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Property Investing Secrets 3
Property Investing Secrets: When you Make Property Easy to Buy for People Using Vendor Finance It Is Easy To Sell
When property investing, my goal is to make it easy for people to buy my properties, that's why I offer vendor finance. You have the advantage when you buy properties from sellers when property investing. I always think: "Why do I want to go a get a bank loan when this seller already has a loan? Why don't I just take control of their loan if the seller is open to me making payments on their mortgage?" You'd be surprised how easy this is and how simple the paperwork system is. And once that's complete, you vendor finance the property to a new buyer.
Let's imagine that the seller has agreed to this arrangement and moved. You look after the mortgage on their house, you've got no bank liability, you've got no loans and yet you start creating assets and any future capital gain and profits. In many areas you have sellers who are unable to make their mortgage payments that they have liability on and this is a very simple way that you both benefit when property investing. Your exit strategy is to vendor finance this property to a new buyer and receive positive cash flow on the deal.
When you're property investing the time is right to buy on terms because sellers are very flexible. It's not the price under which you buy the property; it's the terms because if you get the terms then you don't have to qualify for a bank loan. In a hot market, sellers are not as negotiable on terms, but in a cooling or down market, you can do absolutely all sorts of things with terms.
You'll find as I have done when property investing that if a seller is motivated to sell and you offer a solution to solve their problem (an unsold property) and it works for the seller and you then it's a good deal for every one. In order for the investor to make payments to the seller, they'll need to vendor finance the same property to new buyers.
Rick Otton is the director of We Buy Houses Pty Ltd. He has been property investing full time for 14 years. Rick has completed over 351 property transactions in Australia and the United States.
Rick specialises in creating positive cash flow through a variety of strategies he perfected in the United States and adapted to Australian conditions. He sells home study courses on vendor finance, one year mentoring program as well as a yearly 3 day boot camp on the Gold Coast. Go to rickotton.tk for more property investing information ring 1800 003 588 in Australia.
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