Overcoming apparent lack of income

From: Apprentice Millionaire


Greetings!

Starting one's own business after having been a PAYG has a draw back: the lenders want proof of the income from the business, and will only accept to look at figures after two years. So, as it is in my case, I appear to have stalled on my path to wealth creation, as lenders tell me I can't borrow much.
Has anyone out there got strategies to keep my momentum going? I have heard of partnerships (I provide the deal, someone else provides the cash), I have thought of going out to areas where prices are low enough to fit what the banks will lend me, I have already got money in a syndicate, but I would welcome any suggestions, ideas, recommendations, opinions, advice (I guarantee I will not sue!), etc.

Cheers
Apprentice Millionaire
(aka Jacques)
 
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Anonymous

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Reply: 1
From: Anonymous




In your position I would forget about property for a while, the market's a sellers one anyway.

Put your wealth creation efforts into the business for the time being. The return on investment there should be larger than IP's for the next couple of years - assuming of course that you are in business to make money and this wasn't a lifestyle decision?

After two years of effort you should have a great profitable biz with a track record of growth etc. = serviceability.

Just my two bobs worth.
 
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Reply: 1.1
From: Dale Gatherum-Goss


Hi

I agree. A business is a wonderful source of future wealth and cashflow. get this right and many paths will open in the future as will opportunities to buy IP.

Good luck with your venture and continue to learn as much as you can along the journey. Your time will come.

Dale
 
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Reply: 1.1.1
From: Apprentice Millionaire


Thanks Anon and Dale,

Let's put it this way: in Robert Kiyosaki's words, I have gone from the E quadrant to the S quadrant. So I have bought myself a job. Don't get me wrong, my new occupation (it is not a job) is great and has perks, as I am in the travel industry. And the decision to move out of the PAYG situation was largely a lifestyle decision. Although my business is there to make me money, I do not see it as a way of getting out of the rat race. "Work on your business, not in your business", as Michael Gerber says in the E-myth.

So although the market is hot, and it is hard to negotiate, I still want to keep moving on with my investments!

And hence I am still open to ideas of how to overcome that apparent lack of income, and not have to wait 2 years before I can go and purchase new IPs.

Cheers
Apprentice Millionaire
 
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Reply: 1.1.1.1
From: Matthew Campbell


Sorry about the MIME format... I tried to fix it before but obviously it
didn't work.. I hope I have fixed it now

I assume I am not the only one who receives and sends POSTS via email.. If
someone knows what setting I have wrong, let me know but I think this has
fixed it. There is no way of seeing until I send the email
 
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Reply: 1.1.1.1.1
From: Paul Zagoridis


Congratulations it's fixed Matthew

AM, I feel your pain, man! ;-) I hope your S quadrant shine never wears off (I couldn't bring myself to go to the contract this morning so I showed up at 11:15 - not good for the cashflow)

Look seriously at using a low docs or no docs loan. They are getting competitive (within 1-2% of normal). That means average deals won't stack up, but you're not average are you?

Alternatively look for deal that are so great the money finds you (gosh that is so easy to type and hard to find).

If your wife in still PAYG look at her borrowing capacity. How about other relatives?

If you have equity, look at the cashbond approach (haven't tried that yet).

Paul Zag
Dreamspinner
Oz Film Biz is at
http://www.healey.com.au/~paulz
 
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Anonymous

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Reply: 1.1.1.1.1.1
From: Anonymous


Letters of employment and payslips printed within 24 hours. Small fee payable.
You can even choose your title and salary!

Visit www.instantincomeverification.com.au

Just gagging!
 
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Reply: 2
From: James Johnson


If you have the cash but not the income then you could get a securitisation loan, but you need 24% of property price- not healthy for %age return. I think that was what someone was talking about with the 'no docs' loan.
Cheers
Jimmy
 
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