Forum Replies Created
Hi Fredo,
Absolutely. It's a great way of selling it. You have ongoing cashflow from it as well as locked in profit.
And you can sell it for more than market value because you are providing the finance.
Feel free to give me a ring on 02 9560 8136.Cheers,
TamarHi ottg,
We had a similar path to Paul and Karen in that we had our own equity to start with so we build up a track record first.
And we do the same as them too i.e. have our Joint Venture partners buy the properties which we then sell to our buyers on vendor finance.
It was slow starting – probably took 9 months before we bought our first property and that was because we had a buyer who wanted us to buy it for him – a friend of a friend.
To find people who want to sell their houses on vendor finance you need to find motivated sellers.
Getting educated is an important part of the process – knowing what to say to people so that they feel comfortable about it as well as knowing what the process is, the legal requirements etc.
Paul has given you good advice there.
All the best,
TamarHi jhk31,
My partner Jack and myself have a similar story to Paul and Karen. We too started our vendor finance property business in 2003 – the worse possible time when the market was at its peak! However, we hung in there and we have been both full-time for some years now providing vendor financed houses to many happy homebuyers.
These people don't qualify for a bank loan because they have credit issues (but still have good incomes) or simply don't have enough deposit! They are vendor financed into their homes by our Joint Venture Partners who are in a position to buy houses.
It produces positive cash flow for our JV Partners (and us) and a home for these homebuyers. They can see the big picture of owning their home, being free from landlords and knowing that they'll be refinancing out to a bank in a few years time.
So yes – it's good but, as Paul said, it's not a "get rich quick" scheme. We have many happy JV partners and homebuyers.
Though, like life, issues do come up.It is a long term business that is fruitful and satisfying because it's a win-win-win situation for everyone involved.
Cheers,
TamarHi,
I will post here when we have arranged it. They are usually 3-4 months apart so the next one will be due in
August or thereabouts.Cheers,
TamarHi there,
Paul is totally on the money when he says that no-one in the Vendor Finance Association would agree with the views in that article by Neil Jenman that Rhys has posted and, Maree, I would be very reluctant to get involved with a possible rent-to-buy scenario with some-one posting an article expressing those views even if he said he doesn't necessarily endorse them.
I suspect he is being tongue-in-cheek with his offer.
Btw there are plenty of people doing Rent-To-Buys in Victoria.
Cheers,
TamarHi Karen,
Unfortunately the old website -financewraps.asn.au is gone and a new one is in the process of being built.
There are meetings in Melbourne and the person to contact about them is Julie Siacci.
Her email address is: [email protected]
Her ph. no. is 03 5941 6946I will post here when the new site is up and also when we schedule another meeting in Sydney.
I think Julie posts here about Melbourne meetings but the easiest thing to do is to ask.Julie is also the National Secretary of the VFA so if anyone wants to know about meetings elsewhere-email her.
I know there's a group in the Central Coast NSW and also one starting up in QLD.Cheers,
TamarA good start might be to go to a broker and see how much a bank will pre-approve you for a loan!
I can help you with a good broker if that's an issue for you.
I'm in Sydney myself. Ph: 02 9560 8136.We have a broker we use for our investors that we do Joint Ventures with in our positive cashflow deals
so we can recommend him.Cheers,
TamarHi Gaza,
If you want to get positive cashflow from real estate you could do a joint venture with myself and my partner Jack.
We do wrap deals. We find buyers who have enough income to pay for a mortgage but have a problem getting a bank loan because for example they forgot to pay a phone bill and got a black mark on their credit report etc. Our website for buyers is at http://youfindit-wefundit.com . The front page there explains the kind of problems these people have.
We do Joint Ventures with people who can get bank loans and they vendor finance these people into their houses
and get a great return on it. Our buyers site is http://innovativerealestateinvestments.comOr feel free to ring me on 02 9560 8136.
We've done about 25 or so of these kind of deals. It's great- people really appreciate the help into the market and our JV Partners enjoy the passive positve cashflow of course:)!
Cheers,
TamarHi Gav,
That's a nice amount of equity to have access to.
If you're interested in creating net positive cash flow for yourselves you could use that to do Joint Ventures with experienced Real Estate Deal-Makers such as my partner and I. We are very experienced at producing this using Wraps as our strategy,having done over 20 of these kind of deals.
Have a look at our website in the signature or email me direct: [email protected]
This is certainly a great way to leverage your equity and produce passive income for yourselves.
Cheers,
TamarHi there,
My partner Jack Dempsey and I are Wrappers. We have done 22 properties with JV Partners.
We currently have 2 more on the go and are looking for new partners
!My email at MSN is [email protected]
Cheers,
Tamar
!
