All Topics / The Treasure Chest / I’ve hit a brick wall with financing…

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  • Profile photo of EKfourEKfour
    Member
    @ekfour
    Join Date: 2002
    Post Count: 35

    Hi,

    Need some input here. Was talking to my mortgage broker this morning, & I’m feeling very discouraged. Steve, how do you get finance to wrap 40 properties in a year? What happens when serviceability issues arise? Basically I’m on an extremely low income, and serviceability is a concern.

    Do you need a high paying job/ business, or is there a way around this? There must be a way around this! Just as I thought exiting the rat race was getting easier, I find myself looking through the papers for a new job…

    Thanx.

    Wei

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Wei

    If you concentrate on the cheaper properties and get the FHOG from the buyers, then it wouldn’t require much money out of your pocket at all. You could probably get a few of these loans at a high LVR before you hit serviceablity problems, by that time you will have all that cashflow comming in which will help you save up the deposits for the next property and so on.. snow balling.

    Terry

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763

    Hi,

    Terry has corectly pointed out that we purchase cheaper end market properties and by the time you receive back the FHOG, you only leave a few thousand dollars in each deal.

    But on top of this you first need the money to invest.

    For many people it is their jobs. Since we are self-employed we don’t have that possibility so instead we run several businesses to generate this income.

    Among these are the accounting practice, seminar business and also our existing r/e companies.

    You point out that you are on a low income, so unless you can find ways to increase this, it would seem like your best bet is to seek a money partner and do joint ventures with them.

    Regards,

    Steve McKnight

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of SharkMeatSharkMeat
    Member
    @sharkmeat
    Join Date: 2002
    Post Count: 6

    Hey Steve,

    Aren’t you going to tell us how to arrange our company structure to get *unlimited* finance at the Masters of Property Seminar?

    Cheers,

    Mark.

    Profile photo of JennyNowakowskiJennyNowakowski
    Member
    @jennynowakowski
    Join Date: 2002
    Post Count: 3

    Yes, that’s what I was thinking and one of the reasons I’m going to the Sydney one!

    Jenny

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763

    Hi,

    What I’m going to reveal is the way that I have been able to secure unlimited finance using a relatively simple structuring system.

    In fact… I’m doing the notes for it right now!

    See you at the seminar!

    Bye

    Steve McKnight

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

Viewing 6 posts - 1 through 6 (of 6 total)

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