Do you have to be in business one year?

Discussion in 'Loans & Mortgage Brokers' started by Darlinghurst Boy, 29th Sep, 2015.

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  1. Steven Ryan

    Steven Ryan Well-Known Member

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    I've never waited more than 3 minutes for an Uber.
     
    Steven Ryan, 3rd Oct, 2015
    #21
  2. Biz

    Biz Well-Known Member

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    Does Uber pick up drunk people?

    Uuuuubberrrrghhh
     
    Biz, 3rd Oct, 2015
    #22
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  3. Waterboy

    Waterboy Well-Known Member

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    I require 3 years of financial statements audited by an independent chartered accountant.
     
    Waterboy, 5th Oct, 2015
    #23
  4. geoffw

    geoffw Moderator Staff Member

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    Even when you make a profit, there's a lot of "income" which gets ignored by the banks.

    A big hunk of my income for a number of years was repaying a loan, so the banks ignored that for serviciability calculations.

    Then when I sold the business and cashed in on the repaid loan, it was disregarded for servicibility as "one off" income.

    There was a portion left in as vendor finance to the person who bought the business. That income is also ignored.
     
    geoffw, 5th Oct, 2015
    #24
  5. Johann_

    Johann_ Well-Known Member

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    There are so many changes occurring in the market that its not even funny. I have a few clients who are taxi drivers and there income is steadily declining.

    why? Uber has had a major impact on the local industry but also the cost of running the business is increasing while margins are decreasing.

    If you spend 250K on plates + Car "Etc". If you are making Gross not net $400 a day. it would take 555 days just to cover the cost of your plates. Just buying a job!!
     
    Johann_, 6th Oct, 2015
    #25
  6. JohnPropChat

    JohnPropChat Well-Known Member

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    Better to do a courier job - less capital intensive. Just buy a decent condition van/truck and off you go.

    You could also probably use a tiny fraction of that 300k to get retrained and find a better paying job.
     
    JohnPropChat, 6th Oct, 2015
    #26
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