All Topics / Hotch Potch / Wholesale LO in Adelaide

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  • Profile photo of family.manfamily.man
    Member
    @family.man
    Join Date: 2004
    Post Count: 12

    [blush2]Edit: Is there no one willing to do a deal?[cigar]

    Is anyone interested in providing wholesale LO in adelaide.

    Where I would maintain the loan when there is no tenant and I will onrent under my own LO.

    So in short, I sign a 5x year LO with you at a wholesale rate, and I then onsell the property at my own rates with my own LO.

    If you are interested please email me at [email protected]

    Profile photo of FFCommFFComm
    Member
    @ffcomm
    Join Date: 2004
    Post Count: 627

    I don’t know what you are trying to achieve here???

    Mainly because people who do wraps and LO want to be in control of the property. Already with a LO/Wrap there are three layers Bank->Wraper->Wrappe; You are suggesting Bank->Wraper->Wrappe->New Buyer. This means that if you do not pay the loan and we foreclose on you, what about the people who are LO the house off you???

    For me you are not giving any tangible benefit to the orignal wraper or LO writer. In fact you are increasing their problems if they have to take back a house.

    Lastly why would they give you a wholesale deal?? I understand that you will pay when their is no tenant, but if the wraper should be able to afford to keep the payments up (if they can’t then they shouldn’t be wrapping), and the problem with finding new buyers can usually be fixed with advertising…

    To much risk for not enough reward for me, but I would be interested in hearing about how you overcome these short commings.

    Rgds.
    Lucifer_au

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Hi

    I don’t really understand what you mean by ‘wholesale’. If you do as described how will the origianl owner make any money?

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of family.manfamily.man
    Member
    @family.man
    Join Date: 2004
    Post Count: 12

    The idea was the vendor (my vendor) would not need to source the house, or buyer.

    So it is a deal with no work.

    I would do all the work in finding the house, negotiating on it, finding tenants & securing a deal.

    So it gives you the vendor some cash for no work yes risk, but that is the business you are in.
    If you dont want risk then you should not be a VF.

    And gives me the ability to start a small portfolio of properties that I manage and I would get a 5x year LO with my wholesale vendor.

    Onsell on 2-5 yr lease options for a small profit.

    If for whatever reason I failed to meet requirments as a middle man then the LO I have reverts to my wholesaler.

    So there is a potential for us both to make money.
    And if the tenant defaults on me, then at least in 5x years if they dont buy I will have some equity in the property and can buy it from my vendor and continue my trade on the property.

    So I suppose I am asking for a vendor to assist me with starting some investment properties.

    I am not interested in the weekly cash flow, so my wholesale vendor can receive exactly what I get weekly so it can be cash flow positive for them.

    I am more interested in the small profit in 5x years, or if they do not buy then I will use the equity to buy on my LO.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    FM

    A sandwich lease option. Yes, it sounds very good if you could do it. It is a way to get into the market without much money.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of family.manfamily.man
    Member
    @family.man
    Join Date: 2004
    Post Count: 12

    Yes I certainly hope so.

    And it can be a three way win win deal.

    My vendor gets cash flow positive income with no work required.

    I get to start my portfolio and some income in 2-5years.

    My purchaser gets a home.

    I only hope there is a vendor willing to venture with me on this one.[baaa]

    Profile photo of family.manfamily.man
    Member
    @family.man
    Join Date: 2004
    Post Count: 12

    [blush2]
    Is there no one willing to discuss a deal?

    Surely you have some properties maybe you cant move or you perhaps are willing to let me source a bargain.
    [cigar]

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