Can I Tap into Equity with No Job or Income?

What can I do with 100k Equity, No Job, No Income, CC Debt, Biz Ideas?

Some might remember my thread a few months a go.

I took all the comments aboard and realized it was not a good idea to sell my property. I still regret selling my other property a couple of years ago even if it had a few issues.

So I looked into some of the suggestions including House sitting. Put a couple of ads in but no response.

I have tried very hard looking for a job. I got a couple of trial jobs but with big failure, I just seem to have bad luck with jobs, everything goes wrong. Think of all the comedies you have watched over the years and put them all together and you get a glimpse of my experience. :eek:

I tried everything. I just got sacked again 1 hour in of a 1 day trial a few days ago for screwing up a machine. :confused:

All this time I have acquired a huge credit card debt (just under 10k), I applied for an increase with my bank as it nearly maxed out. I was refused by the Indian call centre worker. After I complained they reviewed it with the Australian staff and approved the increase I requested I don't plan to use it but it's good to have that in case of a worst case scenario. I also was relieved to see I still have good credit which was more of a concern than anything.

I went and seen community budget advisor and he gave me some good info. The only thing he could do was get the bank to suspend my CC card and let me pay the debt off. I asked for rain check as I was worried this will effect my future loan applications etc but I said it gives me a last resort option. I have since been looking even harder for jobs and got a couple of unpaid trials but they all failed.

So now I'm really tired of looking for jobs 24/7, getting them and getting sacked within hours.

I have to go back to my online business which is what I'm good at but I need a breather in my debts.

So I want to know is there any chance I can get a loan off my equity which I guess is at 100k tops?

The problems is I have not much income recently. I even had to sign up for centerlink several months back although that my main back does not see that.

I was thinking to get Equity to"

# Pay of my CC debt
# Get loan to invest in my online business
# To buy a low priced property to renovate (would need loan to renovated as well)

The last one is what I would love to do but I have doubts I can eve get equity with my low income recently.

Any ideas feedback especially on the equity would be appreciated.
 
I suggest that you take a good hard look at the reasons why you are sacked "within hours" of starting jobs. Don't just write it off as bad luck.
Marg
 
Hiya

Without sounding harsh - short answer is no.

You're not deriving an income so can't demonstrate an ability to repay debt - therefore you're not going to be able to borrow.

Taking out a $100k loan sounds like you'd be getting yourself into a deeper mess IMO.

Cheers

Jamie
 
What can I do with 100k Equity, No Job, No Income, CC Debt, Biz Ideas?

Some might remember my thread a few months a go.

I took all the comments aboard and realized it was not a good idea to sell my property. I still regret selling my other property a couple of years ago even if it had a few issues.

So I looked into some of the suggestions including House sitting. Put a couple of ads in but no response.

I have tried very hard looking for a job. I got a couple of trial jobs but with big failure, I just seem to have bad luck with jobs, everything goes wrong. Think of all the comedies you have watched over the years and put them all together and you get a glimpse of my experience. :eek:

I tried everything. I just got sacked again 1 hour in of a 1 day trial a few days ago for screwing up a machine. :confused:

All this time I have acquired a huge credit card debt (just under 10k), I applied for an increase with my bank as it nearly maxed out. I was refused by the Indian call centre worker. After I complained they reviewed it with the Australian staff and approved the increase I requested I don't plan to use it but it's good to have that in case of a worst case scenario. I also was relieved to see I still have good credit which was more of a concern than anything.

I went and seen community budget advisor and he gave me some good info. The only thing he could do was get the bank to suspend my CC card and let me pay the debt off. I asked for rain check as I was worried this will effect my future loan applications etc but I said it gives me a last resort option. I have since been looking even harder for jobs and got a couple of unpaid trials but they all failed.

So now I'm really tired of looking for jobs 24/7, getting them and getting sacked within hours.

I have to go back to my online business which is what I'm good at but I need a breather in my debts.

So I want to know is there any chance I can get a loan off my equity which I guess is at 100k tops?

The problems is I have not much income recently. I even had to sign up for centerlink several months back although that my main back does not see that.

I was thinking to get Equity to"

# Pay of my CC debt
# Get loan to invest in my online business
# To buy a low priced property to renovate (would need loan to renovated as well)

The last one is what I would love to do but I have doubts I can eve get equity with my low income recently.

Any ideas feedback especially on the equity would be appreciated.

https://www.youtube.com/watch?v=jNvYuSOshe0
 
My observation is that lenders like to know how you're going to pay back the money you can borrow. If you don't have an income it's probably reasonable of them to be reluctant to lend you money.

