Forum Replies Created
I apologise for this Rob. I should have tried to contact you another way before assuming you were ignoring me or something.
Sorry again
Rod
“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
thats really weird because i sent it, maybe it didnt go through or something, ill see if its in my sent folder and send it again.
Thank you“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
you never returned my email rob.
thought that would be in your job description.
“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
Robert you are an amazing man, with a wealth of information just pouring out of you, its this kind of attribute that is needed in a partnership.
“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
Thank you,
for all your replies, and this website is just fantastic also, just found in another post a link to properties around town that i could potentially invest in.Is there someone from this forum whom i could have an appointment with just for a chat in person.
Thanks,
Rod
“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
Originally posted by brahms:Rod,
you do realise that every $’s worth of equity (whether its someone elses or not) will equal precisely the same amount of $’s of debt/mortgage don’t you?
equity has to be paid for if you use it, it’s not some sort of manna from heaven.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneSo…does this mean that equity is an amount thats already paid for? So if someone has to pay off a home for say 100,000 and theyve paid 70,000, then they only have 70,000 in equity to play with?
And guys im also curious to know how steve mcknight has so many properties and yet he makes money from them, he hasnt paid them all off has he? He just makes the minimum repayments (using the tenants rent) which pays just the interest, is that correct? And how did he manage to get involved in more properties? He couldnt have paid them off one at a time? Yet they didnt take the properties off him. I must know this if im to duplicate what he has done.
But he used his and his business partners own money to get into property.
My hurdle with that is that i have debt, so im not even considered for a loan, spose im looking for a way around that, by using someone elses money, so thats why i thought equity would be an avenue to follow. Because i dont want to wait another year and a half to get started. So is there a way of sorting something out and still make money from day one? Because like Steve, i think thats what its all about!
“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
To all your kind replies,
I am looking to invest using OPM, if you can help me with this please reply on this topic, send me a pm, or email me. I have invested using my money before and i have learnt my lesson, but never have i invested in property, but after reading through steve mcknights book ive come to realise that i need to learn how to… gosh id love to have done the steve mcknight apprenticeship, instead i was in a stupid factory making someone else rich and ruining my health. Well at least i learnt from experience and left that situation, although it cost me 5 agonising yrs. Now that ive discovered that i too can become wealthy like steve through property investment using opm i need to find out how…this is why im here asking you guys for help with, ok?
I dont know why some of you are on these forums but…
Please keep it relevant guys,Thank you,
Rod
“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
Thankyou 1winner,
After re-reading your post a few times and with your kind additions to answer my pm, it actually makes a lot of sense, In a weird sort of way.Makes for some sound advice to anyone and everyone, and dont we all need some quality advice everynow and again? [guilty] So what happened to you? How come it took you so long to figure it out?[worried]
Rod
“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
Originally posted by Terryw:Yes.
The best way is for them to get a LOC and loan you the deposits and you get 80% loans for the remainder in your own name.
Terryw
Yes I can get an investment property using solely other peoples equity? Or do i have to put in also? (This must sound so stupid, but i just like to clear things up so im clear on what im doing.)
What does LOC stand for? Line of Credit ok answered my own question.
An alternative to a LOC is to just get a split loan or investment loan for the amount of the deposit and closing costs you may need to purchase the new property. The remaining funds can be secured against the property you are buying.So… say i have found a property thats selling for say 100,000 i can secure the deposit and closing costs with someone elses equity? And then use that for a loan on the rest?
So i would essentially use their equity to secure the purchase and then their equity again to secure the loan for the remainder of the properties value? Which i will then use the rent to make repayments and have more equity(100,000 as per the example) to begin looking into a second property? (without someone elses equity this time?)Gosh if i can find some tenants for this one place i found for $150-200 rent a week i might be in business.
Wondering if i could get some advice on what to look for when i inspect the property? And what sort of information i would need to extract from the agent? This might help me convince the person who will provide me with the equity, although i feel weird about asking my family, i was hoping to find someone else, are there any people out there that would do this sort of thing? Oh and as if i havent already asked enough questions, How much equity would i need from someone for say a property worth 100,000? Would it just be the closing costs and deposit in equity or more?
Thankyou,
Rod
“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
Originally posted by gmh454:So…you are willing to put up your time, effort and “zeal ” balanced by my capital….hmmmm how do I know how hard you will work to make my capital a winner and not a LOSER ?????
First thing you will need to do is drop the “my capital” attitude and start thinking of it as a partnership where it will be our capital even though you are funding the project you will be putting it into our company account and all financial decisions will be made with your consent.
Thats correct my time my effort our success. If by zeal you mean:
“Excessive fervor to do something or accomplish some end” thats exactly right, and with the right partner i will be a winner, because i know what its like to be a loser, and i know what it takes to get over the bumps that i will encounter on this journey.
Send me a pm if you are serious about looking into a partnership and developing some plans and strategies…What part of your anatomy are you willing to offer as security ????Well have to admit thats pretty funny.
Theres no guarantees in life and theres no guarantees on this journey. Only thing thats guaranteed is my thirst for freedom. If you want security without risk goodluck finding it[biggrin]
Send me a pm if you are serious about exploring this concept.thankyou
Rod
“financial freedom is freedom”-“my freedom is freedom to do what my heart desires when it desires”
