Borrowing Money



From: Rolly Taddeo

Hello all readers
i have talked to 2 banks about borrowing $300,00 to $500,000 for more IPs.
My response was the maximum you can borrow is $220000. Reason was they are more concern about making the repayments than they are in my asset.
Assets are: 4 IPs Value $1.2million plus home i live in $400000.
Income from wagers $65000 yearly
Income from Rent $50500 yearly
LOC for $235,000 repayment $1,218 monthly.
P.I. Loan for $230,000 repay $1370 monthly.
How do i accumulate more IPs ?

Regards Rolly
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Reply: 1
From: Jeremy Laws

Want they wouldnt like is your wagering income. Banks take a particularly dim view of gamblers.

Key is to buy more, cheaper property, with a higher rental return. Also you HAVE to stop gambling - you will never succeed with that problem.
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Reply: 2
From: Steve Navra

Hi Rolly,

Based on your shown figures:

You can borrow from $1,500,000 up to $2,000,000 quite easily!
(Give or take any other debts you might not have mentioned)


Cashbond to cover serviceability, and LOC for deposits and costs.

Refer to archives for this methodology,


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Reply: 3
From: Duncan M

Did you REALLY mean WAGERS or did you mean WAGES?

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Reply: 4
From: Rolf Latham

Hi Rolly

Well, Uncle Steve has already given you a good answer - also try using an independent broker rather than going to lender direct.

No loan No Eat :eek:)


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