Replies Created | Forums | M3 | PropertyInvesting.com

Forum Replies Created

Viewing 8 posts - 1 through 8 (of 8 total)

M3
Member
@m3
Join Date: 2008
Post Count: 9
January 26, 2009 - 1:30 pm
Yossarian your quick to judge on a situation you know very little about….
M3
Member
@m3
Join Date: 2008
Post Count: 9
January 26, 2009 - 10:14 am
Quote:
If your parents in law are borrowing money, then they are the borrowers, not you.
Yeah I already know that, what your point?
I've bought an off the shelf company and changed the name.
M3
Member
@m3
Join Date: 2008
Post Count: 9
January 26, 2009 - 5:40 am
Quote:
M
Go back and reread all the posts. Especially yours – you were asking to borrow $250,000 based on a security of $150,000. It is a business purpose, but you don't want to tell the bank that because they won't lend. What else can you do?
Who is borrowing the money? you or your partner's parents?
That was the original plan but it was not possible.. What else can I do? Thats why I'm asking.
My partner's parents are borrowing the money on behalf of me.
Yossarian If the business fails, I'll sell it at a lost and I still have my job and my partner will get a job to pay back the rest of the loan. I think you heard alot of these deals not seen… It's only 100k, the banks not going to take the house unless they miss repayments. They know the risk involved.
This is getting side track. I don't think I can get a proper answer. Line of credit as Qld007 suggested would be the best option I guess.
M3
Member
@m3
Join Date: 2008
Post Count: 9
January 23, 2009 - 3:59 am
Appreciate your concerns Dan.
Audit is almost impossible and a waste of money. The books have been "cooked", artifically deflated revenue. That's the nature of the hospitality industry.
The only way to find out is to trial the business. There is a trial period for 2 weeks with the owner claiming trial revenue very close to the advertise revenue. I'm currently spying on the business prior to the trial period to ensure, the owner is not just getting his friends and relatives to come in and buy…..
Never trust anyone who tries to se
ll you anything
So how do I get this loan? Anyone have any ideas?
M3
Member
@m3
Join Date: 2008
Post Count: 9
January 22, 2009 - 6:51 pm
Quote:
Who is getting the loan? If it is your partner's parents, then they may be borrowing for investment purposes – they are lending the money to you, not buying a business.
Oh I see, would that work? hmmm, wouldn't the bank ask what type of investment? eg shares, property? If they say lending the money to me to buy a business, then wouldn't that constitute as a business loan?
Quote:
So the plan is to purchase a business that is defrauding the taxpayer by defrauding a lender and/or lumbering your parents in law with ultimate accountability for the debt.
Sweet.
The previous owner is defrauding the taxpayer, what can I do? The bank is not going to lend money to buy a business with a "net loss" even though the business is easily making profit and can pay back the loan in 3 yrs. How do I explain that to the bank? impossible…
The business can still be profitable even with fully declared income, I do intend to declare income as I want to show a net profit to borrow more money.
My partner and I will be fully accountable for the debt, we will never do that to her parents.
I am not trying to commit fraud, I am just trying to find out how to get a $100k loan.
I'm running out of options… Does anyone have any suggestions?

M3
Member
@m3
Join Date: 2008
Post Count: 9
January 21, 2009 - 4:08 pm
I've spoken to Westpac, they need to know the purpose of the loan…
I am affraid to state that the loan is for a business as I will then need to apply for a business type loan, which I assume is harder to obtain because the business I am buying is "trading at a loss".
I orginally wanted $250k but would be happy with $100k..
Is there any other options?
M3
Member
@m3
Join Date: 2008
Post Count: 9
October 2, 2008 - 7:31 pm
OK now that this is not possible. I have another option to consider.
My partner's parents are willing to put the PROPERTY INVESTMENT LOAN under their name.
They have a single income of $31,200.
House worth $380,000 still owing $40,000
With the Property investment loan, do you need to have poof that your actually buying an investment property? Or does the money get transferred into your account?
M3
Member
@m3
Join Date: 2008
Post Count: 9
September 9, 2008 - 2:28 pm
Damm, is there any other way to get it?