Wrapping - We need more info Steve

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From: Ian Douglas


Steve McKnight
- Saw you on ACA.
I know what you do is good stuff- well done.
What about us uneducated few who,( who mind you are learning more every day) really want to do residential/IP wraps, but can't find the legal paperwork, or all the forms, documents agreements etc.
If you are serious about helping, how about sending me an email with all the legal documents so I can start doing what you are doing !
I'm bursting about making as many income streams as possible into my life and this will be another one.
I'm looking forward to hearing back from you.
If any one else want the same info hook onto this messege with your email so Steve can send it to you also.
Come on steve show us how you dot the i's and cross the t's legally so we can do it too!
THANKS
IAN
 
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Anonymous

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Reply: 1
From: Anonymous


You should have gone to his seminar!
 
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Reply: 2
From: Mike .


Hi Ian,

I think Steve may be a tad busy to chase you. I suggest you e-mail him at:
Steve McKnight
E-mail Address(es):
stevemcknight@bigpond.com

Ask him to put you on his mailing list. His newsletters are a good read. For more detailed info, fly to Melbourne for the next seminar.

Regards, Mike

PS: I thought the ACA story on Steve showed him in a positive light. The same can't be said for those tax-dodging lawyers and barristers in the first story. Good stuff, Steve.
 
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Reply: 3
From: Michael G


Hi there,

I went to Steve's course and I've read some material on the theory of wraps etc. here's some tips. Note most knowledge is theory, and I'm still working on doing my first wrap, but here goes...

1) Decide where you want to wrap. Steve's market are places where the loan repayments are lower than rent, this in theory are properties less than about $50k. This makes it attractive for people to buy their own home.

2) Your state will determine you contracts. Steve works in Victoria, so his contracts will only work there. You can contact Steve's lawyer at www.freelayer.com Tony Cordato is the guy for NSW, and I'm sure someone here can point you to a Solicitor in QLD or some other state. Think of a contract like a gun, given to the wrong person, it can do alot of harm, but if trained and educated property, it can be used safely. Hence the reason for the need to draw up your own contract, some hints...

- its a normal Contact of Land Sale with clauses
- you specify the payment schedule
- you specify how insurance is handled
- you specify the foreclosure or contract termination process

3) Obtaining the $7K grant like Steve does requires a personal ruling from the State Revenue Dept. You have to put forward a case of what you're doing and how it benefits the buyers. Think about what you're doing (real carefully)

4) Advertising is best done via classified ads, I used Brad Sugars "Cash, Customers and Ads that Sell" to learn how to write ads, go to a book store and look for books about writing classifieds. Steve does had an ad pack for about $50, with a couple of samples, but I think a back issue of his FREE newsletter has a sample as well.

5) The process is;

- research an area
- advertise, build up a buyers database, be straight up, tell them what you do
- either find a house for them, or have them find their own house (if they find their own house, make sure its generic enough to resell easily)
- get finance, a normal PI loan, work with a broker who understands the process "Hunter Access Finance" in Newcastle/NSW does. Many of the major banks are now shying away from the process, though you may get a manager who is not totally aware and may approve your loan. Make sure you disclose everything, you don't wan't the deal unravelling on you.
- secure the house with deposit/bond
- contact the buyer explain upfront your purchase price/repayments and their buying price/repayments (some consumer protection laws require full disclosure, so you might as well comply, besides being honest is the best protection, even ACA can't hurt you when this is done, just like Steve)
buy the house, with a regular PI loan
- contact the buyer, arrange inspections
- draw up with contract of sale, have them complete a First Home Grant form with your bank account on the form
- complete the transaction
- arrange a dirct debit system to pay for payments
- use an internet bank to check deposits into your account
- use a mortgage checking package from Harvey Normal or something to print 6mthly/annual statements (cost $50 approx)

There ya go!
Michael

Disclaimer: Note this is just a mutual exchange of investment information. In no way is it a source of professional advice or consultation. It is recommended that you seek an authorised Financial Planner, Accountant or Broker before making any investment decision.
 
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Reply: 3.1
From: John Cerini


Steve's wrapping seminars, can anybody tell me how to contact him for the next seminar details, hope someone can help. John
cerini@unite
 
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Sim

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Reply: 3.1.1
From: Sim' Hampel


Try: stevemcknight@bigpond.com

 
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Reply: 4
From: Anonymous


Ian,

There is no such thing as a free lunch, I would be surprised it Steve sends you the legal work via email for nothing.

All it is is a piece of paper Ian, you will need to know how to use and when.

Get an education in it and find a good professional team such as solicitors, accountant and real estate agents that will provide you with the professional advice you require to make your income streams a success.
 
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