Images of Canberra - As seen in Calwell

I saw an older model car driving along Northbourne Avenue on Saturday morning with one of these signs (and yes it was cardboard too) stuck to it’s window.

Dodgy Brothers!!

pink little birdie said :

or it’s a wrap morgage.. like in the 0-130 houses in 3.5 years. or maybe I think that cos I just read that book… 🙂

Buying 130 houses isn’t actually that hard when you can get 10% yield, like Steve McKnight did in country Victoria during the late ’90s.

He wasn’t wrapping them, either.

Reminds me of when I was an apprentice, driving along my tradie has screeched to a stop jumped out of the van and ripped down a sign that was nailed to a tree. He gets back in and says

“Anyone who reckons they can paint a roof for 500 bucks is a fuckin thief”

re: #7 – $1200/wk is significantly more than you’d pay on a mortgage for such a house.

It’s old-fashioned hire purchase – you don’t have any equity until you have made the last payment. If you fall behind in payments they can repossess, and you end up with nothing. Usually the total purchase price is way above what you would pay with a conventional loan, as well.

These schemes are aimed at financially unsophisticated punters who even fringe lenders won’t touch. I think it’s legal, though, because the punter signs a contract which states all of the above. Very nasty.

Not a bad deal for a pair of trousers and a smallish pair of shoes

or it’s a wrap morgage.. like in the 0-130 houses in 3.5 years. or maybe I think that cos I just read that book… 🙂

It’s a bit like hire purchase or a car lease.
You pay rent on the signpost for ten years, then after a final payout figure, you own it.

I’ve seen these around town too.. Seems really dodgey, here is a link I found on Gumtree using the same mobile number

“http://canberra.gumtree.com.au/c-Unit-House-Real-Estate-house-unit-apartment-rental-house-rent-to-own-own-your-own-home-while-renting-W0QQAdIdZ237122537”

Date Listed 20/10/2010
Price Please contact
Address Flynn ACT 2615, Australia
Available 20/11/2010
Parking Covered

Rent to buy
3 bedroom house with 2 bathrooms + 2 car space car port
+
1 self contained unit in backyard with kitchen bedroom and bathroom + own driveway and side access

950m2 block with approvals for extension to front of home

$1200 per week with a proportion coming off the final purchase price of the home at the end of a max 24 month lease. Low deposit. no bank required

Can take you through home 1st week of november for now you can drive past and see if you are interested.