Hi everyone,
I’m new to all this and have recently come across this site – is very helpful by the way.
A quick query…I have a positively geared home (approx making $80 on top of mortgage each fortnight) and am wondering where to next. I am keen to buy more properties but as I earn a very small wage (very hard to save big deposit) am unsure on how exactly to do this. The home itself can sell for roughly $180k and the mortgage is less than half that.
Not sure if thats enought info but hopefully someone can offer some help on how I can go about purchasing more properties.
Thanks.
Next step would be to go and speak to your lender, then a finance broker to establish what they would lend, given a proposed purchase and the equity in your house,If the purchase is positive you have enough equity then it will cost nothing out of income.
[email protected] Always have cashflow positive Tasmanian commercial properties
availableHi there,
Being that you are only relatively new to IP my suggestion would be that you do some further education before making more purchases. One of Steve’s courses or resources available on this web site would be a good start. This will come at little cost, and will ensure you feel confident about the direction in which you are heading.
You are in the fortunate position of having enough equity in a property to raise deposits for potentially several additional properties, so education could really pay off in the long run.
A word of caution. It is time to be making sure you are buying the right types of properties, using the right strategies, due to where we are at in the economic cycle (i.e. property prices peaking).
Also, with many years of experience, be careful of what you listen to from Real Estate agents. Do your own homework.Congratualations on your action to date. Sounds like you are moving in the right direction.
Regards,
Tim.
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