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Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
October 8, 2015 - 10:05 pm
Hmm if there was no truth then why would current affair raise their hand at foul play!? I read the details.
I’m on here to see why the greedy are never satisfied?
Yes well the facts are there if only one opens there eyes.
” He who borrows is slave to the lender! And the lender is slave to the borrower! “.
There are thousands of souls under huge financial debt stress don’t you be the next, greed is a curse! And the ultimate downfall for all! You only need to see the countries debt level to see that!
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
October 8, 2015 - 9:48 pm
It would come down to income = another way of saying serviceability. Once your income level is reached the banks won’t lend you anymore…..
- This reply was modified 9 years, 2 months ago by Moggy.
Moggy
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@lordmoggy
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Post Count: 24
October 8, 2015 - 12:59 am
Looks like she got stung by consumer affairs for false information and stretching the truth a little! That’s what happens when you don’t present all the facts! I can say anyone can build wealth so long as you have an income! Dream dream the Aussie dream if you don’t! I gotta love when they throw emotion into the equation!
I still won’t buy property!
Math formula: no tenant = no income = domino effect (huge debt)!!!
Moggy
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@lordmoggy
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Post Count: 24
October 7, 2015 - 11:45 pm
They won’t lend with no income.
Moggy
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@lordmoggy
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Post Count: 24
October 5, 2015 - 11:10 pm
Corey Batt wrote:
Moggy wrote:
First step is a job or all of this will be for nothing!!! Make sure the job or income stream you have is their your whole life or you will be wasting your time on that so called education and investing adventure.1. Banks will not lend to anyone with no job!2. Banks will not lend to anyone with a house full of equity and no jobIt’s all about the income stream and the more you have the better!
That’s not quite true – lenders certainly will lend to a person without a *job* – they just need a suitable income – this can be a pension, superannuation, income from other investments, income from business ownership etc.
Done quite a few deals for clients who don’t fit the traditional *JOB* shackles – it’s just about income exceeding liabilities.
As I said income required no income no lending!
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
October 5, 2015 - 12:32 am
First step is a job or all of this will be for nothing!!! Make sure the job or income stream you have is their your whole life or you will be wasting your time on that so called education and investing adventure.
1. Banks will not lend to anyone with no job!
2. Banks will not lend to anyone with a house full of equity and no job
It’s all about the income stream and the more you have the better!
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
October 3, 2015 - 5:45 pm
Benny: yes you can do it 3 ways through shares or property or savings to make money to buy the house for cash(both passive income creators good for those that can’t work and those that can). But shares are cheaper. Or through saving year after year depending on your income. And as we know through mortgages. But I wouldn’t hold the mortgage for the full 30 year loan term. Only 5 years and no greater than 10. After that time to check the equity level, if the level is high enough to buy the home you want, then sell the invest properties(2 or 3 should be enough) and buy the house for cash the same for your share portfolio once it’s reached critical mass then pay cash for the house. The same for the savings road once reached then pay cash for the house.
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
October 3, 2015 - 5:21 pm
If not satisfied with that then buy another just for the sake of retirement so when you do retire sell it then then you should have the cash and the house so you don’t have to worry ever again
- This reply was modified 9 years, 2 months ago by Moggy.
Moggy
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@lordmoggy
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Post Count: 24
October 3, 2015 - 5:19 pm
Just make sure you don’t lose your job !
Moggy
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@lordmoggy
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Post Count: 24
October 3, 2015 - 5:17 pm
You really should rent the investment property for positive cash flow to support your main job! And rent yourself…. Let the ip grow in equity. Then buy another ip 2 to 3 years later…. Once both properties equities are high enough say after 5 years for each then sell both to buy one property you wish live in and own with full equity ownership. Why let the banks get richer?
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
October 1, 2015 - 3:24 am
It’s not in a mining town that’s for sure….nor is the second house. Yes every state has its specific cycle it’s going through including each so called town…. But I certainly wouldn’t be giving the property away for free either! I remember I think about 5 to 10 years ago Tasmania was offering houses for a 1 dollar and I remember America had houses that fell backwards to zero. So if your wise I would be very weary investing in property “what goes up must also come down”! There was a guy once who worked in finance in America who walked away from all this property BS because he saw the truth ….now he lives in the wilderness only coming into town to the local library to check his email…basically turned his back on the world! I don’t blame him for I see the truth too! It’s there in black and white!
- This reply was modified 9 years, 2 months ago by Moggy.
- This reply was modified 9 years, 2 months ago by Moggy.
Moggy
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@lordmoggy
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Post Count: 24
September 29, 2015 - 9:38 pm
Define the hours regarding casual employment that Cba will accept?
Moggy
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@lordmoggy
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September 29, 2015 - 9:27 pm
I’m not interested in buying any property at any price….
Moggy
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@lordmoggy
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Post Count: 24
September 29, 2015 - 9:26 pm
TheNewGuy wrote:
I don’t get the problem. You got a loan from the bank based on selling one property because you can’t meet the servicing requirements. You didn’t sell it because you’re not willing to meet the market – the buyers determine the price not the seller.
My options are
* Lower the price and take a small loan.* Let it foreclose and risk losing everything.* see if you can get on selling houses!
Hahaha are you joking or what? Would you prefer they give it away for free? Buyers and sellers can choose their own price hahaha …. There are two houses not one !
