Forum Replies Created
I don’t want to retrain the new manager so I’m converting to a mortgage broker.
C2
“Is it true the more you owe the more you grow until the bank steps in?”God creates man, man creates money, money destroys God and man, money is left Wasn’t this in a movie somewhere?
C2
“Is it true the more you owe the more you grow until the bank steps in?”I thought it was a combination of savings, credit history, reputation and past ventures until I met the next person and it all changed.
Craigc, what happens if your manager changes? Do you spend another 7 yrs training the new one?
c2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Peter, The urgent and important is where the whiteboard comes into use. It’s big, noticeable, doesn’t get lost and cuts down on a lot of little notes and paper work.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi wrxboy, If your not having any problems now and the CoC is ridiculous then hang on to the ones you think are best and maybe sell some others, do some reno’s and fix the potential structural problems. Also welfare recipients need housing also and if their not causing you any problems and the rent is being paid no problem there. Your post reads a little bit like your either looking for buyers or asking about wrapping.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Okay, are there any reno’s out there that can do a cost comparison and find a way to bring Deborah’s costs down? Have you thought of refinancing and using some of the equity to do the reno’s. Now we need a broker and an accountant to jump in and help with refinancing and tax options.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi F&B, CraigC, Most banks have a similar product and it has various names such as wealth package(which bank). I think the initial amount to be owed is 250K and can go as low as 150K, before the package cancels out. What happens after that I don’t know? Maybe one of the brokers here can shed some light?
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Deborah,
A few questions too get a better understanding of the situation your in. How many units are there in the block? How much are the expected costs for carpets and building works. Are these being instigated by the body corp or you? What time frame do these repairs need to be carried out in? On the limited information so far I think holding is better. Also do you have the funding to do the repairs?C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi australia, no experience with this company just a couple of questions for you.
How long is the initial lease or guarantee for and what are the break clauses they can exercise if they want to?C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Chris, my understanding is that you are the buyer and now you have to deal with an agent. Just put your plan forward to the agent who must show it to the seller. Secondly drop a copy off into the sellers letter box. Wait 1 day and then contact the agent to ask what the seller thought of your proposal. Then check with the seller and confirm what the agent said. If the information is different ask why. If the seller wants to sell she will let you know, otherwise move on to something else, and then check again in 1 week. Keep doing this until it’s sold if you really want to buy this property. It is important that you do this in a professional manner, so it’s not seen as harassment.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Robynhood, my opinion is that the 2 most important parts is time management and one area that is designated as the investment area( table, computer desk what ever. No paper work is taken out of this area and read else where(in front of TV, at the dinner table or in the toilet) I use a simple filing cabinet broken up in to property and each one is then broken down into months, each month that a bill needs to be paid has a red sticker and a list of what needs to be paid and the month before a orange sticker of what needs to be paid the next month. Yellow stickers indicate when money(rent) is meant to be paid in. Also don’t jump from one property to the other when doing paper work. Write a list of what you find on each property and then compare the lists and see what can be added to each property. One piece of equipment that I have found a god send is a wipe on wipe off white board.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Yes, the same property can be used as security for different loans and properties. Most of the lenders have different criteria on how many times you can use the same property and it can also depend on how much equity the property has. My understanding of this is limited and maybe one of the brokers on this forum can explain it better for you.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Yes.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Phil, don’t worry post taken in jest.
I think ACTandy’s idea has merit, but don’t know if anyone would actually do it.C2
“Is it true the more you owe the more you grow until the bank steps in?”Basically it’s when the lender ties up the properties together as security for each other. Example your PPOR has equity but is used as security for your IP’s. The banks love doing this.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi F&B I think the difference between using the equtiy and getting LOC is that the LOC can be used without tying up the property as security. When using the equity you run the risk of cross-collaterlisation a mistake I’ve made in the past. I’m sure others can explain it a little better.
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi annaw2, If you were able to purchase other IP’s couldn’t you have refinanced and put more money in to increase the equity whilst lowering the repayments and making it+?
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Phil, Maybe you’re thinking a little toooo small. What about a whole state or even a country? The opportunities are endless?
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi Terry, Would it be worth while transferring a PPOR into a trust if it’s CGT free?
C2
“Is it true the more you owe the more you grow until the bank steps in?”
Hi Carmel, What is your time frame before you retire, do you own the IP debt free and do you own your own home? You need to explain a little more to get the type of advice your looking for.
C2
“Is it true the more you owe the more you grow until the bank steps in?”
