Can you afford to get a loan?

Can you afford a loan when the banks are asking you to have a 20% deposit and legal costs would have the average punter on the back foot. Then there is the interest rates. My advice is to be very careful with accepting credit from lenders. There are still companies out there who will lend you money it just may not be a big bank. If you know what you are doing and the traps which are out there you can safely borrow and build your wealth. IT JUST TAKES A LITTLE BIT OF TIME.

why not become the bank?

Instead of just foreclosing on your bank loan, why don’t you become the bank and provide someone else with the use of your loan? I.E. have them pay your mortgage for you.

Foreclosures

Unfortunately foreclosures are just a fact of life. Those who don’t understand that they are in a market and the market dictates what they pay for there property will eventually come upon hard times.

Take back your money!

In these days of uncertain financial times my wife has just saved us over $3,000 just by reviewing our insurance policies. I know when it’s hard to make ends meet one of the first things to go is insurance. As we all know, insurance is just another cost until you really need it and if something happens when we don’t have insurance then we are really screwed. So instead of cancelling your policy why don’t you look at reviewing your policy with your insurer and if they don’t give you a better deal then look else where. We did and now we save over $3,000 per year on house, car & health insurance.

It was quite simple to do and for the time spent and money saved it worked out the hourly rate for her time would have been about $1,000 per hour

Working together with your bank

GOOD LUCK. I know times are tough, but if people in the banking industry would work with their clients instead of always trying to get money out of them we might have a much stronger and more resilient banking system. I recently heard of a case where the Australian government was giving first home owners a grant of up to $21,000 when purchasing a new home. The banks had a different agenda and were not lending the first home owners the money because the claimed the value didn’t cum upto the required level even though there were 3 other sales in the complex of a higher value.

The little guy gets screwed again.

Real Estate renovations

Ever wonder what is one of the most tried and proven ways to make money out of real estate?

The formula is really simple!

Buy well, add value and make it availably to someone who wants to pay you for it.

Russ

How to go about Reducing Debt!!

What is the main problem these days with our current debt levels!!!

The real issue i see which faces most people is not so much mortgage debt but the personal debt which we have accumulated. We are constantly bombarded with advertising and the general perception that we should have everything we want, right now. Store cards, credit cards, interest free periods when buying a new TV, all tempt us to buy now and worry about the payments later.

Now we are people who like to have our toys, don’t we? Of course we do!

When we can get money as easily as we have been able to, why shouldn’t we have all the toys.

The only part of taking on all the debt which hasn’t been explained to those being offered it, is how to manage their money! Giving people the skills and tools to be able to ensure the payments are being made and they don’t end up paying more interest than the amount they borrowed.

I have been in that situation of having a lot of debt and not enough income to cover the payments. o what can you do?

Tip

1. List all your debts, how much you owe, what interest rate you pay and what is the minimum payment required for each debt.
2. Prioritise the debts in order of Interest rate and loan size.
3. Work out if you can pay any extra each month

The process of paying down debt is simple, although it takes some discipline.

Take the highest priority debt and pay the minimum plus the extra and pay that, then pay the minimum on all the others.

Tip………you can also go to your lenders and see if you can get your minimum payment reduced for a period of time. That will allow you to put the extra money into the highest priority debt payments.

I have a little excel tool i can send you to help you prioritize your debt payments. Just send me an email and i can send it to you.

Hope this helps. Russ

I can’t afford to buy a house

I heard someone say that you can buy a house with out going to a bank! How is this so?

I was always taught that the way to get a house was to get a job, save a deposit and go to the bank get a loan and pay it off.  If there is another way please let me know.

Regards

Russ

The Cost of Housing

What is the real cost of owning a home?

Is it the cost of buying, paying the loan or running the house and maintaining it over the years.

The real concern i have is with the rising cost of utilities ie. electricity, water and gas all of which are set to rise a lot when carbon trading schemes take effect.

My goal to build a house that actually makes money for you when you are not home and to be self sufficient with no drain on the environment. Can it be done????

Is it time to buy or ??????

People are saying that housing prices are way too high and that the market has plenty of room for a reduction in prices. However the smart property investors are out there looking around to buy. These are people who actually make a living out of property. NOT the people who make a living out of talking about it!!!!!!!

It is interesting some of the wealthiest people i know are the ones who have had a long term view when investing in property and not a short term trading mentality. They have a strategy and they stick to it.

Sounds boring huh! But guess what? It works now and has worked for years before.

DO YOU HAVE A STRATEGY?