Moggy
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@lordmoggy
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Post Count: 24
September 29, 2015 - 9:20 pm
The price of the first house cannot be reduced any further it is already at bare bones now!
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
September 29, 2015 - 9:19 pm
Corey Batt wrote:
Moggy is referring to a bridging loan, which some lenders offer customers so they can buy their next property whilst having the current on the market – the loan can capitalise during that period. It certainly does involve cross collateralisation.
Overall it’s unnecessary and a better result can be achieved through careful structuring.
Fundamentally though over 12 months on the market is TOO long – you can determine the sales price or time on the market, only reducing price will get this finalised.
Would you care to share this so called structuring method? Or have I hit the nail on the head with the right structure I have mention earlier…. By all three of them combining their incomes to create the new 30 year loan using the first house as security therefore releasing the first home to rent out and allowing the second home to be mortgaged over a 30 year repayment plan. Your input would be greatly appreciated.
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
September 29, 2015 - 9:13 pm
Benny wrote:
Hi Moggy, I found some of the story a bit difficult to conceptualise. In particular, this bit :-
The other half decided to bridge between the two in the hope that the first property would sell in one year.
That “bridge between the two” comment means exactly what?
See, straight off from your words, I thought the other half had taken out a bridging loan (i.e. probably higher interest, and a personal loan rather than against a property, but usually only for short periods – weeks, not a year). That later comment of bridging between the two sounds more like cross-collateralisation – but that would make little sense if wanting to sell one….. ???
What IS really happening? Can you add more words around the actual structure?
It may be better to seek out a Broker or Financial Adviser who can go into it chapter and verse with you.Benny
A bridging loan between the two houses. The bank secured one to lend for the other! Affectively allowing someone unemployed to purchase the second house but using the eldest son to pay the bridging loan interest repayments. It would make sense if you wish to sell to release the funds to pay for the second house. I did speak with a broker, the only way at this stage is for the two sons and the other half to combine their incomes what incomes they do have and still use the first house as security to create a new loan over say 30 years with a good interest rate. So they can eliminate the one year bridging loan.
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
September 29, 2015 - 9:03 pm
crj wrote:
It’s OK to be fussy when someone is spending several hundred thousand dollars. Your other half bought a house to live in without the means to pay for it except by selling another property. That does not fit my definition of investing in property.
If you posted a link to the ad someone might have other suggestions.
The idea was not to invest period…..as for fussy most so called investors don’t care what they buy as long as they get what they want at what price and local. For them it’s like flipping burgers to make a so called profit! After all the name of so called world game is making money be it in shares or property or other means. I for one will not invest in property period!
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
September 29, 2015 - 2:48 am
People are a fussy lot when it comes to purchasing property. Let’s just say the property is a ok nothing wrong with it. The house has been listed for sale by two different agents. Over that time period. Neither could get a buyer. Well except the first agent there was one offer but it was below the loan value of the second house. So that was pointless to accept but sure she could have accept that offer but still be in debt for the difference plus fees. Well the banker should never have offered the loan in the first place if they did it should have been an equity loan for a longer period rather than the 1 year bridging loan. You can’t be that foolish to suggest selling below the loan amount that’s just plain crazy if not stupid! Have you seen the real world lately ? Not that easy finding any type of work including cleaning! There is no such thing as job security anymore even good old former pm Abbott is testimony to that fact! Not all cleaning jobs pay those hourly rates. These days employers don’t want to pay Diddly squat …. The third solution might be possible but that depends on the sons willing to offer that kind of help?. No they all live in the second house while the first sits vacant with no tenant! Banker says you can’t put nobody there until the other half reaches the required work hours for that 35000 a year paycheck!!!! Now you see why I will never invest in property. No job no investing in shares or property and no such thing as job security. Everyone who has property especially is at risk of losing the lot like falling dominos losing your job or jobs spells disaster DEBT!!!!At least with shares you just lose money nothing else …
Moggy
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@lordmoggy
Join Date: 2015
Post Count: 24
September 28, 2015 - 9:25 pm
Everything In life is a risk …. In the end you have two choices be in debt or not! After reading so many finance books I tend to believe it’s best to stay away from debt that’s what drags you down to the point of no return. Many Australians even the world is smothered in shit loads of it you only have to look at Greece to see that …. But if you are wise save your money ! Let’s just say of all the books and knowledge I have gained Throughout my life all say very much the same thing save your money ,if you don’t when retirement comes and you can’t work anymore were will the money come from if you have no passive income or Centrelink pension? If the government take the pension away and it’s quite possible where will we turn to for survival? Somehow we must look after ourselves. I see the big picture and it doesn’t look pretty let me tell you!! I see the world for it is and what it’s not!!
I now have the final piece of the puzzle I have Been searching for….
“The answer is having enough money to keep you alive long enough.”
Investing is the passive income needed to survive to the end
It’s not about owning everything.
I will not be fooled into borrowing to buying property as this only makes the banks richer …. You can try to out run the debt, but lose your job and the bank comes knocking for the keys. Never let emotion rule your head. Don’t buy anything unless you can pay cash for it including a house. Renting suits me just fine. The sharemarket is one source of passive income so long as you can amass a huge share portfolio. But risk is there too. You can combine the two sources of passive income but still problems will come….. It’s all about income….
Moggy