wraps

[Lissy]

Reply: 4.1.1
From: Felicity W.


It's like everything in life, Michael, there are good apples and bad apples.
I have considered wrapping, although not presently, and I would like to think that every person I dealt with would have nothing but positive things to say about doing it. I'm with you, I can't see the point in having annoyed people turning up on current affairs programmes, it doesn't do you or anybody else any good.
Keep smiling
Felicity

 

[WebBoard]

Reply: 4.1.1.1
From: Kevin Forster



Recently on A Current Affair, they ran a story on landlords providing substandard rental accommodation. Did all tenants suddenly stop looking for accommodation due to the report? Not likely - just made them a bit more careful.

ACA has also ran a story on shonky builders but it hasn't stopped people building - just made them a bit more careful.

I think the moral, ethical and honest wrappers will always make money because people like dealing with that sort of business. The shonks are in every industry.

 

[yuch.]

Reply: 2.1.2.1
From: Yuch .


Ray,

As Michael suggested you can reinvest the profit for the year or alternatively you may want to get your wrappees to refinance with a bank so you realise your profit in a larger lump sum and invest the money in bigger deals.

Regards
yuchun
~ The secret to success is to start from scratch and keep on scratching. ~

 

[yuch.]

Reply: 4.2
From: Yuch .


Hi Felicity,

I am aware of the ACA comment last week and my wrappee actually called me up the next morning REAL early and told me that she is very concerned....

Well, this is not the first wrap horror story I've heard I must say. I've heard of quite a few in the past few months from my other wrappees and I know that some wrappers out there are not doing the right thing. Some try to lock their customers into the deal by getting their customers to sign a blank contract and all sort of other things they do to lock them in.

Anyway, I want to make sure that if there is any dispute in the future I will come out clean and this is why I insist on making the entire process transparent to my customers, so they know exactly what they are getting themselves into. Also I get my customers to seek INDEPENDENT legal advice before they give me a 'go' signal. And yes, I've lost a lot of deals this way, but I believe this is the way to do it.


Regards
yuchun
~ The secret to success is to start from scratch and keep on scratching. ~

 

[Jacque]

Reply: 4.2.1
From: Jacque Parker


I agree with yuchun- as long as you are ethical (in any business) there shouldn't be any problems. There are always going to be scam artists in every industry. What have you got to fear if you aren't one of them?

AS for the ACA programme, the buyers put a deposit down before they even saw the property! Not only would most people never do this but no wrapper I know would ever, ever even think of asking for a deposit sight unseen. The very thought of it is astounding! Let's be sure to be comparing apples with apples here, as I think has already been mentioned.

Vendor finance is far from new. It has been around for much longer than people think. Farmers had been using it for years to purchase properties that the banks wouldn't loan them money for. Builders use it for many of their house and land packages, for which they set the price (no agents selling here!). All this info has already been discussed on this site before, no doubt, but it's still all relevant. Nothing has really changed. Wraps will continue to be practised, as there is a market out there to be filled. Keep up the good work all you ethical wrappers! Cheers, Jacque