Wrap packs

[h8dk97]

Dear All,

I am currently doing my research on wraps. Could people who purchased either Rick Otton's or Steve McKnight's wrap pack let me know if it is worth the money. Are there any alternatives i.e. would that be better perhaps to attend a seminar, or are there any books etc?

Please PM me with your opinion on the above wrap packs.

Thank you.

[PT_Bear]

I can't do a comparison as I've only got the Rick Otten pack, but if you're seriously thinking of wrapping, then I believe that it would be worth your while investing in the education.

Wrapping can be a tricky business and there are a lot of pitfalls. Having a decent education about wraps up front could save you a lot of money in the future.

[asy]

Hi h8...

I did a comparison between these two wrap packs in an earlier post, about 4 weeks ago... I think...

When I get a chance I will look for it and add the link here...

in the mean time, see if a search finds it, and if it doesn't answer your question, let me know and I will try to answer it better :)


asy :D

[h8dk97]

Originally posted by asy
Hi h8...

I did a comparison between these two wrap packs in an earlier post, about 4 weeks ago... I think...

When I get a chance I will look for it and add the link here...

in the mean time, see if a search finds it, and if it doesn't answer your question, let me know and I will try to answer it better :o)


asy :D

Hi asy,
Thanks for your reply.
I have read the post you are referring to but I would like more feedback from people who actually bought a wrap pack and are using it.

[Jacque]

Jerry,

I have both packs and recently came very close to finalizing on a wrap but client pulled out and I haven't been back since. Country town I was targeting is just too far away to make it economical for me - perhaps if I lived in Brisbane or Adelaide, I would be further along. I also became a bit too emotive about the whole thing..... (long story)

Both packs are different- SM's aims for cashflow over a long period, whilst Rick's relies on refinancing clients out after a couple of years, to obtain your profit faster. Both are sound methods, just different. Both have worked for Steve and Rick, and so it comes down to a matter of personal taste, I suppose.

If anyone is interested in buying a second hand SM kit, I have one for sale :)

[h8dk97]

Originally posted by Jacque
Jerry,

I have both packs and recently came very close to finalizing on a wrap but client pulled out and I haven't been back since. Country town I was targeting is just too far away to make it economical for me - perhaps if I lived in Brisbane or Adelaide, I would be further along. I also became a bit too emotive about the whole thing..... (long story)

Both packs are different- SM's aims for cashflow over a long period, whilst Rick's relies on refinancing clients out after a couple of years, to obtain your profit faster. Both are sound methods, just different. Both have worked for Steve and Rick, and so it comes down to a matter of personal taste, I suppose.

If anyone is interested in buying a second hand SM kit, I have one for sale :)

Hi Jacque,
Please PM me with your price.
Would you also consider selling RO pack?
Thank you.

[Bear924]

Jacque wrote:

I have both packs and recently came very close to finalizing on a wrap but client pulled out and I haven't been back since. Country town I was targeting is just too far away to make it economical for me - perhaps if I lived in Brisbane or Adelaide, I would be further along. I also became a bit too emotive about the whole thing..... (long story)

Bear924 wrote:

I am also researching wrapping in a small town and was wondering what qualities you were attracted to in your selected town. Have you had trouble finding people to wrap to? That is currently my largest concern.

[Jacque]

Hi Bear924!

With selecting, I aimed for big towns (at least 10,000 due to lending criteria) with more than one industry supporting them. I also ensured that the prices were right!
Once you begin buying properties over $100K the repayments can become unattainable to the market you are targeting.
For eg, if I buy a $100K house and wrap it for $120K then repayments would be around $195 a week to the wrappee (based on a 25 yr P & I loan of $110,000 for 25 yrs @ 8%) You also need to add on costs for insurance and rates, which came to around an extra $30 in my particular area. This means that the wrappee has to be able to comfortably afford $225 a week.

Keep in mind that most ppl you are targeting are currently renting so you need to take into account what rent they are paying. If it's $200-$225 a week (for this example) then you're ok. If it's a lot less, however, then they may not be happy taking on a house which is far less desirable than their rental, and for more money.

In the end, a lot of it has to do with sales and how good a salesman/woman you are! Wraps are proving profitable for many ppl. You just have to be the right type of person to do this business!

[Bear924]

Thanks for your reply Jacque, it is great to have people to bounce ideas off.

[clk0]

If anyone wants Steve McKnight's Wrap kit - I am willing to part. Please email direct at jas@bigpond.net.au - thanks

Jas