Hi everyone,
I have just read Steve McNights book on 0-130
Properties, fascinating.Its a logical concept that only makes sense and I wish i had discovered this at birth.
I have taken a practical approach to the suggestions that are detailed in the book ie. selecting the properties using the “11 second solution” and looking at properties on the internet and through realestate agents.
One thing that I am struggling with is the concept of the whole wrap idea (I am a laymen).
Our goal is to generate passive income and so that I can spend more time with my partner and also with my parents (I work away).
What I would like to ask is :
1. If we are only interested in generating a passive income (long term) is wrapping required?
2. If I am struggling with the concept is it good to have a solicitor on hand to do the wrapping (if you know what I mean)?
Any info/help/suggestions will be greatly apprecaited appreciated.[biggrin]
Wrapping is not required and a solicitor is always good to have. You should speak with Richard. I am sure he will make an appearance here shortly.
TMA
http://www.email4money.info
Investor Links
First Home Buyer WebsiteThanks TMA
Wrapping is a business, rather than passive income. It can generate a lot of cashflow but requires effort and dedication, plus appropriate market conditions.
All real estate transactions involve a lot of money. A good lawyer and a good accountant are essential team members.
Thanks for the info.
I have found two properties (30K with owner committing to a 12 month rental lease of $100p/w) I am going to offer 25-28K (priced at 30K) and another on sale for 60K with long term tenants at $140 p/w I will offer 50k.
As these are in a good location I dont see an immediate reasont sell esp when i want to generate passive income.
I was concerned at the wrapping side of things due to not fully understanding the process….maybe further down the track.
thankyou once again
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