Hi all,
Given that I am new to the forum not to mention wrapping, I was wondering what is generally done with the deposit that is received from the buyer.
Is it wiser to put back into the initial motgage of the property or use it to finance other property purchases.Kita
Hi Kita,
Thanks for your post and welcome to the Property Investing.Com community.
Re: your question about wrapping…
You can do either, but I have used it to fuel the cash needed on other deals. This allows you to finance the deposit for property #2 from the wrap deposit received from property #1 and generally fast track your property investing empire.
Hope to see more posts from you again soon.
Bye
Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Kita,
And welcome to the forum… i’m sure you’ll find it brimming with useful topics!!!I too am new to wraps, however my educational journey is well under way, having studied Steves wrap secrets revealed(highly recommended) and spending many hours sourcing info from all over the place!!
So i’ll have a crack at answering your question!!(bearing in mind, all that ANY of us can offer is our own OPINION, and remember that an opinion is merely one of a thousand ways of thinking about any given subject!)
That said, i believe that the deposit is generally collected and held as a part of the year one cash on cash return, so as you can use it in financing your next deal.
If you find it easy to save huge amounts of money in short periods of time, or you use other investment strategies to raise “quick cash” then there are certainly advantages to paying down your loan against the property.
So i guess the nearest to true answer to your question is, that you have to assess which pathway leads you to your goals, with consideration given to how you are positioned today!
Hope this has been of some use to you…Kind Regards
Michael…
“A failure is a person who has blundered but is not capable of cashing in on the experience.”
-Elbert Hubbardwell you obviuosly tap faster than i do Steve! There were no replies when i started typing and by the time i’d finished there was yours!!!
Good to read your post and see that “grasshoppers” understanding of the “masters” work is on track…Many thanks Steve for the big helping hand towards financial freedom!
Your WSR is great, maybe a step by step flowchart or checklist of things to do from start to finish would be a great addition to the WSR Purchasers Library!?! (for quick reference at any stage!)Kind Regards,
Michael Long…
“A failure is a person who has blundered but is not capable of cashing in on the experience.”
-Elbert HubbardHi Michael,
As I type this I am doing the editing to the soundtrack from the Australian Property Investors Melbourne seminar.
I’m up to my review of Wraps (Session 10) where I go over my 17 point system for wrapping. This is available to WSR purchasers in the upgrade area (Wrap-ersise).
As for a flowchart… I have something that I can put together and upload into the upgrade area… I’ll try to do it next week when I’m back in the office.
Finally, thank-you for your contribution to the forum – it’s great to see other people lending a helping hand and learning from the experience too.
Have a wonderful day.
Bye
Steve McKnight [
]Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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