no money

[addicted]

been reading the posts and they are great ,just a question would a 21 year old be able to get a loan if the property is positive gearded has a good steady work history and is wanting to start investing <because she has been watching mummy and daddy >she has seen the light would like any feed back good or bad thanks

 

[Simon]

Should be OK

I think you are asking if 21 is too young for a loan?

If so then the age isn't an issue.

As long as the security (deposit or equity) and income adds up then it should be quite straightforward - esp with a good employment history.

Good luck to her.

 

[addicted]

sorry i didnt mean if she was too young but her problem is she has no savings <cause of alot of missfortune >and she still is living with us -say for 320,000 the banks might think its to much ,but if the property is +cash flow would it be enough, she wants to do it on her own , we have a few ip in syd could she use our eqity or we go as garentor for her , as she also wants to start up a buissnes ,she will be taking leave from her secure job in syd to go up north .

 

[addicted]

thanxs

thanxs for your reply ,i am very proud of her she has a good brain ,she told her freinds when she left school at 18 she was going to make her first million by the time she was 21 so she hasnt got to long to go cause she turns 21 at the end of the year she has been in the work force since she was 14 her choice ans was also going to school and she did very well so thats y i would like to help her as much as possible ,mind you my 2 other boys (twins just turned 18 } are going to get rich in the music industy ,so they have been saying since they where 8 ,and i surly hope they do , with all their efforts over the years so ill check out the info ,,once again thanxs heaps

 

[addicted]

lost it

sorry i lost your comments the 2 one

 

[Jude H]

I typed out a reply and posted it then found the second post by addicted so deleted mine because given the new info my advice has changed considerably.

You do not have to answer these questions to the forum but I would advise you at least answer them to yourself.

Who is this person to you? Family or friend?

Do you understand the ramifications of being a guarantor?

Allowing someone else to use your equity obviously then prevents you from using it.

If this person takes leave from her job and starts up a business and there is no tenant, where is the mortgage payment going to come from?

I would be suggesting some serious thinking before taking on any of the suggestions you have proposed.

Jude

 

[Simon]

Addicted,

Jude has made some valid points and you should get independant advice as to the possible outcomes of any decision to be involved with someone elses debt.

Having said that - should you wish to go ahead with supporting her purchase then it could be set up as you have described.

Be aware that leaving a secure job to start a business increases the risk of default on the loan - default which you as guarantor or coborrower will be responsible for.

All the best,

 

[Rolf Latham]

Hi Add

Limit your exposure by getting a small loan on one of your IPS for 20 % of the purchase price and another 7 % for costs. so on a 320 000 place about 86 000 should see your person OK on the assumption that the income is there to support the loan.

Ta

rolf

 

[addicted]

well the person i want to help is my daughter ,i dont think i would do it, for to many other people ,maybe none. i think i could not do better than to invest in her future ,{ well help her } after all that is what my life is all about, my familiy .I know i would worry how she will go ,but knowing my hubby and i we would be two steps behind her ,making sure she dont fall off track she is very buisness minded and most of the time im sure she knows alot more than my husband and i ,i thought i could give her a kick start <maybe that long awaited boot i have been wanting to give her since her teenage times }with so many young adults not even thinking about the future ,and still in party mode, im thankful that she has taken some responsability for her own life what she needs i think firstly is a good accountant ,and broker to start with ,she is able to take 1 years leave from her current job with no problem so the way i see it you gota start some time and the younger the better ,after all i think you must take some risk ,there is a first time for every think ,i think this forum is great it shows people that any one can acheive ,,, with a little know how ( and alot of help from all you guys ) you too can lead a fulfilling life .sorry about my spelling was not a strong subject in my school days thanks for your comments have a great day guys!!!!!!!!!!!

 

[Jude H]

Addicted,

Daughter makes all the difference in the world.

If it was one of my children in the same situation I would certainly be helping them out.

I too, like you, would be one step behind them making sure all went well.

Your daughter is lucky to have such caring parents willing to support her.

Jude

 

[dreamerr8]

yes, I can help you arrange it if you like, that what i do

 

[Jude H]

Hi dreamerr8

Have you posted the above reply in the right area?

You might also want to remove your full address from the forum eyes.


Addicted,

If dreamerr8 is actually offering assistance to you please be careful.

He/she has no history with this forum and cannot be vouched for at this time.


Jude

 

[Simon]

Broker to use

Addicted,

If you feel you need a broker please allow me to recommend Rolf.

Good Luck,

 

[dreamerr8]

jude / addicated

I dont deal directly with loans but we have a strong network of contacts that we can refer addicated too.

 

[Jude H]

Re: jude / addicated

Originally posted by dreamerr8
If you take the time to look at my credentials you will notice that I am a financial planner who works toward helping people achieve their financial goals. And I don't not just managed fund, rather investments like hybrid secuities, direct share, promissory notes Mezzanine finance etc.
I dont deal directly with loans but we have a strong network of contacts that we can refer addicated too.

Hi dreamerr8,

My taking the time to look up your credentials have nothing to do with my statement which was...


"He/she has no history with this forum and cannot be vouched for at this time."


The point I am making, and it is valid, is that the forum does not know you. You registered yesterday and are offering assistance with regard to finance today.


Therefore my advice to addicted still stands...


"If dreamerr8 is actually offering assistance to you please be careful."


Jude

 

[geoffw]

Dreamer8,

If you've started with one post asking for information on Mezzanine finance, and two posts offering info, it doesn't really look good.

 

[Carmel]

she was going to make her first million by the time she was 21 so she hasnt got to long to go cause she turns 21 at she at the end of the year

So... she has no money and is going to make a million in the next, um 9 months? Really? Do tell ...how?

 

[addicted]

thankyou all for youe comments and assistance ,i already have a accountant and a broker ,but i dont know if she will take on my ones as she plans to live up north ,she most likely not reach her first mill this year any how but i am hopeing it wont be to long