I am new to IP? I just don’t understand how people can borrow so much money ie $500k from the bank to invest while they are not working and with only $20000 cash in the saving.
One of my frd is building a house and planning to sell and he is borrowing half million. How to do that? What about the monthly instalment? Other expenses? I am not close to him so that why I am here to find out with some expect how to do it?
I think you will find that people cannot borrow that much without a job and only $20,000 cash unless they lie on their application or get help from someone else.
I would guess your friend is getting help from family or somewhere else to do what he is doing.
Robert Bou-Hamdan
Mortgage Adviserthanks robert for your replied, at least now I know it is impossible. I just thought some people have so many ways to make money and may be he is too!
Nothing is impossible. You just need the right support and information to achieve some of your harder goals. Just make those goals realistic and achieveable or you will be quickly disheartened if you never reach them. As you get better at what you want to do, set harder goals.
Robert Bou-Hamdan
Mortgage Adviser
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