All Topics / Hotch Potch / Where to go from here.

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of waz11waz11
    Member
    @waz11
    Join Date: 2004
    Post Count: 35

    Hi guys,

    I have a Wrappee, and I have the ability to do a Wrap with this person. I would love to be able to go ahead with it but I do not really want to purchase a 2 – 3k Wrap pack. What I want to know is are there people out there that will fully understand the legal implications and be able to assist myself with my first Wrap, at a fee of course.

    Could any property focused lawyer assist with this? Would I need to speak to a specific company that mainly deals with this type of thing?

    Or otherwise, is it something that after doing a bit more reading I would be able to do without the assistance of anyone else?

    Any replies would be appreciated.

    Waz11

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

    What state are you in?

    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 waz11waz11
    Member
    @waz11
    Join Date: 2004
    Post Count: 35

    Sorry.
    I am in NSW.

    waz11

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225

    Waz11, I suggest you go and see a solicitor who is familiar with wrap contracts.

    One such person is Mr Cordat who, I think, trades as Cordato Partners and who has an office in Barrack st, Sydney.

    I understand that he has prepared contracts for several of the big wrapping boys.

    If you go and see him with the details he will prepare a suitable contract for you.

    Make sure you ask beforehand what the costs are if he were to act for you.

    I would be very hesitant using a solicitor who doesn’t know the first thing about wrapping unless of course you can supply him with a sample contract.

    Pisces

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    Hi Waz

    I know you say you don’t want to spend the money on a wrap pack but I’d suggest you have a re-think about short changing your education on this business.

    We use Tony Cordato as the lawyer for our business but ultimately we would have had to spend a lot more than 2k to 3k to get the same amount of information from Tony as we got from the wrap pack (as with all lawyers, Tony’s time is expensive).

    There are also many many areas covered in the wrap pack (either Steve’s or Rick’s) that a lawyer just wouldn’t know about, i.e. the day to day running of the business and the pitfalls for newbies to be aware of.

    And anyway, you’ll get more than the cost of the pack back in your first deal.

    I hope this helps.

    Cheers, Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225

    I have no idea what exactly is contained in the wrappack (Steve hasn’t given me one yet so I really am not in a position to recommend it as yet [cap] ).

    If what you are referring to relates to keeping track of the rent (or ‘occupation fee’ if that’s what you like to call it), I cannot quite see that using accountancy software is required at this stage (unless one has quite a number of properties to keep track off).

    If it relates to issuing notices to the occupier
    it is (in my opinion) better to let a solicitor handle that.

    At least when someone receives a letter from a solicitor they are more likely to take a lot more serious notice of it.

    Pisces

Viewing 6 posts - 1 through 6 (of 6 total)

The topic ‘Where to go from here.’ is closed to new replies.