Hello all,
3 quick questions.1) Is anyone trying to get enough passive income to meet what is your current or wanted income, and then quite your job? I take home $600/w now and that amount will do me at this point in life. If I had $600 coming in from rentals or wraps or whatever, I’d like to say good bye to work and wake up late and blah blah blah? Is this anyone’s goal now? Does it sound good, stupid or otherwise?
2) If I were in this situation ( I’d have a massive smile on my dial ) [
], would the banks treat my income any different and would this affect my serviciablity? ( Can’t spell ) and I rent reliant and how do you beat this.3) And lastly, anyone going to Rick Otton’s book camp. Any good or bad experiences reguarding these boot camps.
Thank you everyone,
Good luck. Hope you all achieve what you want.
WildHi there,
I am not sure about the banks on this one, but i would call a broker or lender and find out for sure. As for the boot camp i havent heard of him before, let me know how it goes
:: RICHby30 ::
First sounds like a good goal everyone is trying to do.
Secondly, the banks will take your rent into account, however a lot only accept 75% of rental income, of course though there are lenders who will take 80, 90 and 100%, however most are only 75 or 80%. The NAB take 100% if rental agreement in place, but they do not do Lo Doc Loans at 80% LVR. The reason I say this is when you reach this stage, you might be better off trying the Lo Doc loans, although the interest rate is generally 1% higher then reverts back to standard variable after 2 years good payment history, you self declare your income. You will need an ABN for min 2 years, so best grab one. You can get one online at the ATO site.
In answering to Q1 It’sa great idea. Replacing your weekly wage with risidual income is the most smartest and powerful things you can do. Ask yourself this. Do i feel like going to work today?
To know you are not tied to a ball and chain (work) is poweful in itself. You can go to work then because you chose to.And you are also earning $1200 per week not $600.
How does that feel
Cya
GusHi wild
With finance, in my experience it’s all about finding a good broker.
As for Wrap Camp, I went to the last one, AWESOME!, and I’m going to the next one. For me I found it took the basics in the Wrap Pack and expanded it to a whole new level. I’ve heard Rick say that doing 1-5 wraps is totally different to doing 5-50, and I’ve certainly found that to be true. Although Wrap Camp also covered information to help with 1-5 (as his Wrap Pack does in detail) it was more the 5-50 area that it was of most assistance with. And that was the help I needed.
And I’m tired, so I hope that made sense!!!Keep smiling
FelicityI’ve reached a sort of semi retirement goal, work still 4 half days per week, still couldn’t live of rental income but looking at cap. gains more than cashflow.
I am just getting a little bored, but I think that has something to do with going from working 6 jobs to only two.
], would the banks treat my income any different and would this affect my serviciablity? ( Can’t spell ) and I rent reliant and how do you beat this.
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