

Just buy north of the NSW border in the sunny sunshine state and avoid it.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

If you want 6pence worth from North of the NSW Border I can recommend Terry.

Having read most of his 1000+ posts he certainly knows his onions.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Cashpoor

The answer is simple. Use a Put and Call Option and merely exercise the Option.

if you use 15 separate Option Contracts then you can nominate separate purchasers for each of the indidual blocks. (I assume that they individual title now)

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a…[Read more]

Wrappack

I think you have missed Steve’s comment with regards to the Tax treatment of a flip.

“If you flip regularly” then it is considered a business and the profit is treated as income.

Also with regards to the capital gains exemption bear in mind that for CGT purposes the effective date is the date of the Contract and not the settlement…[Read more]

Misty

The guidance of the Town Plan. I beleive you are Brisbane and a copy of the plan is avaliable for viewing at any BCC office.

Take with you the zoning of the property and the address and let one of the Council officer advise you. Costs are split into Council costs and contributions (and can be provided at the time of your enquiry) and non…[Read more]

Don

I think the exercise is fraut with danger.

Firstly what happens when the lender notices that your Form 1 Transfer Document and the Contract have 2 different purchase prices.

Secondly you would be committing an act of fraud against the lender and the mortgage insurer and the penalties if caught would be high.

I assure you your concept is…[Read more]

Picja is correct in Qld double stamp duty would certainly be payable.

A Call Option is certainly one way of avoiding the double duty (at least until the Option is exercised) however not always popular with Vendors.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Paul

We have several clients who have approached some of those Solicitors listed and when they have been given a quote for preparing a wrap contract have fallen off their chair in laughter.

Thankfully they have returned and purchased our wrap CD for $495 and used the sample contract and documentation we provide.

Cheers Richard
richard at…[Read more]

Steve

You are right the ATO have several rulings over such action.

The subdivision or Strata titling of a property does not triger GCT where the asset is still held by the original owner.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found