ANY Suggestion

Viewing 7 posts - 1 through 7 (of 7 total)

Kiwi-Fulla
Member
@kiwi-fulla
Join Date: 2002
Post Count: 371
January 30, 2004 - 1:06 pm
Hi all,
I am getting so frustrated without any capital to onvest … so I am thinking of cashing in on my own property and getting the cashflow rolling in. Does anybody think this is a good or bad idea?
Cheers,
Kiwi[]
FW
Member
@fw
Join Date: 2002
Post Count: 478
January 30, 2004 - 10:53 pm
Kiwi
If you have enough equity to make it worthwhile selling your home (ie after commissions etc), why not refinanec it and get a line of credit against that equity? Then you could use that to start investing, and still have your home.
Keep smiling
Felicity
Kiwi-Fulla
Member
@kiwi-fulla
Join Date: 2002
Post Count: 371
February 10, 2004 - 1:08 pm
Sounds good to me …. only thing is the bank will not release theother 20% that I would have normatlly been able to reinvest into the market…. does not sound much unless the 20% is on a 400K property.
Cheers
Kiwi[]
FW
Member
@fw
Join Date: 2002
Post Count: 478
February 11, 2004 - 2:08 am
Talk to another bank!!
Keep smiling
Felicity
robbrown
Member
@robbrown
Join Date: 2003
Post Count: 6
February 11, 2004 - 10:25 am
Hi Kiwi-Fulla,
I’m a CPA/ Mortgage Broker Ring me or email me, run it by me, if I can help you I will. Cost you nothing to find out.I’m in Sydney, It doesn’t matter where you are.
[email protected] or 02-9790-6846
Regards
Rob Brown
lozza123
Member
@lozza123
Join Date: 2003
Post Count: 81
February 13, 2004 - 1:53 am
Hi Kiwi,
What about getting a 90% mortgage, and then get the 10% deposit from one of those loan places… Not that I’ve ever investigated them, and I know some of them would be very high interest… but there are some in the newspapers that will lend you the money.
You could do a cash advance on a low-interest rate credit card maybe… I got a letter from Citibank yesterday offering me 6.9% for the first 6 months…
If you were wrapping the property, you could try to get a large-ish deposit, and that would offset most of the 10% you borrowed..?
Maybe the credit card thing is a bit risky for some
.
Or maybe — borrow some from other investors or relatives, just to get you started?
Lozza []
Larelle
Member
@larelle
Join Date: 2004
Post Count: 10
February 15, 2004 - 1:20 am
Kiwi,
If you sell you current propery you may be up for more costs, ie realestate fees, solicitor fees etc. I am thinking the reason that your bank is hanging on to that 20% is because maybe you have no morgage insurance in place. This may be worth asking your bank about, do the figures and see if it is worth it.
CHEEERS
Larelle
lj