Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of kellyjo_2kellyjo_2
    Member
    @kellyjo_2
    Join Date: 2004
    Post Count: 2

    I want to buy other people’s money. Is there a way to use someone else’s capital without having them on the property contract? Can it really be as easy as advertising in the wanted to buys and paying them a monthly fee? Is it even legal? I’m not talking about vendor finance or lease options, I just want to buy money to further my portfolio.

    kjpinner

    Profile photo of Robbie BRobbie B
    Member
    @robbie-b
    Join Date: 2004
    Post Count: 2,493

    You are not allowed to advertise for other people’s money unless you are licensed and you offer a Product Disclosure Statement.

    If you can afford to “buy” people’s money, why don’t you just borrow your own?

    Robert Bou-Hamdan
    Mortgage Adviser

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    Comments made are of a general nature and should not be construed as individual advice.
    © 2004 Mortgage Packaging Pty Ltd

    Profile photo of byronent_2byronent_2
    Participant
    @byronent_2
    Join Date: 2004
    Post Count: 337

    you can borrow people’s money for interest.

    you won’t be able to advertise without a licence.

    Byronent
    Adelaide SA

    Profile photo of kellyjo_2kellyjo_2
    Member
    @kellyjo_2
    Join Date: 2004
    Post Count: 2

    thanks for the responses. In regards to why I can afford to buy but not apply for a loan is basically because I’m 6 months into my own business. I need at least 2 years of solid finance history before I can look at getting a loan with a bank. I can buy properties if I have capital because my life partner is my service-loan partner.
    So my understanding of the answers are if I were to set up as a property business I would be able to get liscences and advertise for others peoples money with payment in interest.
    thanks

    kjpinner

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi KellyJo
    If you don’t have the required 2 years figures, why don’t you investigate the possibilities of low documentation finance?

    Regards
    Steven
    Mortgage Broker
    Mobile Mortgage Market

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:0402483216
    Ph:1800 820 500
    VICTORIA

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

Viewing 5 posts - 1 through 5 (of 5 total)

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