Hey gang [
]Most if not of all us here are looking to acquire income producing real estate, however buying one or two pieces of property each year is probably not going to help us reach the kind of financial freedom we desire in the long run, if even at all. In order to make a success of property investing we need to acquire income producing properties at a relatively ‘faster’ rate than usual. This then begs the question of “How?”. Buying the first piece of real estate is easy enough – save up enough money for a deposit, get a mortgage and away we go! However if this strategy is followed for subsequent property acquisitions it could mean that we’re waiting several months before having enough money for another deposit on another property.
So then, how do we get bigger faster? The approach I describe above is only one way of affording the mortgage, as I am sure plenty of others have heard terms like “creative financing” and “no money down” etc. I was hoping that we could get people to provide their input on the approach they have taken to acquiring properties quickly, starting with the first one and then the subsequent ones after. Although my focus is passive income, I’ve often wondered about purchasing a property that will have great capital growth over a relatively short amount of time so that the equity could then be used to purchase more properties etc.
If you’re out there making several property acquisitions (or more) a year, we’d all love to hear how you got the ball rolling. [
]Regards,
BrettHi Brett,
I’m in a recording studio tomorrow with my business partner Dave to tak about how we got started in property… without a lot of money and not being able to qualify for bank finance (self-employed).
It will be the entry level product for the new website… stay tuned for more info in the upcoming weeks.
However, in the meantime, the secret to my ability to buy multiple properties in a short period of time has been using wraps and recovering my initial deposit in two ways:
1. Through the receipt of the FHOG
2. Through additional depsoit monies on top of the FHOGThis has allowed us to buy property for low / no money down, thus avoiding the long periods of time it takes to refill the deposit coffers through salary alone.
Thanks for all your recent contributions [
] I may not have the time to answer them all, but they are read and appreciated.Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Thanks for the great info Steve [
]Anyone else on the forum want to give their insights how they are ‘getting bigger faster’ or how they intend to?
Regards,
BrettHi Brett
Well, I don’t think I’m in the big league yet, but I’ve done 4 wraps now and have financed the deposits using equity growth in our home and a negatively geared property in inner Melbourne bought a few years back.
I still have more equity to use, but I’m currently looking at bringing on private investors to fund 10% of the deposit.
I’m buying propertie in outer Melbourne, and am finding that the FHOG and deposit I receive isn’t enough to cover my initial outlay, so I need to keep putting money in. Probably a good reason to follow Steve’s strategy of buying in regional areas!Keep smiling
Felicity
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