Hi all,
We currently have our ppor on the market and have been approached by someone who may be interested in the purchase, but they require vendor finance. I'm not against the idea, but I don't have any experience in the area. It is something however, that I can see me branching into in the future (we have one IP at the moment, and looking to expand).
Where do I start? Are there specialists that can help process the first one while I get myself educated in how to do it all myself?
Tanya
Hi Tanya
Here's some information on vendor finance (VF) educational resources. They aren't free but, so far, I haven't been able to find a free VF course
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
I've got to be careful here about self promotion but as you are looking for help with your first transaction, have a look at http://www.negative2positive.com.au
Feel free to call.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Tanya, theres plenty of information out there, but if the purchaser needs vendor finance, have they suggested to you how they want to proceed? as in what terms they are asking for? Perhaps the person asking this already knows a lot and you can ask them too.
Lots of information is in Ricks new book too How To Buy A House for $1
Cheers
Sheree
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