Hi All,
Was wandering about vendors finance,
Has any one used vendors finance to get started in property?
What are the pro’s and con’s that I need to look out for?
Is this the way to get started if unable to get a loan?
regards
Hi Dr Spock
My wife and I started out in Vendor Finance in 2003 and it's been a great business for us. So much so that we both spend all our time building the business these days.
We did have one advantage though and that was we started off with some equity in our house that we were able to use to buy our first property, that we subsequently on sold with a vendor finance Instalment Contract.
If you're currently unable to get a loan you're more than likely going to have to use a vendor finance (VF) strategy called a Lease/Option. About the best "getting started" manual for this technique is Rick Ottan's "Massive Passive Pack". I've seen one or two of them available, second hand, around the forums these last few weeks, so you may be able to pick up a bargin.
Starting off on the Lease/Option route is harder than the way we started. However we've seen numerous people start off in the same position as you, who now work their VF businesses full time. Like all things, your success is directly correlated to your ability to remain focused and stick with it. Good luck.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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