All Topics / Creative Investing / calling all wrappers

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225

    Is anyone successfully wrapping houses in the
    $ 350 K + market ?

    Am very anxious to know whether I am wasting my time looking at that price range or whether I should go further out and look at $ 175 – $ 200 K range dwellings.

    Thanks,

    Pisces

    Profile photo of pelicanpelican
    Member
    @pelican
    Join Date: 2003
    Post Count: 454

    Pisces,

    Fellow wrap friend of mine in Sydney is doing 700k wraps…. It’s more specialised obviously, but, yes it is possible AND happening…

    Cheers

    Scott

    Pelican Investments
    http://www.pelican-invest.com

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

    Thanks Scott.

    Pisces

    Profile photo of aaron12aaron12
    Participant
    @aaron12
    Join Date: 2003
    Post Count: 8

    The typical profile is someone who can afford it, and don’t qualify for a bank loan, and don’t have the deposit or savings history, self-employed, etc. I’d be interested to know the demographics of how many wraps take place a which price, i.e. whether first home buyers, self-employed, salaried, and affordability, etc. I guess this sort of research would help with deciding whether to do it. [cap]

    Profile photo of wrappackwrappack
    Member
    @wrappack
    Join Date: 2003
    Post Count: 182

    Mmmmm. 700k at say 8.5% pa. Interest would be $59500 per year. Allowing 40% of income going towards house costs, income required to service=$148750. So how many people earn (legally) about 150k?

    Profile photo of kay henrykay henry
    Member
    @kay-henry
    Join Date: 2003
    Post Count: 2,737

    Pisces,

    Getting, also putting a 20% premium on the house (so that makes it not 350k, but 420k), I doubt in a flattening market, you’d find anyone to do it. I really thiunk if they had enough money for a deposit and the premium, they’d probably find other ways to finance than wrapping, no matter how bad their credit record was.

    kay henry

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

    I know various people wrapping in Sydney over the $300K mark. The highest I have seen was a $450,000 property and from what I hear, it is still going well.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

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

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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

    Guys, I’ve got five or six houses which can be wrapped. I do not own them nor do I control them.

    I advertised in a local paper (which covers a big area). I had a grand total of two replies, one from a pensioner whose income is about $ 245 a week whilst the rent to buy payment is about $ 280 per week.

    Judging by the questions the second caller I am sure was another wrapper fishing around.

    A different local paper also produced two replies (both again not suitable prospects).

    It looks like even the ‘unable to get a loan’ people are sitting on the fence. [wink]

    Yeh, I know, I also should have put up posters and done a letter drop.

    Perhaps I am too impatient (as well as lazy).

    Pisces

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

    BTW Mr Moderator, this section (or, perhaps, thread) doesn’t appear to have a facility ‘to subscribe’ to the thread !!??

    Pisces

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