Does anyone have any info on where an investor (wrappee) uses a wrap as an investment? I mean they do the wrap with the vendor and then use the property to negative gear (ie: they rent it out). This situation exists where the investor can not get any funds from anywhere else.
Any ideas?
Hello there…..
I guess it could be possible, but would depend on the Wrappers contract with the wrappee…… if they allowed that….
Nothing to stop them if it was not specifically mentioned in writing…..
I have considered this. It is a way of getting unlimited finance – if you can service the higher repayments.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I am just about to buy 2.25 Mill worth of property in Sydney under this structure. Just wanted to make sure. No problems meeting the shortfall. Just was mainly concerned with ATO allowing deductions on properties not in the investors name.
Wrap Attack
With such a grand plan I think you should definately seek very good legal & accounting advice before you commit yourself to it.
Good luck, keep us posted on your progress.
Cheers
Leigh K[biggrin]That is the main problem. Can’t find good help! Solicitor is on holiday until August and my accountant is not the best.
Find a better accountant.
Bruce Whiting from http://www.mintgroup.com.au knows about Wraps – he’s John Burley’s Aust accountant….
Cheers
MelThanks.. will check them out.
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