Vendor Finance Wanted.

Hi im new to all this so i have a question .
im looking for vendor finance to buy a place .
i pay $200 pw rent can pay $250.
would like to stay on the gold coast or close to it .
If anyone can help with the how to /what to /where to.
that would be great .
thank you for your time
dan

D Hattersley

If you can afford $400 per week I can help you into a $150k home for $200k payable at 9% interest rate (ie. 2% above std var rate).

You can then refinance with a bank at a later stage but at least I can get you into a home.

Sounds like win/win to me.

Yack, if you are joking it is a post which is in rather bad taste. Here is someone who is serious about getting a house in some way and you are trying to confuse and send up that person with some rubbishy story.

On the other hand , if you are serious then, based on the figures you are quoting, it appears to me that you are everything that you accuse Rick Otten of being i.e. a rip off merchant.

I specifically note your post in the thread titled 'Tonight 8 pm on ABC Rick Otten' where you said and I quote 'I would not pay a higher interest rate and more for the property. I would fix my issues with the Bank.'

My conclusion is that you think that someone who
wants to become a wrappee is a fool rather than a person in need.

It also would indicate (judging by your conditions) that you are nevertheless prepared to take advantage of people in unfortunate situations.

What is it that you don't understand when someone says 'I can afford $ 250 per week' ?)

Now I don't really think that you are so callous as this second scenario would make you out to be so I must go for the first scenario i.e. that you are playing a joke in bad taste.

That however also doesn't really put you in a good light as it also implies that you are displaying an arrogant contempt for the weak rather than showing some compassion.

There is a third possibility i.e. that you merely wanted to make a point to show how (you think) Rick Otten goes about his business.

Well the news is that by responding in the way you did to a call for help by a would be wrappee
your post still shows an utter disregard for the feelings of some people more (financially) unfortunate than yourself.

Sorry to be so harsh on Easter, hopefully a time of goodwill.

Pisces

Hi Danny,

It may be helpful if you would provide a bit more detail.

For example, what, if any, deposit do you have towards a purchase, how many bedrooms you are looking for, whether you are eligible for the First Home Owners Grant, even what your gross income is and whether you have any defaults noted on your credit file.

As you appear to have used your own name instead of creating a 'handle' (nickname) you may not be
so happy to put your details up publicly for everyone to see so we understand if you fail to do so now.

Regards,

Pisces

Merely making a point about Wrapping. Hopefully he will realise this is an extreme case but could possibly happen.

Is that not what wrappers do? Charge a price above market value and charge 2-3% above variable interest rate.

Maybe I might start a deposit saving system for the less fortunate and charge a few percentage points for my services?

"Dont be looking in your back yard for a four leaf clover when the opportunity of a lifetime could be knocking on your front door...."

Hi thank you for the reply's
In awnser to Pisces thank you for some good advice.
as I have nothing to hide i dont mind using my name .
my current situation is this .
im in a town house have been renting for about 2yr. previous was renting for 8yr .
the place that im in now is being sold so i thought i should look in to buying .

deposit=no.
first home=yes.
house/unit.
2/3 bedroom.
gold coast area.

employment.
pension.
some part time work on surfboard repair.
if anyone would like some more info please let me no .
Now to all that replied.
i dont want to sound nasty so please read this with no personal attachment.

I am on a pension (Disability) this is the most stable income in the commomwealth today (I CANT GET THE SACK!!)so this is permenent. this gives me $564.45 per fortnight
now the repairs i do (sometimes!) make about $250 pw.
so with all this (what there is of it) can something be done ?

thank you for your time .

D Hattersley

>>Merely making a point about Wrapping. Hopefully he will realise this is an extreme case but could possibly happen.

Is that not what wrappers do? Charge a price above market value and charge 2-3% above variable interest rate.<<

Sure, your explanation makes a lot of sense, I don't think.

Is that why you asked for $ 400 per week whilst the would be wrappee talked about being able to afford $ 250 per week ?

