I have Rick Otton’s Boot Camp material if you’re interested.

If you sell someone else’s property, you need a real estate licence. You don’t need a license to sell your own property.

Hi Brian

I’m a fellow Vendor Financier and just wanted to ask you a question. Noticed on your website that you’ve assisted with properties in NSW but only in country regions such as Albury/Wodonga. Have you done any deals in metro NSW, say in the western suburbs (eg: Blacktown, Liverpool etc…)? I don’t seem to find or hear of too many people doing deals in metro NSW. Most VF deals seem to be found in Vic or QLD, which is frustrating for me as I’m based in Sydney and have found it a difficult market to crack.

Cheers
Tamara

My husband and I did his 3 day course many years ago and I wanted to get my money back. Unfortunately my husband didn’t want to challenge it and we blew about $6K. All I can say is avoid Roy Macdonald like the plague. He’s not the person he seems and does not offer things he promises.

There are much better courses out there. I’d rather do Steve’s Apprenticeship – at least there’s more substance (even in the contents page).

Sandtrackers, I too am being mentored by Steve D. Did he not advise you on JV’s? In terms of Rent to Own in WA, the gov is cracking down so you may want to be careful. Hope you (or whoever is responsible for the sales part of the deal) have a Real Estate Licence. I will probably need to get one myself and I live in Sydney.

Sorry, don’t know anyone in WA that can help you. Maybe call Rick Otton’s office here in Sydney for assistance in that regard. They might be able to give you some names.

Shame your RTO didn’t work out. You could perhaps sell on instalment contract as an alternative.

All the best, Tamara

My husband and I took out a Line of Credit Loan for our Home Loan – Big Mistake- HUGE !!!!   Never Again. Apart from the fact we took this home loan out over the phone (mistake number 1), it was never explained to us that if I stopped working and our income was cut in half, that we would be behind the eight ball chasing our tail. We just got deeper into debt and it was a nightmare till we ended up refinancing to a regular standard loan.

I'm sure Rick mentioned on one of his podcasts that the WA Government implemented a Rent to Own scheme in the 1940's for people who couldn't afford to buy property. Perhaps this government needs to go back to their predecessors to work out what an Option is!

HI tlt57, can you let me know what's in the Black Book? (ie: content wise). Thx, Tamara

Hi Mgs4 The purpose from a seller's perspective is to achieve the "retail" price for the property as opposed to selling it wholesale for cash….a la Harvey Norman. Attaching financing to a property is like doing a renovation – it's value add – and therefore you can sell at 7-10% above market value. You don't need to do a renovation as you can sell the property as a Handyman Special. That's why we advertise "We Buy Houses…..in ANY condition etc…" If you attach financing to a property it makes it easier for someone to buy it. A lot of people these days cannot ordinarily purchase property due to a number of reasons: employment situation (ie: only work casual, part time), bad credit record (ie: missed paying a bill or late paying a bill), don't have enough deposit etc… Vendor financing assists these people for an "interim" period of time so they can purchase a property they would otherwise not be able to. The purpose from a buyer's perspective is to be able to get into a property without having to get a bank loan, paying a small deposit, making repayments over time, and then refinancing with a financial institution to shift the loan back to bank rates within 3-5 years OR they can sell the property and pay out the remainder of the money. The majority of people who take up this opportunity would be home buyers. Some may be investors (as in the Handyman Special indicated above who buy, renovate, then on-sell). Whilst the price of the property may be higher, it's a set price and stays that way over the term of the contract. If a buyer was to save up over a period of time for a deposit, by the time they did property prices would have gone up again…..in other words they would be chasing their tail. In terms of marketing a property for sale via an instalment contract or deposit finance, correct me if I'm wrong Richard, but I was under the impression you don't necessarily have to hold a credit licence but you can work with someone who has one in order to sell it. Cheers, Tamara43