If it were me, I'd check with the local council to see if it is possible to make the conversion legal.  And, if it is possible to make it legal, how much that would cost.  Without these facts in hand, I wouldn't spend a penny on the place.

Cheers,  Paul

I am guessing that the site mentioned to access details of properties, just before the bank forecloses, is simply a nation wide court list.

In a default situation you have a reasonable chance of helping a distressed borrower while the 'default file' is still with the Collections Dept.  But while the file is with the Collections Dept it's not in the public domain and the lender would be in all sorts of strife with Privacy Laws if they divulge details of the file at this point.

Once the Collections Dept give up on the file, they send the file to their Legal representatives (often an out sourced law firm), to commence the repossession process, i.e. issue a Statement of Claim and then apply for a Writ of Possession, etc.

It is not until the matter has been listed in the courts that the details of the 'matter' go into the public domain.

After having put together a process we call the Assumptive Joint Venture in 2006 and working with a number of distressed borrowers, we have found that trying to negotiate an arrangement after the file has gone to the Legal Dept is rarely successful.

So, for me, having access to a nationwide courts list seems like a pretty under whelming inducement

Cheers,  Paul

As well as supplying the information requested by Richard, could you tell us if you have approached the seller/agent to see if s/he would 'carry back' the deposit for you?

To get such a conversation going, just say to the agent that you're happy to pay the asking price but you'd need a little time too sort your finances. So, could the agent ask the seller if they'd take most of the money now and some of the money a bit later?

If you get a positive response from the agent get back to us.  At that point I'd probably suggest you try to get the seller to 'carry back' 20% to keep you out of Lenders Mortgage Insurance territory and have a reasonable chance of getting an 80% loan with non genuine savings.

Cheers,  Paul

Hi Donavan

With respect to our chosen niche, i.e. vendor finance (VF), we were well past 40 when we did our first VF transaction in 2003 and both my wife and I had moved, full time, into our VF business by July 2009.  We now use the positive cash flow from our VF properties to support our buy & hold portfolio and to live off.

Cheers,  Paul 

Hi Donavan

One alternative you may not have thought of is vendor finance (VF).  I've seen a number of people get going in VF without much money.  As with most things, it's not a get rich quick scheme and your success will be  locked to your 'stickability' – persistent pays    Here's some information on vendor finance (VF) educational resources.

The Vendor Finance Association is a great place to meet vendor financiers.  Dates and details of meetings are available at:  http://vendorfinance.asn.au/meetings-and-memberships/

I believe it's important to build a good foundation to your vendor finance knowledge and there are numerous educators to choose from.  Some that spring to mind are:

Sean Summerville  –  http://www.thepropertyking.com.au/

Rick Otton  –  http://www.rickotton.com/

Dave & Julie Siacci  –  https://vendorfinanceinstitute.com.au/home/siacci-system-of-vendor-finance-1997/

Paul Zalitis  –  http://www.aussiewrapper.com.au/Cash-Flow-Investing.html

Gordon Ku  –  http://gordonku.com/

It is worthwhile researching all these educators and choosing one that suits your style.

Some other research locations are:

https://www.propertyinvesting.com/strategies/wraps

https://www.propertyinvesting.com/strategies/lease-options

http://negative2positive.com.au/information/about-vendor-finance

http://www.vendorfinancelawyer.com.au/vendor_finance_intro.htm

Cheers,  Paul

Hi Dan

I'm not a mortgage broker but I'm sure you'll get what you pay for    Not putting a long term finance plan together with one of the terrific brokers here is, I think, pretty short sited as, I'm sure you don't want what you're doing now to hinder your future plans.

Cheers,  Paul

Hi Tony

Read above a bit more regarding flipping using options and other legal paperwork.  These methods should not involve GCT.  Of course, don't believe me as I'm not qualified to make such a statement, i.e. check with your accountant or other relevant professional.

Cheers,  Paul

Hi Scott

I'd suggest you add a bit of lateral thinking to find a form of paperwork that will get you the result you want that doesn't include an Option document 

Cheers,  Paul

The Property Manager could have applied to the CTTT when they delivered the eviction notice. They don't have to wait until the 24th and the CTTT application can be withdrawn if the rent arrears are paid up.  They should also be working with you regarding a new Managing Agency Agreement and putting in the correct forms to transfer the rental bond.  If it were me I'd be having a close look at the competency of this Property Manager.

Cheers, Paul

Hi Daneo

Have a look at this WA Dept. of Finance document at Click Here.  I believe the first paragraph on page 2 is the relevant one but check with a vendor finance savvy solicitor.

In NSW, when I ring the relevant government department usually nobody knows what I'm talking about (they don't see many of them) but, when we put the Variation application form in it's always worked.

Cheers, Paul