Those questions in Matt's link are great but are more focused on what questions you might ask for a traditional sale.  As you are planning to sell with an Instalment Contract (Wrap) which is a credit contract, your questions need to be more focused on Responsible Lending.  Information from ASIC regarding Responsible Lending is available…[Read more]

Hi Janiceh

We help people sell their negatively geared properties with vendor finance with a process we call negative2positive.  I've got to be careful here not to be seen as promoting our business but, if you have a look at  http://www.negative2positive.com.au  there is information there to help you do what your looking to do.

Cheers, …

Hi Janiceh

From your question I'd guess this is your first vendor finance transaction.  If you haven't already I'd suggest you make sure you know about the rules, legislation and licensing that are attached to an Instalment Contract (often called a Wrap).  One of the following links is from our website but it is designed to help you understand…[Read more]

Any for the sake of your hip pocket I definitely suggest you use a solicitor if you ever consider vendor finance.  Their knowledge and assistance saved us a bunch in the early days of our business and I find it amazing how they keep us up to date with rules and regs.

Cheers,  Paul

Hi Carmen

Richard's question above is very relevant.  More information on the subject are available on our website at:  https://vendorfinanceinstitute.com.au/home/?page_id=10  and at this recent post regarding vendor finance and licensing:
https://www.propertyinvesting.com/forums/creative-investing/4346526

Also, could you let us know if you have…[Read more]

I agree with you Nigel, i.e. most seminar providers do provide great information. However are lot of them are like driving instructors who forget to tell their students there are rules of the road and that they need a driving licence.

I can see why it's done, i.e. they don't want to scare off potential students with talk of rules and licences…[Read more]

I just got this from the VFA.

'Please be advised that the inaugural Brisbane Vendor Finance Association Meeting will now be held at:
Avenir Room at Hotel Ibis Brisbane
Level 1
27-35 Turbot Street
Brisbane

We look forward to seeing you there.

Regards,

VFA Committee'

Cheers,  Paul

Yep, it used to be 5 years   Veda now tells us, 'Bankruptcy Act Information is held on credit files for seven years (prior to January 1998, Bankruptcy Act Information was held for five years).'

With 3 years until discharge, this leaves 4 years for the bankruptcy to disappeared from the credit report once discharged.

Cheers,  Paul

Hi big cat

Welcome to the Forum.  We hope you'll enjoy your time here.

What you need is an amortisation calculator.  There is a good one here:
http://www.mortgageworldaustralia.com.au/calculators/amortisation_calculator.htm

Cheers, Paul

Hi Penpro

I agree with Tamara but advise you to also consider the rules that go around vendor financing.  I'm not discouraging you in any way but I suggest you have a read of this post:  https://www.propertyinvesting.com/forums/creative-investing/4346526  to ensure you operate within the rules.

There are also some rules about how you go about…[Read more]

Hi gags

It's just a personal opinion but I won't sell to someone, using any form of VF, until they're discharged.  Of all the mistakes we've made since we started in this business, the one that always comes back to bite us the most is rushing the choice of your buyer.  It's natural because you have holding costs but the grief it causes down the…[Read more]

Hi Sheree

And even ASIC are getting in on the act    The following is from a recent media release entitled, 'ASIC campaign on unlicensed credit providers'.  It went; 'This year is about us taking enforcement action if we identify unlicensed activity’.

The full media release is available at  Click Here.

Cheers, …

Hi gags

I've been told that it's illegal to give an undischarged bankrupt credit.  I don't know if this is factually correct but we've always taken it as correct.  This has left us with the option of selling the undischarged bankrupt a property with a Lease/Option (not a credit contract) but, the time involved to have the bankruptcy disappear off…[Read more]

Hi Belinda

I'm not that brave    Depending on your current situation, it may be possible to get a good VF educational foundation with a Cert IV in Finance/Mortgage Broking and some on the job training.  Although ultimately you're probably going to need someone's VF manual.

Another great way to make money out of your VF education is to do what we…[Read more]

It's great to see so many people interested in vendor finance.  To make sure you have a broad range of educators to chose from and to ensure you start to understand the Legislation and Licensing covering vendor finance, I'd suggest you have a look at:
https://www.propertyinvesting.com/forums/creative-investing/4346038#comment-275315  …[Read more]

Hi Darrell

Jamie list is excellent but a bit short on books about my preferred strategy, i.e. vendor finance.  Some information on this subject is available at this post:  https://www.propertyinvesting.com/forums/creative-investing/4346038#comment-275315

Cheers,  Paul

Hi Belinda

I noticed in one of your other posts that you've already been to a seminar on how to buy a house for a dollar, so here's some more information on the other VF educational resources out there.  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…[Read more]

Hi Jason

Yes you don't hear about the failures from these quarters   and I could point you to one that's in the courts right now.  When we are conducting these transactions the JV agreement is a tiny fraction of the paperwork involved.  To rely on the JV agreement alone, in my opinion, is madness.

Cheers,  Paul

For a free one, I find  http://www.onthehouse.com.au  to be quite good.

Cheers,  Paul

Hi Jason

We have been doing what we call Assumptive Joint Ventures since 2006, i.e.. we have been putting paperwork in place to assume control of the owners mortgage and the property.  As Terry says, it's probably the most dangerous technique we use in our business.  The amount of due diligence we now undertake on the owners situation is quite…[Read more]