thanks for the links - a brief and to the point description with an example attached. It's along the lines as to what I thought. and I have a couple of questions already.
I will check the forum for more info on wraps and answers to my queries (but maybe somebody will be nice and save me looking by answering the questions
)
1) What criteria do you use to evaluate the propsective purchaser.
2) Who is the owner of the property, how do the banks evaluate the asset - as one of yours or of the purchasor? the contract is finalised when money owed is zero.
2.1) What is placed on the offer and acceptance as a date for settlement?
3) which banks will lend money for this type of deal - are there banks who specialise on 'wholesale' vendor finance products?
4) What happens if you get screwed by the purchaser? what process do you go through apart from sending in your goons? ie do you get the police/ sheriff onto them, how do you get them out of your property? how do you get your money back?
5) How much capitol do you need to have initially?
Will read up on wraps and other options so hopefully what i read will provide some good insights into some of the issues. Maybe someone can suggest a good book - that I can check out of the library or purchase cheap. I don't want to buy a 800+ program or wrap kit as it may not be moeny well spent at this stage.
cheers keg75