Pisces

Hi Danny,

I have no idea about prices on the Goldcoast.

Are you able to give everyone any idea what a unit, a townhouse and a house sells for in the preferred area ?

It appears as if you've got a good and well established record as a renter.

It would help if you had been able to get some money together as some sort of a (part) deposit.
I know that some wrappers sell to buyers who, in addition to the government grant, have at least say $ 3,000.

Not because of the money so much as because it makes the would be wrappee a little bit more committed in their eyes.

From the little bit which I understand about your situation I am wondering the following :

1. aren't you able to get a Housing Commission Department unit or townhouse ?
It may not be a bad idea to have yourself placed on a waiting list. It doesn't cost you anything I don't think.

2. As your funds are limited you may be restricted to a lower priced property like (for example) a unit. I don't know.

3. Alternatively, a house which can be split into two apartments one of which you can rent out, may possibly be the solution.

I can understand that sharing a unit isn't so attractive as you would lose your privacy and, besides, who knows whether you and the tenant will be able to get on.

I guess that what is possible all depends on the price of the property (about which I haven't got a clue as I said above.

If a property can be bought for say $ 180,000
the interest alone (at say 7 %) will be around
$ 250 a week so there isn't any money left over to reduce the principle.

If, heaven forbid, the interest rate were to rise then what ?

What do you think Danny ?

Pisces

Thank you that has explained a lot to me .
if the intrest rates were to rise then i guess id be buggerd .
ill try to get a good bank balance 4 to 8 grand .
as for public housing yes i do have my name on it but that will be another 9yrs on the gold coast .
dont no if this makes much diff but i would be going co lending with another person basicly to people (on pension) just trying to get ahead .

thank you for your post its all good info.

dan

D Hattersley

Danny,
How far away from the Gold Coast are you prepared to look? It is possible to get a 2 bedroom unit at Kooralybin for around $85-90K. Dont know what body corps are though. Is it worth investigating?

chatterbox

Hi Chatterbox
yes ive checked out some of the body corp prices the ones that i got were $35-52 pw .
I dont no if that is expencive or not.
& i dont no what body corp is ment to cover as there seems to be so many different ones .
What would be the best body corp to go for. What would it cover .is there a limit on body corp fees.
do you have to pay them
like if you wanted to do your own garden could you neg the fee that you pay for the rest of the service.

Any Info would be great .

thank you .
danny

D Hattersley

No Danny you are making it too hard if you want to negotiate with the Body Corporate.

The levies are twofold. One levy is for structural building maintenance and the other levy is for day to day upkeep, things like cleaning of the public areas etc.

The less bells and rings the lower the levies. For example if there is a swimmingpool then the levy would reasonably be expected to be higher than a comparable building without a pool.

Pisces

ok so basicly "no frills"=low body corp
"all the trimmings"=high body corp.
is there a genral guide to how much body corp to pay.or will it vary on the title of the place .

danny

D Hattersley

Chatterbox

You must be joking Danny is seeking a property on the Coast and not half way across Beaudesert Shire.

Guys be real and try to be sympathetic to the cause.

Cheers Richard
richard at fhog.com.au
www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

>>Guys be real and try to be sympathetic to the cause.<<

Which side of the bed did you get up from this morning ?

A rather unkind remark to make I would think.

Pisces

Hi guys .
the basic reason for my question is can someone on a pension(life long) .can they get finance for a home unit/flat/house/bungalow/barn.
somewhere to live to get of the rent cycle .
& what is the best way for the pension guy to get into somewhere .
is it vendor finance/balloon payment/rent to buy/bank/ausie home loans/loan shark.
it was'nt so much where to live in my position thats not realy an option untill i have my first property to bargin with (steping stone) i would like to stay around the gold coast as its a nice place to live .
anyway thank you for the posts they have all given me some great starting points to look at .

Qlds007.Richard would your company deal with people on the pension .
is there any way that a person on the pension can get into a place .if so whats the "password please"

D Hattersley