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Charlie123. Do not be dismayed ! What you are suggesting is more than viable and essentially simpler that you think.Although do not underestimate the attention to detail that is required.
1. You first step is to get agree ance with the buyer, with what you want to achieve – who gets what and when
2. Then you go to an experienced vendor Finance Lawyer IN YOUR STATE and get them to draw up the paperwork to protect both your self and the seller.
I believe you can go to the Vendor Finance Association website and ask who the lawyer for your State that is associated with them (www.vendorfinance.asn.au)
People are more agreeable than you think , as long as you consider their needs and concerns as well as your own.
Hi Mgs4 , as an investment strategy if you are i/e selling houses to Investors on a Terms Contracts then you most defiantly need a credit License. The paperwork you set up (-the Installment Contract) would need to be in your name, that is your protection. ASIC is definate in their view that the person on the paperwork is the one that has to hold the License if they are doing this 'in the course of a business'
I am a seasoned property investor in Victoria and bought many properties through agents. I have NEVER paid more that $1000 as the deposit. If the agent does not like my offer, thats ok i will move onto the next house
Hello Sheree
Take it for what it's worth but I believe it's best to be open about affiliate links, e.g. webuyhouses.infusionsoft.com/go/booktour/shereeb A short declaration that it's an affiliate link helps credibility.
Regarding the book in question, it does give a broad overview of the various VF techniques. However what I found disappointing was there was one short reference to the NCCP Act 2009 and no mention of any required licensing.
If you dont want to pay for your education then the next best option is to do a Joint Venture with someone who knows how and split the profits.On a 'standard' Vendor finance deal you provide the property, they provide the skill you would possibly make about $30- $40K each.You would learn something along the way then you could move on and do the next property on your own. This is more a learn as you go process.
We did our first Vendor Finance deal in 1996 and have been using it successfully ever since. It is a great way to get into a home if you do not qualify for a bank loan yet. It is also an incredibly effective way to start or more importantly accelerate your Property Investing. Like anything it is about doing your due diligence on who you go into a business transaction with.
Is is probably a good idea to stop listening to people like Neil who heard of a bad experience once …. If you knew a friend once who bought a car that was a lemon would you never buy another car or would you do a little more homework next time.
There are many people who do Vendor Finance with integrity and good business practices that,what Neil Jenman says becomes quite irrevelant!
