Nearly half of my coaching clients are “self employed” and therefore share the challenge of obtaining bond finance for their properties.
One could think that banks would look at a successful businessman with favour, since he has above average financial experience and wisdom, and understands the risks and rewards of borrowing money using a mortgage bond to leverage his investment.
BUT you’d be wrong!
Our banks prefer to provide a mortgage bond to a person who has a job, a person who could be retrenched and therefore be three months away from financial disaster.
Firstly there are ways to structure your business ownership so that you can present yourself to a bank as being employed. Once that has been successfully navigated, it’s a relatively simple matter of proving your affordability by presenting your payslip and a few months’ bank statements to the bank, together with your income and expenses.
Secondly one could increase your company profits to increase your earnings dramatically. Once you have a stable business that pays all the bills, increased sales can really rocket your earnings!
This may sound simplistic, but it’s true. I have a business partner, Warren Horak, who is a rare breed. He knows marketing, he knows sales and he knows the internet.
He knows how to get leads, and does it month in and month out for me. He turned my dead website into a sales machine. Give him a shout to see if he can do the same for you and if you don’t have a website, he’ll sort that little problem out too.
I don’t want to labour the point, but I am excited about a recent Facebook campaign that Inspirations Marketing facilitated for me. I had to close the tap quickly so as not to be swamped by all the leads. Within 2 weeks, over 30 000 targeted people viewed my Facebook video!
The two primary ways to get your property portfolio growing with bond finance are therefore;
1) Restructure your business ownership
2) Increase your profitability and consequent earnings.