Rookie pls HELP..

Speak to Paul Dobson who post on this forum on a regular basis; his knowledgeable in the world of vendor finance.

I dont have any relationship with Paul…just seen him post very high quality information.

Paul Dobson – Vendor Financier – http://www.negative2positive.com.au
Ph: 0447 973 235 – http://www.jvpropertypartners.com.au
http://www.vendorfinanceinstitute.com.au

Regards
Michael

Hi j260899j

As Michael has already posted the link to our negative2positive site, I'll presume you had a read.  We use Lease/Options but tend to prefer Vendor's Terms (Instalment Contracts).  They aren't inherently difficult, i.e. you could find a number of solicitors in Sydney to write up the legal paperwork for you, just by doing a search of this forum.

However there are a few pieces of the puzzle that can trip you up, eg:
1.  What are the pros & cons of the different selling strategies.  You may even consider selling with deposit finance.
2.  What is the best method to set your selling price
3.  Do you need Australian Credit Licence coverage for your chosen selling strategy
4.  If you market a vendor finance property like a standard sale, you'll slow down the selling of the property considerably.  What's the best marketing for VF properties.
5.  How do you answer sales enquiries?  When we started I hated the thought of "sales".  I got around this by one simple sentence.  I'd chat for awhile and then say "do you mind if I ask you a few questions to see if we can get you qualified?"  Worked for me 
6.  As a newbie you'll be seriously motivated by your holding costs, to give the property to the first person who comes along.  Very dangerous!  You need to know how to properly qualify your potential buyers.
7.  How to properly instruct your solicitor so the legal paperwork gives you what you want and have agreed upon with your buyer.
8.  How to administer the resulting loan or lease.
9.  When it comes time for your buyers to refinance or exercise the option, you've got to know and understand that it's not a straightforward process.  Who do you send your buyers to get this done?

I'd also suggest you look at joining the Vendor Finance Association of Australia.  Have a look at their website at
http://www.vendorfinance.asn.au
for their next Sydney meeting.

Also, please feel free to PM or call me if you have any questions.

Cheers,  Paul

PS.  Michael & Jamie thanks.  Appreciate your thoughts.