I want to buy other people’s money. Is there a way to use someone else’s capital without having them on the property contract? Can it really be as easy as advertising in the wanted to buys and paying them a monthly fee? Is it even legal? I’m not talking about vendor finance or lease options, I just want to buy money to further my portfolio.
kjpinner
You are not allowed to advertise for other people’s money unless you are licensed and you offer a Product Disclosure Statement.
If you can afford to “buy” people’s money, why don’t you just borrow your own?
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltdyou can borrow people’s money for interest.
you won’t be able to advertise without a licence.
Byronent
Adelaide SAthanks for the responses. In regards to why I can afford to buy but not apply for a loan is basically because I’m 6 months into my own business. I need at least 2 years of solid finance history before I can look at getting a loan with a bank. I can buy properties if I have capital because my life partner is my service-loan partner.
So my understanding of the answers are if I were to set up as a property business I would be able to get liscences and advertise for others peoples money with payment in interest.
thankskjpinner
Hi KellyJo
If you don’t have the required 2 years figures, why don’t you investigate the possibilities of low documentation finance?Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
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