Get a job

If you've found a few jobs and been sacked within a few hours, I suspect you need to look at your attitude. Employers don't hire and fire someone for the fun of it.
 
If you are getting Centrelink they do have support for jobseekers -- things like:
- interviewing techniques
- writing resumes
- basic job knowledge (what to wear, how to act etc).

I understand that you may have had some bad luck, however you need to look at owning some of the responsibility and not just shifting the responsibility to 'luck'.

Also, what kind of jobs are you applying for. If you are that desperate for work have you thought about retail/fast food/other minimum wage jobs. Yes, it may not be the ideal long term solution but you are living off credit cards and want to take on MORE debt? That doesn't sound like a sound financial decision and as the brokers have said -- without an income you won't be able to qualify for any more loans.
 
After reading all your posts it just seems like you are relucent to get out of your comfort zone and want an easy re-start of your life.

Can I suggest something?

Next time when I see your reply instead of saying how bad luck you are with job hunting and how the young Chinese /Indians are not helpful and taking your job, tell us some factual reason why you think you failed the multiple free trials?

Relying on credit cards and equities will get you nowhere if you can't pin point where the failure came from. let alone starting up a business.

Next time when you get sacked again be humble and ask the boss what was the reason, and ask the boss is there anything you can do to improve yourself.

Be proactive in upgrading yourself, good thing is you have identified your skills gap (such as out dated IT skills and not fast enough working in a kitchen), now forget about the whingeing and start work on these gaps, go read up IT updates and search YouTube for tutorials, at least gives you an idea of what they are and increase your confidence when the interviewer ask you technical questions.

Please excuse me if I came in harsh but it just doesn't seems like you are getting the messages from our SS members.
 
What can I do with 100k Equity, No Job, No Income, CC Debt, Biz Ideas?

You have no chance of getting finance because it would be irresponsible of a lender if they lent - NCCP.

I am surprised you were able to get an increase on your CC limit.
 
Agree with the sentiment of others here (and haven't looked at your other thread), but if the situation calls for it, selling could be a worthwhile option to get yourself out of your jam.

I'd personally be investing in developing myself/attitude before doing so.

What i'd do:
1. Get yourself ready to step up. Do what you need to do. Learn from others, get mentors, get discipline, learn from previous experiences, etc.
2. Consider selling to free up funds and change your path.
3. Use the funds to change your life/path.

Also, i thought first to ignore it, but heck i'm not going to. If you're going to have borderline racist remarks in your plea's for help, you probably deserve to be shot down by SS'ers. Not sure how the nationalities have anything to do with your story.
 
I agree with Redorm that you might want to consider selling. It's not a good idea to sell but in your situation and if you have tried everything then maybe just selling your property is the best option so you can clear your rising CC debt, put some money in the bank and invest a little of that in your business which you sound like you are good at but just need to pay your bills and get out of debt so you can concentrate on your business and not run around wasting time on job trials and been used and abused by businesses that have no ethics.

Ignore the bullies here that think they know everything. I have read both of your threads and it sounds like you have been trying very hard but are getting discriminated on your age + and you are most likely not getting a fair deal with employers as these days especially in big cities like Sydney there is an as----e mentality going on especially in the hospitality industry & retail where there is a lot of egos, young restaurant owners who are very aggressive and use people for their own gains. It's a cut throat world in hospitality in Australia. Most of the people don't have old fashioned Australian outlooks like giving people a fair go, they expect you to work 10 hours flat without a break and then beg for the job.

Other than that I would look at trying a complete new direction and look for maybe office jobs if you have computer skills. You might be able to get a management office job where you just need to know a bit of Office and tell a few younger people what to do.

But don't be afraid to sell your property if everything else is failing and your life is in bad shape. Invest in your business and in a couple of years you can be in the property market again if you want. This is a last resort option, only sell if you have tried everything else.
 
I agree with Redorm that you might want to consider selling. It's not a good idea to sell but in your situation and if you have tried everything then maybe just selling your property is the best option so you can clear your rising CC debt, put some money in the bank and invest a little of that in your business which you sound like you are good at but just need to pay your bills and get out of debt so you can concentrate on your business and not run around wasting time on job trials and been used and abused by businesses that have no ethics.

