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“Frankly, my dear, I don't give a damn!"
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I have found there are a lot of new people in the industry and a lot of franchises that seem to look for anyone to join them, but as someone once said “Frankly, my dear, I don't give a damn!" when I go to a licensed finance broker and ask them to make my application, I expect them to check it all before they submit it for approval, as one lesson I have learned, is that once you get knocked back by one bank, it is a lot harder to get another bank to approve it! |
| As I said finance these days is a lot different and banks are more responsible in their deals and applications, so you need to protect your credit rating like you protect your cash or family, you need to do everything possible to ensure your credit rating is A1. Recent law changes let business and finance companies place a bad mark for as little as an overdue bill. Therefore setting up direct debits for regular payments is not just time efficiency, it is imperative to make sure payments are made in time purely to protect your rating for future applications. |
In the old days getting finance was not easy either, in fact it was a lot harder than today. No mortgage brokers or assistance of any kind plus banks did not seem to have the funds that they have today. |
We did go through an easy finance period for around 10 years in the late Nineties and early 2000 to 2005, providing easier access to loans. Over valuation of homes and mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers this helped cause the housing bubble, which peaked in 2006. Of course just before the financial crisis of 2007–2008, also known as the Global Financial Crisis, but the banks got caught with that easy approval period and paid for it with repossessions and loss of profit. |
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Build a relationship with your bank |
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Whether you’ve been married for thirty years or have just moved in together, relationship education or counselling are great ways of ensuring you and your partner are ready for whatever life may throw at you. Getting finance is the same. You as an investor need to build the relationship with the bank or finance company. Education and knowing how banks work and what they look for is the key to building that rapport, even getting out side counselling from brokers or experts help you with the professional relationship. |
Let’s face the facts, the difference between an average investor and the highly successful investor is how much he can borrow and how much that loan costs him. |
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My Tips and common sense on :Rental Properties
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I have found it easier to get an investment loan as opposed to a house to live in, as you can count the rental income – so it is quite often, better to get the investment property before your own home. |
loan strategies |
Improving your profit from investment property you should develop loan strategies that are flexible and cost effective. |
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Key word ref:
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