Hi All

We, that is my wife and I, have had great results from what would "affectionally" be called one of the "gurus" in the marketplace.  The education hasn't been cheap, if you look at it from the point of view of where we were when we started but it looks very cheap today, ie. from the point of view of owning a successful Vendor Finance business.

I'd suggest that all the "how to" knowledge we've learned over the last 4 years could have been learned at TAFE or University.  However, I'm not sure how long it would have taken and whether some of the "out there" techniques we've learned would have been available.

Sure, at the traditional learning institutions you'll learn the "how to" but in business that's just a fraction of what you need to be successful.  We found our mentor, because he'd "walked the walk" and because of his passion, was able to get our business kicking goals in what we regard as a short period of time.

As with all endevours, do your due dilengence first.  There are good mentors/gurus out there and there are shonks.  Good luck.

Cheers,  Paul

Hi Linar

The only difference between a first and a second mortgage is that the first mortgage was placed onto the property's title ahead of the second mortgage, i.e. for both loans a mortgage was signed but the "first mortgage" was placed on the title before the next mortgage (the second mortgage).

We often supply and receive second mortgages.  We find it is easier to secure our mortgage with a caveat.  If you try to register your mortgage on the title (other than in Qld), it tends to get messy as you need to get a Deed of Prioity in place with the first mortgage holder.  We've found that a caveat protects our mortgages well.  I hope that helps.

Cheers,  Paul

We went through the same thought process a few of years ago, i.e. self manage our I.P.'s.  I've got to say that, for us, it was much harder than it looked and we soon went back to a Property Manager.

If it looks just "too easy" now, that's probably because you've got a good property manager

Cheers,  Paul

Hi Nathan

One of the best explanations I've seen regarding the taxation of Wraps is from Julia at:
https://www.propertyinvesting.com/forums/treasure-chest-past-forums/hotch-potch/9088?#comment-57180

I hope that helps.

Cheers,  Paul

Hi Maree

I guess it would be fair to say that all of the members of the Vendor Finance Association of Australia don't agree with Mr Jenman's opinion

I'm not sure if you live in Sydney but details of the Association's next get together in Sydney are at:
https://www.propertyinvesting.com/forums/property-investing/creative-investing/4324521

Also, a solicitor with a great deal of experience of Vendor Finance in Australia has some interesting information and history of Vendor Finance in Australia at:
http://www.vendorfinancelawyer.com.au/news.php

I hope this helps.

Cheers,  Paul

Hi All

Gosh I must remember, in my next life, to never attend a seminar because, before I attended, I had my PPOR and now I control over $xx mil in property.  All done with various seminars and a couple of books from Robert Kiyosaki and John Burley.  Sorry, no university and utilised one of the seminar presenters as an on-going mentor (and paid heaps for the privilege).

Thanks for showing me the terrible mistakes I've made

Cheers,  Paul

Hi asoo4

Why is the vendor selling, i.e. what are his.her plans for the money and why do you want to buy, i.e. PPOR or investment?  If you can give us more information, I'm sure a forumite will come up with a suggestion or two.  Thanks.

Cheers,  Paul

Hi Scott

Quite a bit of information on Lease/Options is available at:  https://www.propertyinvesting.com/strategies/lease-options

Cheers,  Paul

Hi David

The call call option agreements that we're familiar with, have in them a clause that states that we have a "caveatable interest" in the property.  We can them make our own decision as to whether we get our solicitor to register a caveat on the property, regarding the option.  Thanks.

Cheers,  Paul

Hi David

It's a big padlock that you can store a couple of keys in.  You attach it to an immovable object and store the key of your property inside.

You then get some security details from your prospective inspectees and then give them a 4 digit code.  They dial in the four digit code and that opens a concealed sliding door that contains the keys.  We find people truly enjoy inspecting the property without us jabbering in the ear about how wonderful the property is   Thanks.

Cheers,  Paul