How To Borrow One Million Dollars On A Middle Class Income (Link) - GoFuckYourself.com

GTS Mark · 06-10-2006, 02:54 PM

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

woj · 06-10-2006, 03:05 PM

interesting

StuartD · 06-10-2006, 03:59 PM

Heh.... get rich scheme or get bankrupt scheme?

polish_aristocrat · 06-10-2006, 04:03 PM

I read 3 or 4 pages, pretty interesting and nicely written

Mr. Romance · 06-10-2006, 04:08 PM

America....

Mr. Romance

Drake · 06-10-2006, 04:49 PM

Can anybody summarize how?

Manowar · 06-10-2006, 04:52 PM

Quote:

Originally Posted by Mr. Romance

America....

fuck yeah!

StuartD · 06-10-2006, 04:53 PM

Quote:

Originally Posted by Mr. Romance

America....

Mr. Romance

Canada actually.

wyldblyss · 06-10-2006, 04:57 PM

Goes to show how easy it is to get in debt way over your head when borrowing is so damn easy

Hawkeye · 06-10-2006, 05:02 PM

1 million Canadian dollars or real dollars?

BOSS1 · 06-10-2006, 05:05 PM

that artcile is bs.... just because the salesman told him hi will get approved it does not mean that it will actually happen.......

rockthebox · 06-10-2006, 05:11 PM

Quote:

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.......

Quote:

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.

~Ray · 06-10-2006, 05:17 PM

he bought a car, a house and another house

Drake · 06-10-2006, 05:22 PM

Quote:

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.

Jon Clark - BANNED FOR LIFE · 06-10-2006, 05:24 PM

Now spend a few minutes in my Sig

GTS Mark · 06-10-2006, 05:41 PM

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

rockthebox · 06-10-2006, 05:49 PM

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.

Drake · 06-10-2006, 05:49 PM

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." ?

Drake · 06-10-2006, 05:52 PM

Quote:

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.

GTS Mark · 06-10-2006, 05:55 PM

Quote:

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

Drake · 06-10-2006, 05:59 PM

Quote:

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.

V_RocKs · 06-10-2006, 06:42 PM

Fuck, I can afford $6000 a month in payments...

Where do I sign?

JFK · 06-10-2006, 06:46 PM

Quote:

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

Rictor · 06-10-2006, 06:50 PM

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.

MsWild · 06-11-2006, 11:01 PM

hmmm very interesting

NTSS · 06-11-2006, 11:17 PM

I don't feel like reading all that shit...somebody run it down to me

Niko · 06-11-2006, 11:44 PM

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

Phoenix · 06-12-2006, 08:20 AM

ill be reading th is tonight

nicee

bellskids · 06-12-2006, 08:27 AM

Quote:

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 ;)

TheSenator · 06-12-2006, 08:34 AM

This was all done without an actual credit check, kind of a useless article.

gooddomains · 06-12-2006, 08:37 AM

I want a million too

rowan · 06-12-2006, 09:20 AM

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.

rowan · 06-12-2006, 09:34 PM

Mr. Thread Killer strikes again... whenever I post it's guaranteed to stall the thread.

BTW $AUD3140 equals about $USD4200

flashfire · 06-13-2006, 02:21 AM

Quote:

Originally Posted by Hawkeye

1 million Canadian dollars or real dollars?

you obviously dont follow the currency market...they are pretty close now

writersworld8 · 06-13-2006, 02:36 AM

i see.. now i know...

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germ · 06-13-2006, 03:58 AM

i see.. now i know...

World cup 2006 is coming! Promote Football-Babes.com (http://Football-Babes.com/?from=pornwriter)!
1050 FHGs with descriptions and 1280 hiqh quality promo pics!

damn youre annoying.

06-10-2006, 02:54 PM	#1
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	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

06-10-2006, 03:05 PM	#2
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	interesting __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

06-10-2006, 03:59 PM	#3
StuartD Sofa King Band Join Date: Jul 2002 Location: Outside the box Posts: 29,903	Heh.... get rich scheme or get bankrupt scheme? __________________ This is me on facebook This is me on twitter

06-10-2006, 04:03 PM	#4
polish_aristocrat Too lazy to set a custom title Join Date: Jul 2002 Posts: 40,377	I read 3 or 4 pages, pretty interesting and nicely written __________________ I don't use ICQ anymore.

