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Wrapping a property is a simple concept that can create passive income for you and will give the purchaser a chance to buy a property which would have otherwise been out of reach at that time. However, there are a few things you must know before you jump in and trip up on some of the technicalities.
So what exactly is a wrap?...A wrap is when you then vendor of a property becomes more like a financier and less of a traditional landlord. The party interested in purchasing the property becomes responsible for everything the landlord normally takes care of, such as rates, maintenance, etc.
Wraps are generally suited to people who cannot get financing from the bank at that exact point in time, but will be able to acquire a loan in the near future. It is here that you become the bank. You offer them the property as if they were renting, however they rent money they pay you comes off their agreed purchase price. After a year or so when they qualify for a bank loan, they simply pay off the amount owing to you. This ensures that they will take good care of the property and at the same time, you have been getting passive income because the rent they were paying was more than that which you had to pay off your loan from the bank.
Property wrapping creates a win - win situation for both parties involved, so it is a good choice if ever the situation arrises where the buyer cannot get finance immediately. You walk away with a sum of money greater than what you put in, and they walk away with a property which they wouldn't have otherwise been able to afford.
For further information on this investing technique and many others, please visit me on www.propertyprecision.com/wraps.htm
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A house properly priced is half sold. But there are plenty of ways to price it improperly.
How to Build a Real Estate Investing Power Team
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The Best Way To Get Real Estate Listings
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Creative Real Estate Investing
With a job that paid $3.40 an hour, I saved $5,000.
Finding, Fixing, Financing, and Flipping - The Short Course
Most people get involved in Real Estate investing to make money.Pretty self-evident - or, is it?What would you say if I told you that everything you have been taught about Real Estate investing and making money "rehabbing" your real estate investments is wrong?Well, at least, much of it!Let's take a look at something that all too many people don't think about in their real estate investing - something that seems to be a secret formula to bringing in the most cash from your real estate investments.
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In our fast paced and frantic real estate market, buying a home takes quick action and strong representation. Some buyers decide to involve several agents in their search for a home, assuming that there is strength in numbers.
How to Buy a Home When Your in Your Twenties
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