NO JOB??!!

Viewing 4 posts - 1 through 4 (of 4 total)

50mill
Participant
@50mill
Join Date: 2003
Post Count: 91
June 30, 2004 - 6:35 am
Hi Team,
Is it possible to deposit a property, do some small reno work and resell for a profit? without having a job?
I think there are ways but I just need reinforcement in this area.
p.s I wish to leave my job and do THIS stuff full time.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 30, 2004 - 6:40 am
To resell a property you need to own it first. Theoretically you could get a long settlment and then do your renos and then find a buyer who will settle at the same time as yourself. If you could do this, you would not need a loan.
If not, you will need to settle on the property to resell = getting a loan unless you have cash.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 30, 2004 - 6:41 am
Forgot. Another option would be to use an ‘option’ as this would limit your risk to the price of the option fee. When done, you could just assign your option for a fee. If done correct, there would be no stamp duty involved.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
lil_man
Member
@lil_man
Join Date: 2004
Post Count: 28
June 30, 2004 - 2:46 pm
hey man,
well, thats what i thought[suave2]!
Im going to uni when i finish school. THIS is EXACTLY the plan im goin to use to make some fast cash[suave]! If you read the book called Real Money Real Estate by bradley sugars it teaches you that this is called a quick cash deal.
So if you’re asking if you can use a quick cash deal without a job the answer is yes! but you have to have the profit behind you first. i know a man who is now worth 12.4 million dollars!!!! [blink]and thats exactly how he started.
just dont forget to buy some positive cashflow real estate aswell because you WILL be working all your life just on those properties. with positive cashflow behind you aswell you can do no wrong!!!
WOAH! did i just say that!?[confused2] Well. hope it helped!
cya![biggrin]