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From: Steve Gilmore
Hi everyone. Just wanted to put a quick note to say that we are making the wrap technique for cashflow work here in Perth WA.
We have buy and holds and wraps are a great way to show serviceability to banks, as 100% of the income is taken into account.
There sure was a lot of red tape and misinformation in the media about it, but once the paperwork is done, its plain sailing!
My friend Craig and I did 5 of them in 4 weeks once we had set things up.
The figures for two of them are:
1. Our price $75,950, buyers price $90,550. Our weekly repayments are $122, theirs are $185. We sold it an hour after we settled. So weekly cashflow of $63 and $68,200 over the life of the loan.
2. Our price $83,458 theirs $99,500. Our weekly repayments $134, theirs $191 so $57 per week and $$62,700 over the life of the loan.
The other 3 fit in between these figures.
They work well, with no maintenance, management or hassles, so you can get on with the business of acquiring growth assets.
We are happy to help anyone who wants to try this technique.
Good luck property investors!
Steve Gilmore
Hi everyone. Just wanted to put a quick note to say that we are making the wrap technique for cashflow work here in Perth WA.
We have buy and holds and wraps are a great way to show serviceability to banks, as 100% of the income is taken into account.
There sure was a lot of red tape and misinformation in the media about it, but once the paperwork is done, its plain sailing!
My friend Craig and I did 5 of them in 4 weeks once we had set things up.
The figures for two of them are:
1. Our price $75,950, buyers price $90,550. Our weekly repayments are $122, theirs are $185. We sold it an hour after we settled. So weekly cashflow of $63 and $68,200 over the life of the loan.
2. Our price $83,458 theirs $99,500. Our weekly repayments $134, theirs $191 so $57 per week and $$62,700 over the life of the loan.
The other 3 fit in between these figures.
They work well, with no maintenance, management or hassles, so you can get on with the business of acquiring growth assets.
We are happy to help anyone who wants to try this technique.
Good luck property investors!
Steve Gilmore
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