Happy New Investing Year to all! [biggrin]
I have so far bought 1 investment property and so far it’s going really well (my tenants got a nice xmas pressie as well to encourage them to continue doing the right thing).
Now here’s my problem – how do I get the next one? [blink] I see all these great looking deals out there but I don’t have much equity in my main home or my investment property and saving up another deposit is going to take ages…anyone got any tips or can anyone point me in the direction of some sound adivce so I can kick start my new investing year with a new property??be glad to hear your thoughts!
Sarah
Is your first IP cf+ or cf-? That will make a big difference in your ability to buy another one.
Steve McKnight always says that it is very difficult to own several cf- properties, as they drain your income.
The only thing holding you back on cf+ properties is your equity, and that should grow as you are constantly getting income and hopefully some capital gain as well.
You just have to keep on saving hard and to try to add value while reducing expenses and maximising rent.
Terryw
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thanks guys for the repsonses, my current property is cf+ just!!! $6/wk, but as its a 2yr old house there’s plenty of depreciation upside which will help with the loan reduction.
even so, it looks as though I’m going to just have to be patient and save, save, save….
[exhappy]
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