All Topics / Help Needed! / Vendor’s Finance

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  • Profile photo of Dr.SpockDr.Spock
    Participant
    @dr-spock
    Join Date: 2004
    Post Count: 69

    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

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196

    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 Me

    An alternative way to finance your home.

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