All Topics / The Treasure Chest / New member learning Wrap’s

Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of Paul_3Paul_3
    Member
    @paul_3
    Join Date: 2002
    Post Count: 8
    December 4, 2002 - 6:51 am

    Hi I’m a new member and live in Perth.
    Is there any members in Perth that would like to share some information on Wraps.

    Thanks
    Paul

    Profile photo of Brett_2Brett_2
    Participant
    @brett_2
    Join Date: 2002
    Post Count: 47
    December 4, 2002 - 7:16 am

    Hi Paul

    I’m also in Perth. The best starting point I can give you for learning about ‘Wraps’ is https://www.propertyinvesting.com/files/content.asp?cid=wrapintro

    Steve goes through the process in a very easy and understandable manner. Wraps are one of the many different strategies which you can use when it comes to positvely geared properties. If you have any further questions after taking a look at the above URL there are plenty of people here who would be happy to help you. [:)]

    Regards,
    Brett

    Profile photo of Bruce_4Bruce_4
    Participant
    @bruce_4
    Join Date: 2002
    Post Count: 13
    December 4, 2002 - 12:09 pm

    Hi Brett

    I am also from Perth.

    I did a lot of research into vendor financing and even spoke to a property lawyer who send it can’t be done with WA’s Consumer Credit laws. Have you been able to get around this problem?

    Regards

    Bruce

    Profile photo of Brett_2Brett_2
    Participant
    @brett_2
    Join Date: 2002
    Post Count: 47
    December 4, 2002 - 12:53 pm

    Hi Bruce

    I’m still in the process of doing my research but the question of wrapping in WA was raised in a previous thread in this forum, regarding wether or not you needed a Credit Provider’s License to do it..

    quote:

    Your exact question was raised in the first WA Vendor Finance Association Meeting held last week.

    The answer is ambiguous in that the govt department that issues the Credit Providers License advises that a license is only required if “you are carrying on a business”. They give no real definition of carrying on a business, however I guess if you have formed a company, trust or put more than 1 WRAP together you would be probably seen as carrying on a business.

    For your info, there were a couple of people at the meeting who had applied for, and and received the license who said that it was a process that takes about 2-3 months.

    I guess the thing you have to remember is that you shouldn’t let a hurdle like this stand between you and your dreams!

    The complete thread can be found here: https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=342

    Hope this helps [:)]

    Regards,
    Brett

    Profile photo of ADAD
    Participant
    @ad
    Join Date: 2002
    Post Count: 636
    December 4, 2002 - 11:58 pm

    Hey guys,
    I am not in Perth but I know Rick Otton was over there recently and was talking to Govt. etc about possibillity to Wrap in your lovely state. You may want to track him down and or contact him through the vendor finance association.
    http://www.financewraps.asn.au
    Hope this helps.
    Enjoy
    AD [:0)]

    A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
    -Sydney Smith

    Profile photo of Dave_4Dave_4
    Member
    @dave_4
    Join Date: 2002
    Post Count: 8
    December 5, 2002 - 2:52 am

    Hi all,
    I too am also in Perth and would like to talk with like minded people regarding wraps and property investing. Any discussions on any topic would be great.
    I went to Ricks talk about 3 weeks ago and he mentioned that the way to get around a credit license is to include the interest in the selling price. ie if you onsell to the purchaser for 130k then add say 15k for interest so sell at 145k and dont charge them interest for the loan. So you still collect the interest and avoid getting a license. However if you are in this game for the long-term just get a license for around $250 and accept the waiting period. Also if you try the above, get your lawyer to look it over.

    Profile photo of Paul_3Paul_3
    Member
    @paul_3
    Join Date: 2002
    Post Count: 8
    December 5, 2002 - 9:20 am

    Thanks everyone for your help on this topic,I have ordered the Wraps program from Steve and can’t wait to get it and learn.

    People have mention that there are other different strategies to find/make properties positvely geared.

    Could you let me no of the other strategies – wraps.

    I have a couple of propertys that are – geared and wish to get find out how to make/find those + geared ones.

    Paul

    Profile photo of viralkviralk
    Member
    @viralk
    Join Date: 2003
    Post Count: 65
    June 24, 2003 - 6:40 am

    Hi Paul, I was reading your comment on Wrap Pack from Steve. Did you bought that pack finally? Please help me to decide whether I should go for it?

    Thanks,

    Viral My personal email – [email protected]

Viewing 8 posts - 1 through 8 (of 8 total)

The topic ‘New member learning Wrap’s’ is closed to new replies.