Recent content by carswell

We Buy Houses I have purchased Rick Otton's wrap pack as well, I have completed one wrap and am in the mid of doing my second one. This type of investment provides you with good cashflow, you really have to try and make it as affordable as possible and have the wrappee's best interest at heart...

Thanks guys, I am really in a rut at the moment, the market up here in Cairns is really starting to move, some house have gone up 25K-35K in 3 months, which is unheard of up here. Because real estate investing is a passion of mine I want to start taking advantage of this market. I just do...

Hi all I just want to run a reno scenaro by everyone. I have found a 2 bedroom brick house in a good suburb that went to auction and got past in at $110K, the reserve was $145K. I have offered 122.5K which has been countered by the vendor at 140K. Now what I intend doing to this house...

Mark, Thanks for your reply. Does this mean if I purchase a house that was built in 1989 I can only claim 3 years depreciation on the existing building? Matt

Hi all, Just have a question on depreciation. Can you claim depreciation if you purchase a property that was built pre 1986? I have tried looking for this info on the ATO web site but could not find anything stating this. Your comments would be much appreciated. Regards, Matt...

Kylie, Is Steve McKnights system, where you find the buyer first and then they chooses the property but they pay a percentage mark up on what ever the property costs you? Or do you find the house first then the buyer? Matt

Thanks everyone for your comments. I suppose it is a liitle daunting at the start, but once I have my system in place it will become a lot easier. It is just a matter of developing a system. Once again, thanks. Regards, Matt

Sorry Paul & kylie, I should have given you a little more info. The method I was taught was from Rick Otton and I know Rick's stratergy is to buy the house first then find the buyer. The reason I have gone the other way, is I did not want the house sitting for months while I was trying to...

I am currently in the process of doing my first wrap (Terms contract), I have found my buyer, screened him and have gone through the contract. We are almost at the stage of him looking for the property. He has agreed to pay listed price plus my costs, so in the contract is it better to put...

If a caveat protects the wrapee from the wraper selling the house, does this mean if they default it makes it harder for me to move in and sell the house and does it make it harder to evict the wrapee if they default? Matt

Hi Michaelg, I have inform the bank that I am doing a wrap. What these people are afraid of, is they are paying this money into my account and I am drawing this money back out and spending it instead of puting it towards my mortgage then the bank can sell the house on them. Someone...

Hi all, I was talking with this couple today that are looking to buy a wrap property off me and a struggled to answer one of his questions. The question was what if he makes the payments to me but I am not paying my payments on my mortgage, can the bank come in and sell the property from...

Hi all, I have read the article and actually sent an email back to him telling him that he was generalising and focusing on a very small group of wrappers out their, who are giving the majority of wrappers a bad name. Michael Gruber, I am a Vendor Finance Association member and follow the...

Aceyducey, My goal is to only be working part time in 18 months time and investing the rest of the time. At present where I live, property prices have jumped a bit so maybe there is not a lot of cashflow positive properties around, so should I concentrate on buying a house with good...

Hi all, I am thinking of quiting my job and going into renovating houses as a full time thing. I am a fairly handy person, able to paint, tile, Gyprock, build timber decking and also landscape. So my question is it possible to earn enough money out of doing reno's to quit my fulltime job...