Hi,

I know for certain that assumable mortgages exist in Alberta, Canada… although the standard way that real estate is transacted remains as it is here.

Still, for creative investors there is a great opportunity.

Take an assumable mortgage and apply it with the wrap technique and you have a very, very potent invetsing tool that provides for…[Read more]

Hi Adam,

I agree that the shipping component is expensive compared to the price of the product, but the reality is that it costs that much to send out the tape given out original production run.

I will investigate the possibility of an mp3 format in the new year.

Regards,

Steve McKnight

P.S. Even with the extra charge for P & H – $30 for a…[Read more]

Dan,

I’ve not looked at this type of property before in a lot of detail.

However, the points you raise suggest that for the right investor it could be a fantastic niche.

It is certainly a growth market too.

Personally, I’d not aim at the expensive end of the market, which is where I see most of the retirement property in my area.

Instead I’d…[Read more]

Hi Dan,

I agree, things look grim.

But this is where the chase gets fun. I doubt that what was said to you is hard and fast policy… you just need to look for an angle to negotiate on.

Keep asking questions looking for the right angle that will get the answer you desire.

Otherwise, what I would do is redraw some equity from your other deals,…[Read more]

Yep.

He needs $8,000 to invest in this deal from his own pocket.

Regards,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi Theo45 & Anthony J,

I just want to bring to your attention a few interesting co-incidences with your post.

1. Theo45 and Anthony J signed up as members sequentially, one after the other right before posting.

2. The IP address (which is recorded on each post) is the same, leading to the conclusion that both posts were made from the same…[Read more]

Hi,

The reason why I rent is because in order to get to my goal by the chosen date I need to have my capital working in my investing deals rather than tied up in a home.

E.g.

If I bout a home for $300k on a 80% LVR, then $60k + closing costs is tied up at a 0% Cash on Cash Return (although I may get cap. gains).

However, by using wraps and…[Read more]

Hi Rachel,

Thanks for your post.

Re: buying contracts… I’d be very careful doing this as IMHO a contract is important, but in reality it’s only used in the worst case scenario (ie. a lose-lose outcome).

Personally I’d be plugging into a system rather than a contract. Using a system will allow you to mitigate risks before they become…[Read more]

Hi,

In a lease option there is no access to the FHOG as there is an option to buy, but no cotract to buy (as there is in a wrap).

Accordingly the investor aims to recoup some of the necessary cash down in the form of an option fee.

Regards,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

Agreed that the LVR is 90% and as such mortgage insurance should be included. I will arrange for the example to reflect an 80% LVR. Check it back tomorrow and it should have changed.

Re: comment about FHOG, again, correct. However it is up to the investor to find / use / qualify a client who can qualify for the grant.

If no grant can be…[Read more]

Hi Jerry,

May I suggest that a great place to network with other Melbourne wrapees is at the regular meetings organised by the Wraps & Vendor Finance Association.

Their website is near the top of the weblinks page.

Regards,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi Insider,

You raise a couple of interesting points here.

First, most LVRs are based on the bank valuation, which in my experience is generally the lower of independent valuation or cost.

This being the case, even if you negotiate a discount, the LVR will still be based on cost. The few times this has not been the case is outlined…[Read more]

Sooshie,

Now that this site is live I plan to re-acquaint myself with Julie and spend more time sniffing the roses.

Until early next year when Dave and I have just set our 2003 goal to be to acquire another $20m of real estate.

Look out!

Bye,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi Mike,

That’s not a “na, na, na-na-na” post is it? []

Seriously, thanks for the timely reminder (once again) that +ve cashflow properties can be found if you go and look.

I wonder how many people are wondering where Mike lives?

Well, it doesn’t really matter because +ve cashflow properties exist everywhere when you match the right solution…[Read more]

Greetings!

I guess the good news is that Paul and I are working on a joint product that outlines the issue of structuring in more detail.

The notes are 55+ pages of notes are finished but we are still finalising the audio. I expect the product to be ready in early 2003.

Big Ads… you’re not a closet accountant are you? []

As for the hybrid…[Read more]

Hi Brett,

I’m in a recording studio tomorrow with my business partner Dave to tak about how we got started in property… without a lot of money and not being able to qualify for bank finance (self-employed).

It will be the entry level product for the new website… stay tuned for more info in the upcoming weeks.

However, in the meantime, the…[Read more]

Hi,

Thanks for your encouraging post.

At 8:41pm I’m feeling like I’m back working in my accounting career as I busily (with my trusty team of Alister, Brent and Eugene) continue to build the new PropertyInvesting.com website.

Nevertheless, reading your post has provided the inspiration to keep going for a few more hours.

You’re right about the…[Read more]

Hi Aaron,

Have checked all my e-mail boxes and I’m sorry to report that I do not have it.

Please send it direct to me at steve@propertyinvesting.com and I’ll get to it as a matter of priority.

Regards,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi Bruce,

Thanks for your post and welcome to the PropertyInvesting.com community.

Some comments that I’d make are:

1. Understand the market. Before getting down to business make sure you ring around several r/e firms to gauge what the high and low range is for commissions.

2. Consider the true cost. All agents I know also charge on-costs in…[Read more]

Craig,

There was a similar post to this only a few weeks ago with a lot of replies.

Have a search and see what you can find.

Cheers,

Steve McKnight

**********
Remember that success comes from doing things differently.
**********