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I am interested in two things…
1. What makes you think your wife cannot get half or more of your company?
2. Why do you think that more experienced and much larger operators pay more than a one-out operator like yourself?
The Mortgage Adviser
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Essential LinksI thought I was being funny!!!
I don’t have a crystal ball but I do have common sense. I have been advising against off-the-plan high rise stuff in Brisbane since mid last year. There is a clear over supply which always results in one thing – price decreases.
My opinions are my own and, as is typical with most ‘older’ people, they think dollars and years have something to do with knowledge. If you do something for 20 years and do it wrong does not make you any better than someone doing it for 1 week who does it right. Also, different people learn at a different pace.
Instead of trying to make me look stupid with nothing comments as are contained in your post, why don’t you share your pearls of wisdom or provide evidence to the contrary of what I speak about?
Do you find it difficult not to gain a good knowledge about a variety of ‘related’ subjects and unrelated subjects?
As for being astounded, don’t be. I haven’t even started yet.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksOriginally posted by upandcoming:Lets see how spot on they are as time goes on.
Yes I have serious issues with banks.But I took 10 cents literally and turned it into a decent business that is growing.The first thing I sold out of bankruptcy I did not even own nor could afford to buy.I sold it got paid for it and used the buyers money to purchase the goods so I could deliver them.Literally 10 cents I had.Yet the banks dont recognise that and want to carry on with the prehistoric attitudes they have.They want to charge 36% pa to factor invoices yet have a spread of debtors to minimise risk.COME ON! Loan sharks charge less interest and take more risk.Hot air!!!
Justify that if you can and then tell me why I shouldnt be crooked on them.I can justify it very easily – EX-BANKRUPT!
From memory, you didn’t pay out your old debts. You just got discharged. I think you would get a little more sympathy and some more respect if you paid out the bankruptcy. The people you owed money to when you went bankrupt also have families to feed and bills to pay. And please don’t justify it by saying they were all large companies or banks as it is your fault that my fees are going up.
They are piranhas.What is this reverse mortgage?A way of fleecing old folk?This is a way to allow the elderly to access funds to enjoy their life in the twilight years. The only ones who think this is a bad product is the greedy beneficiaries who miss out on some of their inheritance.
As for fleecing them, it requires financial adviser and/or solicitor sign-off to ensure they are not fleeced.
Offering higher credit card limits all the time to people who cant pay now?This is only offered to people who have a good credit history. I am certain you are not receiving any offers of credit in the mail. How are the lenders supposed to know if someone cannot afford to pay when they have been paying so well?
The whole game is a rort.They havent got an ounce of morality between the lot of them and the more money I make the more contempt I have for them and the happier I am that they pissed me off so bad that I will never owe them a cent.There is an old saying in business…
Keep your friends close but your enemies closer!!!
You will never meet your full potential if you do not use all the tools available to you. Without banks, your are limiting yourself and your potential to grow even bigger than you think you are getting.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksHey Steve, you are up late. I think the 90/10 would be a problem as it is a mining town. The mortgage insurers probably won’t go there.
The Mortgage Adviser
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Essential LinksDazz, you clearly have no idea about what happened. It was a management failure. Nothing else stopped it!
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksI would not use Fintrack. They made you pay for training when I dealt with them and they have been kicked off by a couple of major lenders in the last two years for less than favourable practices. ASIC had issue with them at the time.
Although they have fixed all the problems they have faced, they still do not have the best reputation. I think they need a bit more time.
I also heard one of their key employees left last year and started in opposition to them kind of like what has happened with Aussie.
Other than these problems, they are a nice bunch of guys.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksI would just stay away from anything off the plan in high rise developments. Houses are always great to look at. Don’t worry about Foundation’s response. He is a member of a very exclusive club which seems to be growing in popularity. They are known as the ‘DOOM & GLOOMERS’.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksEven though I am not a fan of buying in mining towns unless the company is very solid and the mine is a long term venture, it seems ok as you will be living there.
A few lenders should be able to help you but you will require to go through the 100% finance lenders. There is a no-genuine savings requirement with a few of these and they self insure so the mortgage insurers should not be a problem.
