Help!!!!
Hi my name is Josh and Im 21, I currently have a one bedroom unit in Bungalow in Cairns and I have had it for the last 18months,
But here’s the problem,
Since purchasing my unit I have taken on an apprenticeship at work and had to drop wages, I now work two jobs and I’m looking to invest in another property.
Dose anyone have advice on how to build my property portfolio on a small single income. Any advice on anyway I could continue to build my portfolio would be greatly welcomed.
Thanks Josh[thumbsup2]
JBuggy
Dear Josh,
To purchase properties you need to be able to demonstrate to the lenders that you can service the loan (naturally). To do this you have to show them that you have enough income after expenses. You therefore need to try to increase your income and reduce your expenses – here are a few ideas:
1. Purchase cash flow positive properties, properties that generate more in rental income than they costs you in terms of expenses (mortgage repayments, agents fees etc).
2. Consult with a mortgage broker to ensure that you have the most compeitive mortgage for your situation
3. Consider simply repaying the interest only on your existing mortgage for a period
Be mindful about changing jobs at this time to increase your income. Lenders do like you to have been employed (or self employed) for a period of time. Again a broker can help you work out how long.
Hope this helps and good luck.
Regards
Neil and Kate Gorman
Mortgage Broker
Mortgage Choice – there’s only one choice
tel: 0430 500 848
e-mail: [email protected]
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