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Tapping the Oldies Wealth
Topic Started: 12 May 2012, 10:35 AM (1,672 Views)
Future
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stinkbug
12 May 2012, 11:18 AM
It's a nice idea, but in practice it doesn't work that way. You need more than a deposit to buy property - you also need to demonstrate how you will repay the loan. Banks won't let you consider all your expected rent as income either.

You'd be better off getting a solid education so as to get into a well paying career, then use this to support careful but consistent acquisition of assets (property and otherwise).
I have access to a grand a week. The family wealth also makes cash for us.

FFS I'm talking about a career. I'm thinking of making it by utilizing the family's wealth.

Anyone else done this before?
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Future
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Shooter McGavin
12 May 2012, 11:19 AM
Which parts the question? Or is just a public wank?
What are you then? The 50-something smartarse? I might be a kid but I might have more vision than you.
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peter fraser
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Future
12 May 2012, 11:43 AM
stinkbug
12 May 2012, 11:18 AM
It's a nice idea, but in practice it doesn't work that way. You need more than a deposit to buy property - you also need to demonstrate how you will repay the loan. Banks won't let you consider all your expected rent as income either.

You'd be better off getting a solid education so as to get into a well paying career, then use this to support careful but consistent acquisition of assets (property and otherwise).
I have access to a grand a week. The family wealth also makes cash for us.

FFS I'm talking about a career. I'm thinking of making it by utilizing the family's wealth.

Anyone else done this before?
Margaret Lomas would be right up your street.

Any expressed market opinion is my own and is not to be taken as financial advice
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Shooter McGavin
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Well, Real Estate is a hobby of mine
Future
12 May 2012, 11:45 AM
What are you then? The 50-something smartarse? I might be a kid but I might have more vision than you.
that's right mate, didn't you know that you are the only one under the age on 40 on here?
Damn you people. Go back to your shanties
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themoops
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Future
12 May 2012, 11:45 AM
What are you then? The 50-something smartarse? I might be a kid but I might have more vision than you.
You're a wannabe criminal. Go ahead and exploit your father's house. You both deserve to go broke.
stinkbug omosessuale


Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments.
Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck!
See here
Property will be 50-70% off by 2016.
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stinkbug
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Future
12 May 2012, 11:43 AM
I have access to a grand a week. The family wealth also makes cash for us.

FFS I'm talking about a career. I'm thinking of making it by utilizing the family's wealth.

Anyone else done this before?
You can try it if you want, but there's a big difference between can-do! attitude and actually making deals work in the real world.

A grand a week is peanuts compared to what you'll need to service $20-30M debt.

So how are you actually planning to use the family's wealth? Perhaps if you could post up some more details as to your actualy strategy we could look a bit deeper with you.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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newjez
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I don't get it. Your father invests in property, so you want his money so you can, invest in property? What's the difference if he is going to give it all to you. Wouldn't it make sense for him to invest under you and your sisters names, especially if you tax bracket is lower than his?

One thing that you need to worry about is if you father got a younger sexy wife, then she could inherit the money and you would get squat. Think about that for a while. Imagine, some sexy little number living the life of luxury on Your money, while you are shivering away in a little shoe box. Poor and unloved. You better get that will sorted out.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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miw
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newjez
12 May 2012, 04:19 PM
One thing that you need to worry about is if you father got a younger sexy wife, then she could inherit the money and you would get squat. Think about that for a while. Imagine, some sexy little number living the life of luxury on Your money, while you are shivering away in a little shoe box. Poor and unloved. You better get that will sorted out.
Won't work. All your wills become invalid the moment you marry and you have to do a new one. The law is there to protect gold-digging sex-kittens.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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newjez
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miw
12 May 2012, 05:08 PM
Won't work. All your wills become invalid the moment you marry and you have to do a new one. The law is there to protect gold-digging sex-kittens.
Better hope he doesn't have a heart attack on the honey moon or there will be no Future!
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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Shooter McGavin
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Well, Real Estate is a hobby of mine
newjez
12 May 2012, 04:19 PM
I don't get it. Your father invests in property, so you want his money so you can, invest in property? What's the difference if he is going to give it all to you. Wouldn't it make sense for him to invest under you and your sisters names, especially if you tax bracket is lower than his?

One thing that you need to worry about is if you father got a younger sexy wife, then she could inherit the money and you would get squat. Think about that for a while. Imagine, some sexy little number living the life of luxury on Your money, while you are shivering away in a little shoe box. Poor and unloved. You better get that will sorted out.
What you could do too would be if he has high blood pressure, always creap up behind him or burst through doors?
Damn you people. Go back to your shanties
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