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I was out for drinks the other night and a listener of the show came up and said hello and we had an awesome chat. In this video I talk about that chat as I feel our discussion may be useful to some people out there.

0:00 - I got approached in a bar by an On Property listener

1:00 - They were a bit stuck trying to buy an investment property

2:00 - Sometimes a mortgage broker will only give you one solution to a problem but there are other possible better solutions

4:35 - They had the potential to build a granny flat on their existing property

9:07 - If you ever see me out feel free to come and say hi

10:25 - Maybe we can do a property meetup in future

Recommended Videos:

Property Investing As An Insurance Policy - https://www.youtube.com/watch?v=E-66pdMRtoc

Financial Freedom Won't Happen Unless You Take Action - https://www.youtube.com/watch?v=a5lp9Tf_uCU

Transcription:

Sells out having drinks the other night. And someone came up to me and said, Hey Ryan, I know you from online and I know you from on property. Can I sit down and have a chat? And it was really awesome to have a chat with this person about their financial situation, about what they're trying to do. And I kind of wanted to share this with you guys cause I thought it was a really interesting conversation. Now I won't say who it is because obviously I want it on a privacy and things like that. But I'm sure if you're listening to this, you'll know who you are. If you guys ever see me out in public, feel free to come and say hi. I always love to meet people and have conversations. As I've mentioned in other videos, I love talking about money. So if someone comes up to me and they're like, I know you from on property and we get to talk about property, we get to talk about money, we get to talk about finance, then that's just gonna make my day.

So if you see me, feel free to come and say hi. So basically having beers, we sat down and chatted for about 10 or 15 minutes and just this person laid out their situation with me about how they are looking to purchase an investment property, but they got stuck in order to get lending. So they already owned one property, they own their own home and they're on this journey where they want to do the two properties to financial freedom strategy or they want to do a version of that and then want to start building up their passive income through investing in property. But they were kind of stuck in terms of getting lending. They had just had a child as well. And so obviously as you have kids and it makes it harder, but what was really cool about this situation was how we're able to look at some ideas of potential ways that they could move forward.

Maybe not right this second, but when the partner goes back to work, then they may be able to get lending despite the fact that the mortgage brokers said they couldn't borrow money unless they earn x amount of dollars. And this I think is really important for everyone out there to think about as well, because sometimes you'll go to a mortgage broker and you'll lay out your situation and you'll lay out your goals. They will then interpret that and tell you a yes or no, yes you can borrow or no, you can't borrow. It's often very important at that stage to say, what do I need to do in order to be able to borrow? And they were given an answer that is who you need to earn x amount of money that exceeded what they were able to do. And so they felt stuck, but there was actually other things that they could try as well.

So it's very important that you find a good mortgage broker and that you looked down different avenues as well. So you kind of mortgage brokers don't really give you the answers into all of the different things that you could do that might give you the most obvious one that is not actually achievable. But yeah. So let's talk a bit more about this conversation.