06-10-2006, 04:08 PM	#5
Mr. Romance The Face of Romance and the Symbol of Freedom Join Date: Mar 2005 Location: The America's Posts: 7,821	America.... Mr. Romance __________________ Free Leads Program now paying up to $6 Gerard-Director of Global Sales Sign up Here: CamStarCash Check out: FreeCamStars ICQ: 330 662 299 gerard at freecamstars . com

06-10-2006, 04:49 PM	#6
Drake Hello world! Industry Role: Join Date: Mar 2003 Posts: 12,508	Can anybody summarize how?

06-10-2006, 04:57 PM	#9
wyldblyss Confirmed User Join Date: Nov 2003 Location: The Buck Starts Here Posts: 5,779	Goes to show how easy it is to get in debt way over your head when borrowing is so damn easy

06-10-2006, 05:02 PM	#10
Hawkeye Confirmed User Join Date: Feb 2002 Location: Los Angeles Posts: 1,291	1 million Canadian dollars or real dollars?

06-10-2006, 05:05 PM	#11
BOSS1 Confirmed User Join Date: Sep 2005 Location: Montreal / Sparta Posts: 4,331	that artcile is bs.... just because the salesman told him hi will get approved it does not mean that it will actually happen.......

06-10-2006, 05:17 PM	#13
~Ray visit hardlinks.org Industry Role: Join Date: Jun 2003 Location: Las Vegas , Nv >>> [email protected] or icq 94994627 anytime Posts: 18,362	he bought a car, a house and another house __________________ Adult Backlinks for Adult Websites - Testimonials Available

06-10-2006, 05:24 PM	#15
Jon Clark - BANNED FOR LIFE North Coast Pimp Join Date: Dec 2005 Location: 304-534-757 Posts: 9,395	Now spend a few minutes in my Sig

06-10-2006, 05:41 PM	#16
GTS Mark Vrume Mark Industry Role: Join Date: Jan 2001 Location: Toronto, Canada Posts: 20,912	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

06-10-2006, 05:49 PM	#17
rockthebox Registered User Join Date: Jun 2006 Location: Winnipeg, MB Posts: 15	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.

06-10-2006, 06:42 PM	#22
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,428	Fuck, I can afford $6000 a month in payments... Where do I sign?

06-10-2006, 06:50 PM	#24
Rictor Old Timer Industry Role: Join Date: Jan 2001 Location: Indianapolis Posts: 12,208	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.

06-11-2006, 11:01 PM	#25
MsWild Confirmed User Join Date: Apr 2006 Posts: 2,803	hmmm very interesting __________________ Always the biggest checks: [img]http://****************/sig/fhv3_j2_624x80_2.gif[/img]

06-11-2006, 11:17 PM	#26
NTSS Confirmed User Join Date: Mar 2005 Location: Da Hood Posts: 5,688	I don't feel like reading all that shit...somebody run it down to me __________________ ICQ: 150-803-430 Email: marketing7(at)cox(dot)net

06-11-2006, 11:44 PM	#27
Niko Confirmed User Join Date: Oct 2001 Location: on top of the world Posts: 120	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

06-12-2006, 08:20 AM	#28
Phoenix BACON BACON BACON Industry Role: Join Date: Nov 2002 Location: Poems everybody, the laddie fancies himself a poet Posts: 35,469	ill be reading th is tonight nicee __________________ Skype Phoenixskype1 Telegram PhoenixBrad https://quantads.io

06-12-2006, 08:34 AM	#30
TheSenator Too lazy to set a custom title Industry Role: Join Date: Feb 2003 Location: NJ Posts: 13,340	This was all done without an actual credit check, kind of a useless article. __________________ ISeekGirls.com since 2005

06-12-2006, 08:37 AM	#31
gooddomains Too lazy to set a custom title Join Date: Jul 2003 Location: Netherlands Posts: 10,127	I want a million too

06-12-2006, 09:20 AM	#32
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	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.

06-12-2006, 09:34 PM	#33
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	Mr. Thread Killer strikes again... whenever I post it's guaranteed to stall the thread. BTW $AUD3140 equals about $USD4200

06-13-2006, 02:36 AM	#35
writersworld8 Confirmed User Join Date: Mar 2006 Posts: 432	i see.. now i know... World cup 2006 is coming! Promote Football-Babes.com! 1050 FHGs with descriptions and 1280 hiqh quality promo pics!

06-13-2006, 03:58 AM	#36
germ ( o Y o ) Industry Role: Join Date: Oct 2002 Posts: 3,108	i see.. now i know... World cup 2006 is coming! Promote Football-Babes.com (http://Football-Babes.com/?from=pornwriter)! 1050 FHGs with descriptions and 1280 hiqh quality promo pics! damn youre annoying.