How To Borrow One Million Dollars On A Middle Class Income (Link)

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  • GTS Mark
    Vrume Mark
    • Jan 2001
    • 20912
    #1

    How To Borrow One Million Dollars On A Middle Class Income (Link)

    No collateral? No problem! How one 33-year-old with no house or car, a modest income and unpaid student loans was able to borrow a million dollars.

    http://www.canadianbusiness.com/my_m...06_111056_5080

    A bit to read but interesting none the less

    DH
    Tags: None
    • woj
      <&(©¿©)&>
      • Jul 2002
      • 47880
      #2
      interesting
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        • StuartD
          Sofa King Band
          • Jul 2002
          • 29903
          #3
          Heh.... get rich scheme or get bankrupt scheme?
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            Comment

            • polish_aristocrat
              Too lazy to set a custom title
              • Jul 2002
              • 40377
              #4
              I read 3 or 4 pages, pretty interesting and nicely written
              I don't use ICQ anymore.

                Comment

                • Mr. Romance
                  The Face of Romance and the Symbol of Freedom
                  • Mar 2005
                  • 7821
                  #5
                  America....


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                    • Drake
                      Hello world!
                      • Mar 2003
                      • 12508
                      #6
                      Can anybody summarize how?

                        Comment

                        • Manowar
                          jellyfish  
                          • Dec 2003
                          • 71528
                          #7
                          Originally posted by Mr. Romance
                          America....
                          fuck yeah!

                            Comment

                            • StuartD
                              Sofa King Band
                              • Jul 2002
                              • 29903
                              #8
                              Originally posted by Mr. Romance
                              America....


                              Mr. Romance
                              Canada actually.
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                                Comment

                                • wyldblyss
                                  Confirmed User
                                  • Nov 2003
                                  • 5779
                                  #9
                                  Goes to show how easy it is to get in debt way over your head when borrowing is so damn easy

                                    Comment

                                    • Hawkeye
                                      Confirmed User
                                      • Feb 2002
                                      • 1291
                                      #10
                                      1 million Canadian dollars or real dollars?

                                        Comment

                                        • BOSS1
                                          Confirmed User
                                          • Sep 2005
                                          • 4331
                                          #11
                                          that artcile is bs.... just because the salesman told him hi will get approved it does not mean that it will actually happen.......

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                                            • rockthebox
                                              Registered User
                                              • Jun 2006
                                              • 15
                                              #12
                                              Originally posted by BOSS1
                                              that artcile is bs.... just because the salesman told him hi will get approved it does not mean that it will actually happen.......
                                              Originally posted by Mike33
                                              Can anybody summarize how?
                                              Real Estate. Lendors in general are very willing to lend towards real estate given no prior credit problems. In this case with his 15000 down payment he was able to borrow 300,000. Once he brought in his father as a cosigner they let him borrow upwards of 700,000. Its not hard to borrow towards real esate simply becuase if you do fail on your payments, they repossess a house worth equal to or more then what they lent after they factor in the down payment. This was also after trying through three or four different mortgage brokers and finally found one willing to file inaccurate data. Also the 1 million dollars is a combination of the car and two houses as well as a credit card. Had he actually gone and bought any of those prior to the 700,000 dollar house he would be immediately denied.

                                                Comment

                                                • ~Ray
                                                  visit hardlinks.org
                                                  • Jun 2003
                                                  • 18361
                                                  #13
                                                  he bought a car, a house and another house
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                                                    • Drake
                                                      Hello world!
                                                      • Mar 2003
                                                      • 12508
                                                      #14
                                                      Originally posted by rockthebox
                                                      Real Estate. Lendors in general are very willing to lend towards real estate given no prior credit problems. In this case with his 15000 down payment he was able to borrow 300,000. Once he brought in his father as a cosigner they let him borrow upwards of 700,000. Its not hard to borrow towards real esate simply becuase if you do fail on your payments, they repossess a house worth equal to or more then what they lent after they factor in the down payment. This was also after trying through three or four different mortgage brokers and finally found one willing to file inaccurate data. Also the 1 million dollars is a combination of the car and two houses as well as a credit card. Had he actually gone and bought any of those prior to the 700,000 dollar house he would be immediately denied.
                                                      Ok so their is no mystery to how he did it. He had a cosigner to cover it. If he defaults, his dad is up shits creek (or maybe his dad is a multi-millionaire and it won't hurt his pockets). It's not his collateral at stake, but it is his dad's.

