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October 23, 2019 at 5:51 am #1221444Up::0Heyman_526, post: 267549, member: 116099 wrote:Sure did mate I am confident with some experience and research everything will work out fine
That’s pleasing to hear. How did you score overall and what were the stand out areas for strengths and weaknesses?
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900October 23, 2019 at 6:30 am #1221445Up::0JamesMillar, post: 267551, member: 5318 wrote:That’s pleasing to hear. How did you score overall and what were the stand out areas for strengths and weaknesses?60 overal experience and legal advice were needing improvement but that will happen over time should I advertise job positions beforehand? That way when I go to see the bank i will already have all of the pieces in place I’m thinking about advertising positions across the country i am going to need a few 2 IC HR Management team Finance team and some admin staff I am sure I have missed something
Also what are the benefits of being a CEO?
How do I apply for an ABN and Business insurance?
October 23, 2019 at 6:38 am #1221446Up::0Heyman_526, post: 267552, member: 116099 wrote:60 overal experience and legal advice were needing improvement but that will happen over time should I advertise job positions beforehand? That way when I go to see the bank i will already have all of the pieces in place I’m thinking about advertising positions across the country i am going to need a few 2 IC HR Management team Finance team and some admin staff I am sure I have missed somethingAlso what are the benefits of being a CEO?
How do I apply for an ABN and Business insurance?
I think speak with an accountant and an insurance broker for these solutions.
Without knowing your business, business model, access to finance etc its impossible to comment on any course of action.The most obvious issues I see are (a) recent school leaver mixed with (b) property investment. Do you have sufficient funding in place to meet your equity deposit requirements for loans? Not many recent school leavers have hundreds of thousands sitting ready to invest.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900October 23, 2019 at 7:07 am #1221447Up::0JamesMillar, post: 267553, member: 5318 wrote:I think speak with an accountant and an insurance broker for these solutions.
Without knowing your business, business model, access to finance etc its impossible to comment on any course of action.The most obvious issues I see are (a) recent school leaver mixed with (b) property investment. Do you have sufficient funding in place to meet your equity deposit requirements for loans? Not many recent school leavers have hundreds of thousands sitting ready to invest.
Are there any other options when it comes to financing? Like you said earlier I’m going to need stacks of property to generate a return a fair amount of money is required and I’m not sure how to go about getting the money I have money for the accountant and the real estate agent but I don’t know how I am going to go after that
October 23, 2019 at 7:10 am #1221448Up::0Heyman_526, post: 267554, member: 116099 wrote:Are there any other options when it comes to financing? Like you said earlier I’m going to need stacks of property to generate a return a fair amount of money is required and I’m not sure how to go about getting the money I have money for the accountant and the real estate agent but I don’t know how I am going to go after thatAccess to money is a relatively key criteria. Generally it comes from saving but you may consider asking for help from family (but I would express caution with that).
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900October 23, 2019 at 7:13 am #1221449Up::0Heyman_526, post: 267554, member: 116099 wrote:Are there any other options when it comes to financing? Like you said earlier I’m going to need stacks of property to generate a return a fair amount of money is required and I’m not sure how to go about getting the money I have money for the accountant and the real estate agent but I don’t know how I am going to go after thatBut in saying that once the business gets going it’s only a matter of time before all debt will be paid back and I can start making money from there
It’s a real estate business so my main focus in the early stages will be rentals and rental income
October 23, 2019 at 7:16 am #1221450Up::0JamesMillar, post: 267555, member: 5318 wrote:Access to money is a relatively key criteria. Generally it comes from saving but you may consider asking for help from family (but I would express caution with that).I would have to look elsewhere i would need a fair amount just to get started but I’d be alright after the debt is paid
October 23, 2019 at 7:17 am #1221451Up::0Unfortunately it doesn’t work that way. You generally can’t borrow money on that basis – even for real estate (unless you have 10% to 20% deposit and sufficient income to support the loan should rental income fall over).
