wrap questions..

[jomik]

hi 1.i am thinking about buying a wrap pack and was wondering how worthwhile the pack is.
2.can i wrap a property with little deposit or do i need 10-20%
3.i currently lease out a property for 170 per week. most of the equity is used as i have mortage insurance...i am told that i can have it revalued in 6-12mths.
thanks for any suggestions,

john

 

[Aceyducey]

We have the Rick Otton wrap pack & it is quite good.

Make sure you are prepared to proceed however - do all your due diligence first!

While technically you can use the wrappee's money to cover deposit (if youfind wrappees first rather than buy the houses first) it is safer if you have some cash available in case a wrappee renegs (perhaps for legit reasons) and you are trapped in the house purchase.

Cheers,

Aceyducey

 

[geoffw]

Originally posted by jomik
i am told that i can have it revalued in 6-12mths.
thanks for any suggestions

jomik,

That will depend on your market. Some people are expecting a levelling off in that time. Keep a close eye on comparable values, and only pay for a reval if you see those other properties rise.

 

[Jamie]

The Wrap Pack Acey was referring to is for sale on ebay:

http://cgi.ebay.com.au/ws/eBayISAPI.dll?ViewItem&item=3563139199&category=32600

Not sure how much they retail for (around 3k?) but the bidding on this one starts at $300.

Might be useful for someone.

Jamie.

 

[D.T.]

Hi Jamie,

you live on that site or something? You always seem to find cool things on it

-Cheers

Dave

 

[ecab54]

re-ask original question

hi 1.i am thinking about buying a wrap pack and was wondering how worthwhile the pack is.
2.can i wrap a property with little deposit or do i need 10-20%
3.i currently lease out a property for 170 per week. most of the equity is used as i have mortage insurance...i am told that i can have it revalued in 6-12mths.
thanks for any suggestions,

john

hi, this is my first post here and I wanted to ask the same question as John. I've read through this thread and I cant really see an answer.

When I purchase the wrap pack, how much cash and/or equity do I need to "get wrapping"?

Thanks

 

[Rolf Latham]

Hiya

It would depend on where you are buying, and your current lending exposure, AND if you are going to be truthful in telling the lender what the funds are being used for.

I dont know of any mortgage insurer that will cover installment contract sales knowingly, so Id say a 20 % deposit + 6 % costs minus the contribution from the wrappee.

Ta

rolf