All Topics / Help Needed! / inspiring info
Hi all,
Just new here – coming courtesy of seeing this on TTN – very inspired to think that those in unfortunate situations like ours (both not working due to series of bad breaks & ill health) – but would love to become independently wealthy & leave the welfare system! At least I hope this is possible? We have a low income but only owe $85K on our home worth about $300K – so can we do something do you think?
Any advice appreciated!
Thanks.Welcome.
You actually have a great start. You can access some equity in your existing property (approx. $155K). The reason why I mention this first is because people on a low income usually say they can’t afford it (I should know – I’ve been there!). Talk to a Mortgage broker (preferably one on this forum – mainly because they arrange loans for investors not home buyers).
However I would suggest you start educating yourself before you invest, because only then you will understand how to invest, etc. I would pickup Steve McKnights first book (0 to 130 properties in 3.5yrs), as it provides a solid foundation. Also keep checking out this forum and be active, there are many people who have expertise in many different areas, so don’t let this free resource go to waste.
Remember education is the key! Hope this helps a tad.
Rgds.
Lucifer_auThere is always something that can be done when you have some equity. You may be restricted by your serviceability (ability to repay) though. Some creative mortgage broking may help though. Sit down with someone who has access to lenders who accept social security payments in serviceability.
Good luck with it all.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Thank you for the positive feedback – it is depressing to think you’re stuck in a bad situation – now I see a light at the end of the tunnel – I hope we can find a mortgage broker who can help us – but if you say they’re out there, then I will go looking!
Thanks for your encouragement & willingness to help others with advice…many blessings to you!Originally posted by kstar:– it is depressing to think you’re stuck in a bad situation – now I see a light at the end of the tunnel – I hope we can find a mortgage broker who can help us
Hi Kstar,
The brokers are out there and there are a number of regular posters who could be of assistance. Bear in mind not all brokers are created even and I would recommend you get in touch with an broker /investor so they can assist you with the correct structuring from the beginning. It will save time and costs later on.
Certainly not trying to tell you to suck eggs, but rather to offer some encouragement…
One of the key things to remember is that a lot can be changed if you are prepared to change – keep doing what you have always done, and you’ll always get what you have always got.
A little ‘corny’ but I think there may be some messages there for you and others in your situation.
See if you can develop a ‘can do’ attitude, spend some time learning by reading voraciously, asking questions and then getting in control of your destiny. Sometimes it is easier than you think with the missing key ingredient often being knowledge.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping.
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