Hi there,
I've got about $8,500 saved up, which is proving to not go very far in the investment game. I'd read Steve's books and thought it all sounded great, but need to get started. Wrapping sounds like a good way to get started, but I'm wondering how you find a willin investor (I'm in QLD) to give you a go? Anyone's comments will be greatly appreciated.
Thanks – Jess
Hi Jess
Would you like to expand a little more on what you are after.
Are you wanting to become an wrapper and buy and home and onsell it to a potential buyer and collect the higher cash flow or other way round and am looking for someone to buy a house for you to live in and enter into a contract to buy it off them.
Richard Taylor | Australia's leading private lender
successfully wrapping a property will increase the marketability, so you may safely assume a capital appreciation in doing so. if planned out well and the execution is within as planned, forecasted, and budgeted, then it is safe to remodel the property. just make sure that the whole process takes within reasonable expectations. you may pre identify your potential buyers too by mapping out possible needs.
rick
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Hi Richard,
I was looking for the latter, to enter a contract to buy it off someone else.
Thanks – Jess
Hi Jess
That should be the easy bit.
Suprised no Qld investors on the forum havent jumped it yet to say Yes please.
Where are you looking and at what price range.
Richard Taylor | Australia's leading private lender
Hi again,
I'm on the Gold Coast, have a $8,500 deposit saved and can afford up to $250 per week. I don't really know where to look to find the investors. I tried the paper and online a little, thats why I thought I'd jump on here and give it a go!
Ok hate to say if you can afford $250 then that is going to give you around you around $155,000 of borrowing so not sure if you are going to get anything for that.
If you have clean credit and with FHOG can get upto 10% deposit then a shared equity loan might be more preferential than a wrap. Would give you a cheaper interest rate you could choice the property and only pay interest on 70% of the loan.
Credit underwriting is fairly hard so you would need good emploment and residency stability but not out of the question.
Richard Taylor | Australia's leading private lender
Too late for the FHOG – already used it! Looks like it'll be a while before I can get back in the game. It's very difficult for singles!
What does choice the property mean?
Means they will buy and wrap a property you like rather than you have to buy one of an investor because he / she has it for sale and maybe not where you would like to live.
Richard Taylor | Australia's leading private lender
Hi All
Guys, if you're serious about wanting to purchase a property using vendor finance do a bit of Math and work out what the payments would be on the kind of house you're after, before hunting around looking for someone to sell you a house for payments that just aren't going to be feasible.
The same goes for Rent-buys.
The fact is that in most situations the seller is going to want payments that are around what you'd pay if you got a low-doc loan through a bank. So we're looking at 8% plus at the moment. So even if you can find a place for around 300K, the payments would have to be around $500pw at least.
Have a think about what's in it for the seller/investor. If there's nothing in it for them, well it's just not going to happen.
Hope this helps,
Andrew
What areas of qld are you willing to live in it's a big place…
Jess,
Where are you looking to buy with Vendor Finance. I just happen to be setting up a vendor finance sale for a 2 storey, three bedroom town house in Mermaid Waters on the Gold Coast.
If this is the area you are looking for please contact me and maybe I can be of assistance.
Walter Gordon
0409-391-228
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