Ignore the bullies here that think they know everything. I have read both of your threads and it sounds like you have been trying very hard but are getting discriminated on your age + and you are most likely not getting a fair deal with employers as these days especially in big cities like Sydney there is an as----e mentality going on especially in the hospitality industry & retail where there is a lot of egos, young restaurant owners who are very aggressive and use people for their own gains. It's a cut throat world in hospitality in Australia. Most of the people don't have old fashioned Australian outlooks like giving people a fair go, they expect you to work 10 hours flat without a break and then beg for the job.

Other than that I would look at trying a complete new direction and look for maybe office jobs if you have computer skills. You might be able to get a management office job where you just need to know a bit of Office and tell a few younger people what to do.

But don't be afraid to sell your property if everything else is failing and your life is in bad shape. Invest in your business and in a couple of years you can be in the property market again if you want. This is a last resort option, only sell if you have tried everything else.

If he's a teenager sure we'll give him whatever positive support to help him get back up, but he's in his 50's and are now struggling to the point need to sell his asset to support his life, which instead we are encouraging him to keep it because once he sold it and if he doesn't realize the reason he failed, that $100k profit will be blown in days because he hasn't sort out his fundamental issue....time to wake up and face reality.

Failure is not shameful, but not realising the reason why and blaming it is bad luck is.
 
If he's a teenager sure we'll give him whatever positive support to help him get back up, but he's in his 50's and are now struggling to the point need to sell his asset to support his life, which instead we are encouraging him to keep it because once he sold it and if he doesn't realize the reason he failed, that $100k profit will be blown in days because he hasn't sort out his fundamental issue....time to wake up and face reality.

Failure is not shameful, but not realising the reason why and blaming it is bad luck is.

What can he do though, it sounds like he has been working hard and doing any job he can? It's OK to say he's a failure and to not sell his property, go read youtube videos, go do a short course or whatever but the reality is at his age most people in the city will laugh at him applying for a basic job at his age. He needs to walk away from the hospitality industry for a start as there are just too many (insert any word here) in that industry in the cities who will use and abuse people in his situation. I know that in Melbourne and Sydney a lot of restaurants and cafes just have a couple of full time staff, the rest are just free trial one day'ers that they promise a job after working their asses off but of course there is no job. This is the cycle he is in right now.

To the OP, what skills do you have to run your own business, have you any qualification or experience in business? How certain are you that you can get your business running well?
 
Agree with the sentiment of others here (and haven't looked at your other thread), but if the situation calls for it, selling could be a worthwhile option to get yourself out of your jam.

I'd personally be investing in developing myself/attitude before doing so.

What i'd do:
1. Get yourself ready to step up. Do what you need to do. Learn from others, get mentors, get discipline, learn from previous experiences, etc.
2. Consider selling to free up funds and change your path.
3. Use the funds to change your life/path.

Also, i thought first to ignore it, but heck i'm not going to. If you're going to have borderline racist remarks in your plea's for help, you probably deserve to be shot down by SS'ers. Not sure how the nationalities have anything to do with your story.

I have to agree with Redorm, that I feel that your remarks is definitely not doing you any favors. I appreciate the fact that your doing it tough at the moment.

Honestly, I always have the mentality and belief that if I was pushed to the back of the wall, I will grab any job in order to put a roof over my head and put food on the table. I am not a job snoop and even if it meant I had to perform cleaning roles, I would do it. As a former poor uni student, without the assistance of my parents, I used to work night shifts and go to uni during the day in order to survive. I also know the taste of 2 min noodles very well.

Also, I would be contacting the employment agencies, cold calling employers in the industry and asking your network for possible job leads due to the 'hidden job market'.

Best of luck to you.
 
What can he do though, it sounds like he has been working hard and doing any job he can? It's OK to say he's a failure and to not sell his property, go read youtube videos, go do a short course or whatever but the reality is at his age most people in the city will laugh at him applying for a basic job at his age. He needs to walk away from the hospitality industry for a start as there are just too many (insert any word here) in that industry in the cities who will use and abuse people in his situation. I know that in Melbourne and Sydney a lot of restaurants and cafes just have a couple of full time staff, the rest are just free trial one day'ers that they promise a job after working their asses off but of course there is no job. This is the cycle he is in right now.

To the OP, what skills do you have to run your own business, have you any qualification or experience in business? How certain are you that you can get your business running well?

By no means I'm referring him as a failure nor intending to, what i'm trying to say is instead of blaming his failure as bad luck, try to focus on where the issue came from, and don't be picky when options are running out.

