Hi CamAs you mentioned "and get a commission" I thought I'd show you the relevant bit of the relevant NSW Act, i.e. the Property, Stock and Business Agents Act."real estate agent means a person (whether or not the person carries on any other business) who, for reward (whether monetary or otherwise), carries on business as an auctioneer of land or…[Read more]

As we buy property to on-sell with vendor finance, we always want early access and the ability to put up our for sale sign just after exchange of contracts. We do this by using the following Special Conditions in the Contract:Access(i)    The Purchaser and their invitees are entitled to inspect the property, after the date of this Contract, un…[Read more]

Hi BenniWelcome to the forum.  We hope you enjoy your time here.Your serviceability for a loan looks reasonable but your $10K looks a bit low as a deposit.  All the excellent finance professionals on the forum may have a way around this for you.  One possibility is the help of family that may go guarantor for you?With your serviceability and $1…[Read more]

Hi SashJust as an indicator that there may be another way to secure the business your interested in, two friends of mine recently bought two businesses in Qld with vendor finance.  One bought a nursery, the other bought a cafe.Cheers,  Paul

Hi EmmaThe only two I know of are RP Data and Investar but they are paid services.Cheers,  Paul

A good friend just got his latest book, Unfair Advantage, from the US for me (I don't think it's available here yet).  I enjoyed it immensely.It shows how Robert & Kim became financially free via their real estate holdings before they ever got into the education business.  I got Rich Dad Poor Dad in 1998 during an illustrious Amway career, i.e. I…[Read more]

Hi TimWelcome to the forum and I hope you enjoy your time here.  Great group of people  With your mention of positive cash flow, the following information will help you get up to speed with positive cash flow, vendor finance real estate in OZ.The three most popular Vendor Finance strategies are: 1.  Rent To Own.  This is documented with a Res…[Read more]

Hi JMLAs Kent says, you can't provide a credit or credit assistance to a consumer, "in the course of a business", unless you have ACL Coverage for that transaction.  This ACL coverage can come in the form of your own Australian Credit Licence or by becoming a Credit Representative of an ACL holder.  More information on ACL Coverage is available a…[Read more]

Hi bluehoonIn the past, a couple of newbies have used their "shoe leather" to find us deeply discounted properties.  We call them "bird dogs".  It's not easy and initially you'll get a lot of knock backs from us because the properties are only discounted from the "asking" price, not the "market" price.It's not pretty and it's not easy but it s…[Read more]

Hi MattThere are a lot of different personal interpretations of the new National Consumer Credit Protection Act 2009 floating around but little legal case law to rely on, simply because it is such new legislation.My thoughts are, why rely on personal, untested interpretations of the legislation when it's so easy to get ACL Coverage for your…[Read more]

Hi Bell I strongly agree with Terry, i.e. get a solicitor to do it. The solicitor we use for Lease/Options in Qld is:Tom Forster Litigation Law Queensland PO Box 1919, Broadbeach, Qld 4218 Phone: 0428 777 007 Fax: 5591 5571 Email: admin@litigationlaw.com.auCheers,  Paul

Hi AmitGreat stuff Terry.  Very generous.  As Richard mentioned, you will need Australian Credit Licence coverage for your Instalment Contract (Wrap) transactions.  More information on this topic is available at:http://www.vendorfinanceinstitute.com.au/home/?page_id=10(Disclosure – it's our website)Good luck with your new Kit.Cheers,  Paul

Hi BellI would probably go with the Option and an approval to do the work.  Possibly under a Lease where I pay rent while undertaking the work.  You can then assign the Option to a new buyer and this will save you paying double stamp duty.I'd also suggest you source what I call a "blind option" so that your new buyer can't see what you optioned t…[Read more]

Hi BellI'm not sure if you want to use Options to control property while you get a DA or use them for the buying and selling of residential property on a Rent To Own basis.  Either way there is a good list of Vendor Finance lawyers at:http://www.propertyinvestmentcourses.com.au/general/general/vendor-finance-specialists.htmlThey will at least be…[Read more]

I did pick up his latest book, Unfair Advantage, last weekend (as mentioned above).  Enjoying it a lot.  It interesting to see how he's developed his ideas over the years.Cheers,  Paul

Thanks AnthonyI think it was 1998 that I got my hands on Rich Dad Poor Dad.  Have read most of his books since then.  Sure they're not perfect but I'm getting his latest book during a trip to Melbourne this weekend and can't wait.  I find them brilliant for getting my "head back in order"    It's so easy to slip back into long held, bad money habi…[Read more]

Hi Neville Purely from a "rescue" point of view, this may be an alternative for you.  Lets assume your loan is $328,000, interest only, at 7.5%.  This gives you a monthly payment of $2,050. I expect you could sell the property with vendor finance for $320,00, with a $10,000 deposit, at 9.5%, over 30 years.  This would give you a monthly in…[Read more]

Hi TerryI don't have a reference but I could put you onto the vendor financiers that it happened to.  When it happened, they took a "deep breath" and settled out of court.  They told me one of their considerations for doing this was to delay such a Tribunal decision from being tested in a higher court.Cheers,  Paul

Hi JohnWe have used Options extensively in our vendor finance business but not for the purposes of getting D.A.'s.I'd suggest you talk with Lewis O'Brien.  He's very experienced with real estate Options.  His contact details are:Lewis O’Brien & AssociatesSuite 113 89 High Street Kew   Victoria   3101phone: 03 9888 6388fax: 03 9888 6366ema…[Read more]

Hi NicoleWith your mention of being a student of Robert G Allen and doing some Lease/Options, the following information will help you get up to speed with real estate vendor finance in OZ.The three most popular Vendor Finance strategies are:1.  Rent To Own.  This is documented with a Residential Lease and an Option (you are obviously already f…[Read more]