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900October 23, 2019 at 7:29 am #1221452Up::0Is there anyway that I can get them on a contact deal?
it will be generating a weekly return with tenants moving in straight away
all I need is the initial investment and then I’d be right yet if the rental fails they will get all of the properties back otherwise they will be assets to go against further loans if the business needs it when the business expands
October 23, 2019 at 8:15 am #1221453Up::0Can I get a loan privately? I’m going to need a fair amount I can’t even put a number on it right now but realisticly a reasonable property with reasonable rental potential starts at $1m so where do I go from here? The sooner I start the better really
October 23, 2019 at 11:15 pm #1221454Up::0Heyman_526, post: 267562, member: 116099 wrote:Can I get a loan privately? I’m going to need a fair amount I can’t even put a number on it right now but realisticly a reasonable property with reasonable rental potential starts at $1m so where do I go from here? The sooner I start the better reallyQuick question, if you were a lender of sorts.. would you lend to yourself just leaving school? What is your financial backing? What are you bringing to the table? Have you looked into finance, and if so what was the outcome or advice from the big 4?
Cheers
Jason Ramage | Lucas Arthur Pty Ltd | E: hello@lucasarthur.net.au P: 61 3 8324 0344 M: 61 412 244 888October 24, 2019 at 9:09 am #1221455Up::0With the ideas and plans that I have personally I would at this stage financial backing needs improvement however what I’m bringing to the table essentially is reasonable and affordable accommodation for everyday Australians
I haven’t really done the just yet but it’s going to be quite an expensive loan am I able to go across multiple banks?
I don’t know where my money will come from but I know that it will be expensive but at the same time very worthwhile in the end
October 24, 2019 at 8:30 pm #1221456Up::0Heyman_526, post: 267573, member: 116099 wrote:With the ideas and plans that I have personally I would at this stage financial backing needs improvement however what I’m bringing to the table essentially is reasonable and affordable accommodation for everyday AustraliansI haven’t really done the just yet but it’s going to be quite an expensive loan am I able to go across multiple banks?
I don’t know where my money will come from but I know that it will be expensive but at the same time very worthwhile in the end
Ok,
So, trying to read between the lines.. does this mean that you have no money and no financial backing for this expensive venture? Generally, banks or any lender, wants to have some form of security or history to money from the borrower/s in the event it doesnt eventuate.
Its great that you have the goal of affordable accommodation for australians and it will be worthwhile in the end, sadly, financiers generally dont buy into the hype of possibilities and want rock solid guarantees or escape clauses (read that as clawing back their money COMPLETELY with no exposure/risk as suck)…
Sounds like you may be seeking 100% finance? Have you also considered the non tangible additional costs of land taxes/transfers etc etc that will be on top of the buy price?
Do not read my replies as ‘cant be done’.. just want you to be certain you have reviewed the viability and if there is an opportunity or not.
Cheers
Jason Ramage | Lucas Arthur Pty Ltd | E: hello@lucasarthur.net.au P: 61 3 8324 0344 M: 61 412 244 888October 24, 2019 at 11:00 pm #1221457Up::0Might be worth you running the business readiness tool again being mindful of objectivity whens scoring yourself. We’ve had some relatively experienced business people score themselves around the 60 mark for new / proposed ventures and they have their own money saved for the venture and they have all had several years experience (in both business and the domain of the proposed business).
Using the tool. If you are the only investor / founder then automatically the highest score you should get is 91 out of 100. If you have little to no money then your max possible score drops to about 81. If you have limited accounting and legal capabilities your max score would be closer to 60 – that’s assuming your score very highest possible on all other questions. Someone straight out of school scoring themselves the highest possible on all applicable metrics in a tool like this – might need rethink if you feel that you scored 60 when using the tool.
Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900October 26, 2019 at 12:36 am #1221458Up::0Great advise from [USER=5318]@JamesMillar[/USER] and [USER=34537]@LucasArthur[/USER] as usual, but just having read the whole thread, I’m going to be my usual positive self, and ask the question have you really researched and understood the concept of what you are proposing, you are talking about lending Mega dollars and already employing mega staff numbers, have you even thought about the reality of this. There are o many gaps that I see in your questions, I think you need to go back to step 1
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