Hi all
Have managed to get access to $50k cash in the next few months.
Is that sufficient in your opinion to start a positive cash flow property investment portfolio – realistically – if looking at median priced property?
I probably dont’ fall into a regular income kind of profile – does that affect getting loans at all?
Input will help a lot. Thank all![evo]
regards
Answers come from the courage to ask
Hi Alex
Working backwards obtaining a loan will depend on a couple of things:
1) Your credit history.
2) Your ability to service the loan. Combination of income and rent
3) The security being offered.From what you mentioni assume that not falling into regular income refers to being self employed so a lodoc loan maybe a consideration. Alternatively a NODOC loan maybe required.
Remember when you purchase a porperty it will generate rent and this will be considered by the lender.
If you are purchasing a +cash flow property and subject to your income either 95 / 100% loan maybe available. If this is the case you current amount of $50,000 will be more than sufficient.
What i would suggest is forward your figures to a broker and let them fully assess your position.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
$50K is more than most people start off with.
Speak to someone like Richard to get some idea on borrowing power etc. It is based on several factors as he suggested.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
There are still $50,000 propoerties out there, so it is more than enough to get started.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
My husband and I are using our savings to do Vendor Finance- a sure way to create passive income and a great way to learn about PI as you still need to all of the leg work with buying a property.
This is a non-traditional way to invest for people unable to qualify for traditional finance.
Good luck,
Mapleleaf
Achieve the Dream!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