                                                        Comment

                                                        • Jon Clark - BANNED FOR LIFE
                                                          North Coast Pimp
                                                          • Dec 2005
                                                          • 9395
                                                          #15



















                                                          Now spend a few minutes in my Sig

                                                            Comment

                                                            • GTS Mark
                                                              Vrume Mark
                                                              • Jan 2001
                                                              • 20912
                                                              #16
                                                              The whole point of this exercise was to show how easy it was to get loans not the accuracy of this guy's personal loans.

                                                              DH

                                                                Comment

                                                                • rockthebox
                                                                  Registered User
                                                                  • Jun 2006
                                                                  • 15
                                                                  #17
                                                                  even without his dad cosigning he was able to borrow 300g's with a net worth of 8,000 and mid range income. as mentioned before me this is only to show how it is too easy to borrow money. I know the dealership that sold me my car lied on my application. They lent me 30 grand with no collateral and 2 weeks working for 20g's a year.

                                                                    Comment

                                                                    • Drake
                                                                      Hello world!
                                                                      • Mar 2003
                                                                      • 12508
                                                                      #18
                                                                      DH, has this been true in your experience:

                                                                      "And the first thing he tells me is that I'm actually less likely to get a mortgage for a rental property than a single-family home." ?

                                                                        Comment

                                                                        • Drake
                                                                          Hello world!
                                                                          • Mar 2003
                                                                          • 12508
                                                                          #19
                                                                          Originally posted by DrinkingHARDEST
                                                                          The whole point of this exercise was to show how easy it was to get loans not the accuracy of this guy's personal loans.

                                                                          DH
                                                                          Yeah that's very true, it's easy to get them right now.

                                                                            Comment

                                                                            • GTS Mark
                                                                              Vrume Mark
                                                                              • Jan 2001
                                                                              • 20912
                                                                              #20
                                                                              Originally posted by Mike33
                                                                              DH, has this been true in your experience:

                                                                              "And the first thing he tells me is that I'm actually less likely to get a mortgage for a rental property than a single-family home." ?
                                                                              Yep very true, what is the guy doesn't have full occupacy of his property and or what if one if his renters doesn't have the means to pay their rent one month.

                                                                              This guy's income obviously won't support the entire mortgage payment on his own. The only way the lender would lend the money would be if the buyer had 25% down.

                                                                              I can usually get away with 15% down but I have the income so my ratios don't get out of wack. Mortgages are just a game, if you know how to play the game it's easy to win.

                                                                              DH

                                                                                Comment

                                                                                • Drake
                                                                                  Hello world!
                                                                                  • Mar 2003
                                                                                  • 12508
                                                                                  #21
                                                                                  Originally posted by DrinkingHARDEST
                                                                                  Yep very true, what is the guy doesn't have full occupacy of his property and or what if one if his renters doesn't have the means to pay their rent one month.

                                                                                  This guy's income obviously won't support the entire mortgage payment on his own. The only way the lender would lend the money would be if the buyer had 25% down.

                                                                                  I can usually get away with 15% down but I have the income so my ratios don't get out of wack. Mortgages are just a game, if you know how to play the game it's easy to win.

                                                                                  DH
                                                                                  Interesting. I see what you mean.

                                                                                    Comment

                                                                                    • V_RocKs
                                                                                      Damn Right I Kiss Ass!
                                                                                      • Nov 2003
                                                                                      • 32451
                                                                                      #22
                                                                                      Fuck, I can afford $6000 a month in payments...

                                                                                      Where do I sign?

                                                                                        Comment

                                                                                        • JFK
                                                                                          FUBAR the ORIGINATOR
                                                                                          • Jan 2002
                                                                                          • 67369
                                                                                          #23
                                                                                          Originally posted by V_RocKs
                                                                                          Fuck, I can afford $6000 a month in payments...

                                                                                          Where do I sign?
                                                                                          Sign right here and pls send the 1k application fee to my Epassporte

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                                                                                            Comment

                                                                                            • Rictor
                                                                                              Old Timer
                                                                                              • Jan 2001
                                                                                              • 12208
                                                                                              #24
                                                                                              My wife got loans for 3 houses while she was unemployed with no income and no assets. I didn't co-sign and the cars and our personal house is in my name only. Basically, I put her on a few of my credit cards and bank accounts and it built her credit score up to an amazing level over the course of a few years. She actually had good enough credit to buy 9 houses if she wanted to, with nothing down, no collateral, and no income. This is a crazy country.