Just because he apply multiple restaurant jobs and getting fired after an hour doesn't mean he's trying his best. That only means he is repeating himself by making the same mistakes, instead, he should pause and find a new way out. You need to work smart not hard in this 21st century.

When we/I might sound harsh and acting like a somebody educating him and trying to make him feel miserable with his current situation, we are actually being sympathy and giving him sound advise on what he should do to get back to the right track.

If we are being nasty and cruel we would have tell him things like "time will sort itself out" or "things will get better" and PM him asking for his property address and low ball him since he's in financial distress.

Obviously none of us done that otherwise he would have posted a reply saying how happy he was by selling his property and now going on a new venture to re-start his business with the left over money.....
 
But anyway I think we are getting off topic here when the OP is only asking if he can get equities out of his property when there is no income to support :p
 
2. Consider selling to free up funds and change your path.
3. Use the funds to change your life/path.

I have considered selling in the past but decided not to and the posts here helped change my mind.

I have to admit though in the last few days I have been rethinking this.

What if I had a really solid business plan and concept. something that is sure to work. If I was to get 100k for my place after expenses I could then pay off my debts and have about 92k to invest in my life NOW.

Would anyone see this as a possible way out here or is nearly everyone besides Redom against selling at all costs?

What if I was to invest 10k in making my business sold and then giving me a regular income. What if I was to keep the rest of the money in the bank and split it into a number of safe but high return investments?

What if I was to double the 100k at least within 1 year?

What if I had a strict disciplined plan to not waste 1 cent of my money but to invest it wisely in a well prepared business plan? I have training in business plans and small business management.


Also, i thought first to ignore it, but heck i'm not going to. If you're going to have borderline racist remarks in your plea's for help, you probably deserve to be shot down by SS'ers. Not sure how the nationalities have anything to do with your story.

I want to make it clear than I'm not raciest at all. Please stop been so sensitive and riding the PC bandwagon. I have a partner who in Asian and currently lives overseas and she can't even come and live with me as I have no money or income to show immigration that it will work along with the 6k + for the fees now.

I enjoy the company of Asian people especially as I like their quiet and aggressive nature. I love Indian food.

What irritates me though is when I work my *** off all day at a job and the next day I go there they say Oh sorry, you can finish early today as we have another person who we will trial. That person is usually a foreign student from a rich family who just needs some pocket money for buying the latest iphone or whatever or recent immigrant that can't speak English and will work for less than $10 an hour. Or I go to another job and they promise me a job but I then realize I'm competing against several young Non English speaking students etc. I don't blame the students at all, I blame the system and what people like me have to do now to get a job.

Honestly, I always have the mentality and belief that if I was pushed to the back of the wall, I will grab any job in order to put a roof over my head and put food on the table. I am not a job snoop and even if it meant I had to perform cleaning roles, I would do it. As a former poor uni student, without the assistance of my parents, I used to work night shifts and go to uni during the day in order to survive. I also know the taste of 2 min noodles very well.

I appreciate your feedback but it does my head in when I read remarks like this implying I have not been trying to get any job.

For example one job I was meant to be just standing around waiting for the place to get busy,Instead of standing around I was doing the cleaning and crap jobs just to keep busy and do a good job. It still wasn't good enough and I never got the job.

I wish people could see what I have been doing to get a job and trying very hard. I get up at 5am each morning, I go job trials, interviews and walk around door knowing until night each day. I don't know what more I can do.?

I have to either get money from my house or think of something completely different in direction.

The last job I had I was hoping to work tomorrow. I tried to call them today but they hung up the phone and did not reply to my text. This is what I go through h each day. A few days ago I worked 12 hours non stop with 15mins for lunch. I worked my butt of all day and I actually did a good job and they even said that themselves.

I agree with the other poster that there are many horrible people in Sydney that act all good but its times like this you see their true colours.:mad:
All this is even more difficult when you have a debt rising each day.
 
I don't have any objection to selling/liquidating an asset in circumstances like these - thats part of the benefit of having assets - security when its not going your way.

Besides, you're selling a housing asset to go an REINVEST into a business - its still 'investing', its just a different type of investment (albeit much riskier). I'd really also focus on step one, which it seems like your doing - getting yourself right to start a business. Planning is essential and it seems like your well on your way.

In terms of asking SS - you're likely to get a very different response here than if you asked the question on a small business forum!

Good luck.
 
can I ask, what sort of a job are you not lasting for more then an hour,

it sounds like you are in hospitality,

does your race come into it?

people are generally quite racist, but wont admit to it,

the world is a very unfair place unfortuantely
 
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