The interest rate is about 0.8% higher than normal rates but you could always deposit all your funds and the fhog money into an offset on the day of settlement to reduce the loan term or pay the loan down.
I prefer not to divulge the names of lenders as I believe you should use a mortgage adviser / broker if this is your first time.
Hope this helps.
The Mortgage Adviser
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Essential LinksDazz, let me assure you that you are way off the mark on this one.
Firstly, non-conforming lending is huge business and the major players, namely Liberty Financial and Bluestone, were little “pip squeak” operators not all that long ago.
Secondly, ASIC had nothing to do with the problems faced by Derivex. They are still investigating and have exerted no influence over Derivex whatsoever other than asking for documentation.
Finally, I have it on good authority that the majors are trying to copy the idea and I am certain that others are attempting to put something together as we speak so it is certainly not a dead issue.
If it can be worked out to be what it is supposed to be, it will be released on the market sooner or later.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksCheck out http://www.fhog.info
The easiest way to do this to stay away from all the mess is to get your parents to borrow the money you need for the purchase and just give it to you. You can write up an agreement between yourselves if it is needed so you are forced to repay the debt.
That way, your property will be unencumbered and in your name and no hassles with guantor issues. Also, any way you do it, if your name goes on title alone, you are eligible for the FHOG.
When you are in a position to start paying, you could borrow against your property and pay out your parents and then you will totally stand alone.
Let me know if you need additional info.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksRegardless of who it was, these guys risked a lot to check it out for their clients and others while potentially getting in at ground level for what could be one of the most revolutionary advances in finance the industry has seen in a long time.
As for risking dollars, I agree this is a bit too much but I committed a lot of time working for the organisation and lost a lot in lost income which had the same result as putting in dollars. When I realised that the management was way off, I bugged out. This does not mean I do not think the product itself doesn’t have a lot of potential.
I certainly do not think I was an idiot and I hope you don’t either just because I wanted to check out this new product.
The Mortgage Adviser
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Essential LinksTo be honest, I personally would be looking at a deductible investment property first or a positively geared property to improve cash flow.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksI think that 70s wierd stuff is a bit too ‘WOW’ in a different way. I want to attract all ages and I think the elderly and the young would stay away.
The Mortgage Adviser
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Essential LinksASIC had nothing to do with it. It was poor management.
Jason, regarding your comments, let me ask you this…
When new inventions come to market, should we all stay right away from them or should a few check it out on behalf of others?
The Mortgage Adviser
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Essential LinksI would not use any of those for low doc. Unfortunately, unless you give more information, you will not get a proper response here. For example, how long do you intend to keep the loan with one lender.?
The Mortgage Adviser
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Essential LinksThe offices were not that expensive and no-one was ever paid. I think there was a trading insolvent issue.
In any case, that was just that company. As far as I am concerned, the product is still a possibility and hope to see something happen in the near future. If not interest free, at least a very reduced rate. People are working on it.
The Mortgage Adviser
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Essential Linkshahahaha… Great minds think alike! Beat you buy 14 seconds!
Do me a favour Luci… get over to the Internet Cafe thread and throw some more pearls of wisdom my way. You have some excellent knowledge about a lot of things!!!! I would appreciate ANY good ideas.
The Mortgage Adviser
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Essential LinksYou could buy a positive cashflow property for 100k or less which would increase your income. You could then borrow against this property and the new property to do it over and over again each time improving your position. It will take a lot of looking to find the most suitable positive cashflow properties though.
The Mortgage Adviser
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Essential LinksAssuming there isn’t already lenders operating there, which is unlikely, it should increase demand and property prices as more people could afford to buy property.
The Mortgage Adviser
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Essential LinksSensational stuff Colin. Thank you for taking the time to write it all.
We will be spending a lot of time on marketing and other promotions. Things like backpacker packages, various add-on services, business services for locals and much more. I know a lot of this stuff has been done but we intend to have an ongoing and regular program to always keep us in mind.
The more I look into it, the more excited I get. I think this will be a fantastic project / business with a long future. It will also enable me to spend a lot of time doing what I enjoy… study, research and discussing finance and investment.
I am still in search of the WOW factor though!!!
Thinking, thinking, thinking….
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential Links
