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- 1 – Assuming that these people (in particular Mr $400K in debt man) did not borrow 110% of their purchase price, how did they come up with the initial finance for deposits? The guy with 750,000 worth of property for example, the softly spoken “quality of life” one, did he have 10% or even just 5% of that 750,000 before he began? Lending institutions don’t lend if you don’t have any “skin in the deal”, and this is often the biggest hurdle to acquiring multiple properties quickly, so if these people (again, especially Mr 400K in debt man) didn’t have these funds up front, how did they acquire them? And if Mr. 400K in debt man did have 100,000 or whatever in cash, then he’s not really 400k in debt is he?
Can’t answer that one for you, but I too am interested in the answer.
2 – Was their income (you know, the bit at the start of the story when they stood in front of the camera and said in their best dorky impersonation “My gross income was 142,000”) inclusive of whatever their wage was in their everyday life or was this their investment income alone?I’m pretty sure they said their “passive” income was $xxx. Implying that this income is exlusive of any wage or other such income.
3 – Is Steve McKnight really that nerdy? (j/k)You saw him … you’ve obviously made your own mind up on that one. [biggrin]
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