All Topics / Help Needed! / Getting back in

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  • Profile photo of jeweljewel
    Member
    @jewel
    Join Date: 2005
    Post Count: 30

    I sold all my properties about a year ago and looking to get back into the market.

    What is the best way to get back in? Do I buy a unit in Brisbane or a house in outer suburbs?

    The problem I have is that I will have to go for a 106% loan as I don’t have any equity or a deposit. Is there another option?

    Profile photo of Clay AClay A
    Participant
    @clay-a
    Join Date: 2005
    Post Count: 33

    Hi Jewel

    What happened to the mother inlaw deal, will she let you secure against her house?

    Profile photo of buzzwellsbuzzwells
    Participant
    @buzzwells
    Join Date: 2005
    Post Count: 83

    Could you find a place for sale with a vendor who is interested in holding some of the equity/share back? That way you don’t need 100% of the purchase price or value of the property. Then in a few years you refinance yourself and pay out the vendor.

    Or possibly rent a place with a lease-option to buy it in ‘x’ years time.

    I’m sure there are more possibilities, but there is two for you. Hope this helps!

    Good luck!

    Learn, Love, Strive. Make a difference!

    Profile photo of jeweljewel
    Member
    @jewel
    Join Date: 2005
    Post Count: 30

    Hi Clay

    In response to your question” what happened to the mother in law deal” We had a good think about it and besides recieving equity straight away, we would be paying a mortgage on a house that would never be ours as we agreed to let the mother in law keep the profits if the property was sold.

    Profile photo of Clay AClay A
    Participant
    @clay-a
    Join Date: 2005
    Post Count: 33

    Good call I would think.

    Clay

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