What To Do When The Bank Says No.
There may come a time in your investing journey when the banks say no and refuse to lend you any more money.
But don’t give up hope.
As Nathan reveals, this challenge can be overcome by having the right structure and plan in place.
Here’s some suggestions on what to do when the bank says no.
Nathan hit a wall after property number five.
Nathan’s experience shows how it is possible to push on with your investing after being told no by the banks.
After buying five properties, he was forced to rethink his plan of attack before he could continue on his journey.
Think of each property as a vehicle.
Many Binvested clients have faced the same drama. They were able to overcome this hurdle by buying a cheap property with a good cashflow.
And when we say cheap, we mean cheap – like $30,000 cheap.
By tweaking a few things, such as increasing rents and reducing interest rates, our clients were able to buy one of these cheapies and give their cashflow a significant boost.
This then improved their serviceability and enabled them to fund their next purchase.
Nathan says it is always helpful to look at your options. It may be possible to sell an unneeded luxury, such as an expensive car or a boat, and use the funds for your next deposit. He has done this before himself, and it helped him create a better position from which to buy another good car further down the track.
Have you ever hit a wall with your lending? Please share your experiences in the comments section below.