                                                                                                Comment

                                                                                                • MsWild
                                                                                                  Confirmed User
                                                                                                  • Apr 2006
                                                                                                  • 2803
                                                                                                  #25
                                                                                                  hmmm very interesting
                                                                                                  Always the biggest checks:

                                                                                                    Comment

                                                                                                    • NTSS
                                                                                                      Confirmed User
                                                                                                      • Mar 2005
                                                                                                      • 5688
                                                                                                      #26
                                                                                                      I don't feel like reading all that shit...somebody run it down to me
                                                                                                      ICQ: 150-803-430
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                                                                                                        Comment

                                                                                                        • Niko
                                                                                                          Confirmed User
                                                                                                          • Oct 2001
                                                                                                          • 120
                                                                                                          #27
                                                                                                          Even more retarded:
                                                                                                          "A woman with little income and meager assets buys 10 properties worth more than $1.8-million ? and doesn't have to put a dollar down"
                                                                                                          http://www.sptimes.com/2006/06/11/Ta...__she_s_.shtml

                                                                                                            Comment

                                                                                                            • Phoenix
                                                                                                              BACON BACON BACON
                                                                                                              • Nov 2002
                                                                                                              • 35475
                                                                                                              #28
                                                                                                              ill be reading th is tonight

                                                                                                              nicee
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                                                                                                                Comment

                                                                                                                • bellskids
                                                                                                                  Confirmed User
                                                                                                                  • Jul 2002
                                                                                                                  • 558
                                                                                                                  #29
                                                                                                                  Originally posted by Hawkeye
                                                                                                                  1 million Canadian dollars or real dollars?
                                                                                                                  heh that woulda been funny in about 2001 when the US$ was still worth something ;)
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                                                                                                                    • TheSenator
                                                                                                                      Too lazy to set a custom title
                                                                                                                      • Feb 2003
                                                                                                                      • 13330
                                                                                                                      #30
                                                                                                                      This was all done without an actual credit check, kind of a useless article.
                                                                                                                      ISeekGirls.com since 2005

                                                                                                                        Comment

                                                                                                                        • gooddomains
                                                                                                                          Too lazy to set a custom title
                                                                                                                          • Jul 2003
                                                                                                                          • 10127
                                                                                                                          #31
                                                                                                                          I want a million too

                                                                                                                            Comment

                                                                                                                            • rowan
                                                                                                                              Too lazy to set a custom title
                                                                                                                              • Mar 2002
                                                                                                                              • 17393
                                                                                                                              #32
                                                                                                                              I just loaded up my bank website, plugged in some fictional figures...

                                                                                                                              Single
                                                                                                                              $AUD 40,000 before tax income (the average AU wage)
                                                                                                                              $AUD 2,000 credit card limit
                                                                                                                              $AUD 500 monthly car repayment

                                                                                                                              The bank will lend this person $AUD300k, which means the loan repayments on an interest only loan @7% will cost $21k... more than half of their GROSS income! If it's a 30 year principal and interest loan then the repayments rise to $23k for the year.

                                                                                                                              So it ends up being like this...

                                                                                                                              $40,000 gross income
                                                                                                                              - $7,860 income tax
                                                                                                                              - $6,000 car repayments
                                                                                                                              - $23,000 home loan repayments

                                                                                                                              Guess what's left? $3140. For an entire year. Fucking crazy. How can a bank even reasonably expect this person to be able to service a loan.

                                                                                                                                Comment

                                                                                                                                • rowan
                                                                                                                                  Too lazy to set a custom title
                                                                                                                                  • Mar 2002
                                                                                                                                  • 17393
                                                                                                                                  #33
                                                                                                                                  Mr. Thread Killer strikes again... whenever I post it's guaranteed to stall the thread.

                                                                                                                                  BTW $AUD3140 equals about $USD4200

                                                                                                                                    Comment

                                                                                                                                    • flashfire
                                                                                                                                      ICQ 1 6 7 8 5 3 4 9 2
                                                                                                                                      • Feb 2003
                                                                                                                                      • 13098
                                                                                                                                      #34
                                                                                                                                      Originally posted by Hawkeye
                                                                                                                                      1 million Canadian dollars or real dollars?
                                                                                                                                      you obviously dont follow the currency market...they are pretty close now

                                                                                                                                        Comment

                                                                                                                                        • writersworld8
                                                                                                                                          Confirmed User
                                                                                                                                          • Mar 2006
                                                                                                                                          • 432
                                                                                                                                          #35
                                                                                                                                          i see.. now i know...

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                                                                                                                                            • germ
                                                                                                                                              ( o Y o )
                                                                                                                                              • Oct 2002
                                                                                                                                              • 3108
                                                                                                                                              #36
                                                                                                                                              i see.. now i know...

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                                                                                                                                              damn youre annoying.

                                                                                                                                                Comment

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